Showing posts with label DFW. Show all posts
Showing posts with label DFW. Show all posts
Wednesday, November 24, 2010
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Friday, November 6, 2009
Monday, June 1, 2009
Thursday, May 7, 2009
Monday, March 30, 2009
Monday, December 22, 2008
CBS NEWS VIDEO
Mortgage meltdown to continue. Some areas are to be more affected than other areas.
CLICK HERE TO WATCH 60 MINUTE SPECIAL
CLICK HERE TO WATCH 60 MINUTE SPECIAL
Monday, December 15, 2008
DFW Home Sales Drop
Dallas-Fort Worth home sales drop 33%
11:42 PM CST on Tuesday, December 9, 2008
By STEVE BROWN / The Dallas Morning News
stevebrown@dallasnews.com
Sales of pre-owned homes in North Texas dropped by a stunning 33 percent in November as worries about the national economy kept homebuyers on the sidelines.
The decline in local home sales from last year is the largest since records have been kept and is evidence that the national housing downturn is finally hitting Texas.
The median price of homes sold in North Texas was also down, by 7 percent – more than double the rate so far this year, according to statistics released Tuesday by Texas A&M University's Real Estate Center and North Texas Real Estate Information Systems Inc.
November's drop in home sales compared with last year was almost double the decline in October.
"Not just Realtors but also builders noted that November sales and traffic were extremely weak," said D'Ann Petersen, an economist with the Federal Reserve Bank of Dallas. "There were reports from builders that cancellations were outpacing closings, and some buyers were just walking away leaving deposits.
"With economic and financial worries at the forefront, buying a home is definitely one of the last things on consumers' minds at this point."
And homebuyers haven't been wooed to the market by lower interest rates and bargain pricing.
"A lot of buyers have been spooked by the downturn in the credit and equities markets and just don't have the confidence to close today," said Dallas-based housing analyst Ted Wilson of Residential Strategies Inc.
"Most builders say that the buyers are looking for some good news to give them confidence to purchase, only the news continues to be bad."
The dips keep coming
North Texas real estate agents sold just 4,146 pre-owned homes last month through the industry's Multiple Listing Service. That's the lowest monthly total in more than five years.
And last month's median home sales price of $133,900 is down 15 percent from the peak in the summer of 2007.
The decline in overall home prices is partly due to the large number of sales of foreclosed homes. The National Association of Realtors reports that in the third quarter, more than 40 percent of home sales nationwide were distressed properties.
Ms. Petersen said foreclosed home sales by lenders are also affecting the North Texas market and no doubt contributed to November's larger-than-expected price declines.
"It is unwelcome news for an industry that has been hurting for some time," she said. "Hopefully, though, we will not see the double-digit declines that have been recorded in some other areas of the country, where job losses are steep and foreclosure rates are much higher."
Through the first 11 months of 2008, real estate agents have sold just over 71,000 homes in the 26-county area, a decline of 14 percent from the same period of 2007.
The drop in condominium sales in November was even steeper than in the single-family market – down 44 percent.
On a positive note
The one bit of positive news in the latest local housing report is that there was a significant decline in the number of homes listed for sale.
A total of 39,255 single-family homes are on the market in North Texas. That's a decline of 14 percent from November 2007 and the lowest total in more than three years.
The average time it takes to sell a house was unchanged at 80 days.
Longtime Dallas real estate agent Barry Hoffer said the November sales drop reflects a slowdown that hit when the stock market began to drop in late September.
"Buyers have become apprehensive in making a decision to purchase a new home with the constant bombardment from the news media about layoffs, bailouts and impending bankruptcies," said Mr. Hoffer, who works with Ebby Halliday Realtors. "This too shall pass, and we look forward to an improving local housing market by spring."
Jim Fite, president of Dallas-based Century 21 Judge Fite Realtors, said home sales are traditionally slow before a presidential election, and this year there were added worries about the stock market and the economy.
"It's a really a perfect storm," he said. "Buyers are sitting on the fence."
There's talk in Washington about cutting mortgage rates, which could be holding homebuyers back while they wait for lower rates, he said.
And, Mr. Fite said, November's grim report shouldn't be taken out of context. "As we know, a single month does not make a market."
11:42 PM CST on Tuesday, December 9, 2008
By STEVE BROWN / The Dallas Morning News
stevebrown@dallasnews.com
Sales of pre-owned homes in North Texas dropped by a stunning 33 percent in November as worries about the national economy kept homebuyers on the sidelines.
The decline in local home sales from last year is the largest since records have been kept and is evidence that the national housing downturn is finally hitting Texas.
The median price of homes sold in North Texas was also down, by 7 percent – more than double the rate so far this year, according to statistics released Tuesday by Texas A&M University's Real Estate Center and North Texas Real Estate Information Systems Inc.
November's drop in home sales compared with last year was almost double the decline in October.
"Not just Realtors but also builders noted that November sales and traffic were extremely weak," said D'Ann Petersen, an economist with the Federal Reserve Bank of Dallas. "There were reports from builders that cancellations were outpacing closings, and some buyers were just walking away leaving deposits.
"With economic and financial worries at the forefront, buying a home is definitely one of the last things on consumers' minds at this point."
And homebuyers haven't been wooed to the market by lower interest rates and bargain pricing.
"A lot of buyers have been spooked by the downturn in the credit and equities markets and just don't have the confidence to close today," said Dallas-based housing analyst Ted Wilson of Residential Strategies Inc.
"Most builders say that the buyers are looking for some good news to give them confidence to purchase, only the news continues to be bad."
The dips keep coming
North Texas real estate agents sold just 4,146 pre-owned homes last month through the industry's Multiple Listing Service. That's the lowest monthly total in more than five years.
And last month's median home sales price of $133,900 is down 15 percent from the peak in the summer of 2007.
The decline in overall home prices is partly due to the large number of sales of foreclosed homes. The National Association of Realtors reports that in the third quarter, more than 40 percent of home sales nationwide were distressed properties.
Ms. Petersen said foreclosed home sales by lenders are also affecting the North Texas market and no doubt contributed to November's larger-than-expected price declines.
"It is unwelcome news for an industry that has been hurting for some time," she said. "Hopefully, though, we will not see the double-digit declines that have been recorded in some other areas of the country, where job losses are steep and foreclosure rates are much higher."
Through the first 11 months of 2008, real estate agents have sold just over 71,000 homes in the 26-county area, a decline of 14 percent from the same period of 2007.
The drop in condominium sales in November was even steeper than in the single-family market – down 44 percent.
On a positive note
The one bit of positive news in the latest local housing report is that there was a significant decline in the number of homes listed for sale.
A total of 39,255 single-family homes are on the market in North Texas. That's a decline of 14 percent from November 2007 and the lowest total in more than three years.
The average time it takes to sell a house was unchanged at 80 days.
Longtime Dallas real estate agent Barry Hoffer said the November sales drop reflects a slowdown that hit when the stock market began to drop in late September.
"Buyers have become apprehensive in making a decision to purchase a new home with the constant bombardment from the news media about layoffs, bailouts and impending bankruptcies," said Mr. Hoffer, who works with Ebby Halliday Realtors. "This too shall pass, and we look forward to an improving local housing market by spring."
Jim Fite, president of Dallas-based Century 21 Judge Fite Realtors, said home sales are traditionally slow before a presidential election, and this year there were added worries about the stock market and the economy.
"It's a really a perfect storm," he said. "Buyers are sitting on the fence."
There's talk in Washington about cutting mortgage rates, which could be holding homebuyers back while they wait for lower rates, he said.
And, Mr. Fite said, November's grim report shouldn't be taken out of context. "As we know, a single month does not make a market."
Friday, October 10, 2008
New listings down
-J.J.'s opinion- Fewer homes on the market with shorter days on the market is a start to correcting our Dallas area housing market -end opinion-
The Dallas area has had one of the largest drops in home listings in the country in recent months, according to a new report.
Altos Research and Real IQ said Wednesday that during the last three months, the number of homes for sale in the Dallas area declined more than 9 percent.
Nationwide, home sales listings fell more than 4 percent on average in the research firm's 21-city comparison.
"While inventories have continued to slowly decline, they remain at historically high levels," Stephen Bedikian, partner and research director for Real IQ, said in the report. "The result is that prices remain under pressure in most markets.
"Until we see large and sustained declines in inventory, we're not going to see a market bottom."
That's less the case in Dallas, where home listings dropped 9.2 percent in the last three months, according to the report. Only Seattle, with 9.3 percent, has seen a bigger decline in the number of homes for sale.
Local statistics show the drop in pre-owned homes for sale may be even steeper. MLS listings fell 15 percent from a year earlier, according to September numbers.
And the number of vacant new homes on the market was down more than 25 percent from the peak.
But hard-hit housing markets are still seeing increases in the number of homes for sale. Listings rose last month in Phoenix, Philadelphia, Charlotte, N.C., and Boston, Altos Research reports.
And in 19 of the 26 markets the research firm tracks, it now takes more than 100 days on average to sell a home. The worst case is in Miami, where it takes six months on average to find a buyer.
The Dallas area has one of the shortest times in the country at 96 days, according to Altos.
Average home listing prices here were flat, according to the report, while they were down about 3 percent nationally in the last three months.
HOME LISTING INVENTORY
Percent change during previous three months.
BIGGEST DECLINES
Seattle: -9.3%
Dallas: -9.2%
Austin: -7.7%
Detroit: -7.3%
San Francisco: -7.3%
SOURCE: Altos Research and
The Dallas area has had one of the largest drops in home listings in the country in recent months, according to a new report.
Altos Research and Real IQ said Wednesday that during the last three months, the number of homes for sale in the Dallas area declined more than 9 percent.
Nationwide, home sales listings fell more than 4 percent on average in the research firm's 21-city comparison.
"While inventories have continued to slowly decline, they remain at historically high levels," Stephen Bedikian, partner and research director for Real IQ, said in the report. "The result is that prices remain under pressure in most markets.
"Until we see large and sustained declines in inventory, we're not going to see a market bottom."
That's less the case in Dallas, where home listings dropped 9.2 percent in the last three months, according to the report. Only Seattle, with 9.3 percent, has seen a bigger decline in the number of homes for sale.
Local statistics show the drop in pre-owned homes for sale may be even steeper. MLS listings fell 15 percent from a year earlier, according to September numbers.
And the number of vacant new homes on the market was down more than 25 percent from the peak.
But hard-hit housing markets are still seeing increases in the number of homes for sale. Listings rose last month in Phoenix, Philadelphia, Charlotte, N.C., and Boston, Altos Research reports.
And in 19 of the 26 markets the research firm tracks, it now takes more than 100 days on average to sell a home. The worst case is in Miami, where it takes six months on average to find a buyer.
The Dallas area has one of the shortest times in the country at 96 days, according to Altos.
Average home listing prices here were flat, according to the report, while they were down about 3 percent nationally in the last three months.
HOME LISTING INVENTORY
Percent change during previous three months.
BIGGEST DECLINES
Seattle: -9.3%
Dallas: -9.2%
Austin: -7.7%
Detroit: -7.3%
San Francisco: -7.3%
SOURCE: Altos Research and
Thursday, October 2, 2008
Friday, September 26, 2008
Dallas housing market: Nations strongest market
With news of the Federal Reserve rate cut, anxieties about a declining housing market and a possible recession are spreading across the country. The good news for Dallasites is that the Dallas housing market is the strongest of any major city in the United States.
A recent PMI Group study reported that the risk of U.S. housing price declines remained low in many areas of the South, Midwest and Northwest. Among the 50 largest metropolitan statistical areas, Texas cities were the lowest and most stable in risk outlook during 2007.
Home prices in Dallas have avoided the speculative bubble that rapidly drove so much of America's real estate to record prices and record unsold inventory levels. To this point, home prices in the Dallas area increased a steady 17% over the last five years, while the U.S. averaged an extreme 53.5% increase during the same time period, according to the Office of Federal Housing Enterprise Oversight. Inevitably, the rest of the country now suffers from rising mortgage foreclosures, falling housing prices and weekly real estate auctions.
Dallas has consistently outpaced the rest of the country on nearly every important economic stability indicator and is currently running counter to national housing trends. There are three reasons why.
First, prices have remained stable in Dallas because the Metroplex has both favorable zoning regulations and an ample land supply, factors that allow the market to keep up with demand. Few restrictions and land availability give builders easy access to enter or leave the market depending on changing market conditions. This competition has proven to be highly responsive to the market and therefore effective in creating price and supply stability.
A second factor that supports the continued housing demand and stable home prices is that Dallas continues to experience a robust job market. For a city's housing growth to be stable and healthy, the demand must be reflective of internal job and income growth. Texas is adding jobs at the rate of almost 250,000 per year -- nearly double the rates of Florida, Arizona and New York. The Dallas metro area alone added more than 90,000 jobs last year, leading the nation as one of the top 10 cities in employment growth. An influx of jobs, incomes and availability of living space helps keep new and used house prices in the Metroplex safe from excessive price increases and corrections.
The third reason Dallas has avoided the current housing crisis is its physical location, central to both U.S. coasts and Mexico. The Dallas/Fort Worth International Airport, mild climate and prime location have helped attract diverse industries and a number of major corporate relocations. The Texas economy is one of the most diverse in the country, with major players in key long-term growth sectors, notably transportation, aerospace and defense, financial services, high-tech electronics, retail and wholesale trade.
To ensure that strong housing trends continue here, proactive steps have been initiated that keep our city's housing supply aligned with new consumer demands. For example, the Uptown housing landscape now accommodates buyers with many new housing options. Twenty years ago, few condos or high-end rentals were offered because there was inadequate infrastructure to support demand. As demand increased, zoning expanded to permit much higher densities with a mix of commercial, rental and retail properties in the area, transforming Uptown into an exciting urban experience.
Dallas developers have demonstrated real responsiveness to the needs of the market. Condo ownership and high-end apartment rentals are now a convenient alternative to single-family homes. Baby boomers who want to downsize and young adults who want to be close to Dallas' cultural offerings are creating a need for new development opportunities.
The Dallas residential market, especially for condominiums, is still emerging: Dallas is the fourth largest city in the country, but only the 16th largest condominium market. Condominiums typically account for 7.7% of the housing stock in the top 50 U.S. markets. In Dallas, however, they represent only 4.4% of available housing.
Condos eventually will be one of the strongest sectors in the marketplace, but the housing slowdown has affected the middle-market condo and luxury condo market, although some of the slowdown appears to be psychological.
Condos selling for less than $400,000 have been affected by the tightening mortgage supply, but decreasing rates should provide some relief. Condos priced at $650,000 to more than $1 million also have slowed as buyers sit on the sidelines. Drexel Development Co. continues to sell about three condos a month, compared to four a month in 2007.
Dallas, by virtue of its robust job growth, land resources and location, has avoided the major housing problems that beset other U.S. cities and can leverage continued economic success by viewing its land as a reusable resource and evolving its housing market to keep up with changing lifestyle demands.
EDELMAN is president of Drexel Development Co., which builds luxury apartments and condominiums.
A recent PMI Group study reported that the risk of U.S. housing price declines remained low in many areas of the South, Midwest and Northwest. Among the 50 largest metropolitan statistical areas, Texas cities were the lowest and most stable in risk outlook during 2007.
Home prices in Dallas have avoided the speculative bubble that rapidly drove so much of America's real estate to record prices and record unsold inventory levels. To this point, home prices in the Dallas area increased a steady 17% over the last five years, while the U.S. averaged an extreme 53.5% increase during the same time period, according to the Office of Federal Housing Enterprise Oversight. Inevitably, the rest of the country now suffers from rising mortgage foreclosures, falling housing prices and weekly real estate auctions.
Dallas has consistently outpaced the rest of the country on nearly every important economic stability indicator and is currently running counter to national housing trends. There are three reasons why.
First, prices have remained stable in Dallas because the Metroplex has both favorable zoning regulations and an ample land supply, factors that allow the market to keep up with demand. Few restrictions and land availability give builders easy access to enter or leave the market depending on changing market conditions. This competition has proven to be highly responsive to the market and therefore effective in creating price and supply stability.
A second factor that supports the continued housing demand and stable home prices is that Dallas continues to experience a robust job market. For a city's housing growth to be stable and healthy, the demand must be reflective of internal job and income growth. Texas is adding jobs at the rate of almost 250,000 per year -- nearly double the rates of Florida, Arizona and New York. The Dallas metro area alone added more than 90,000 jobs last year, leading the nation as one of the top 10 cities in employment growth. An influx of jobs, incomes and availability of living space helps keep new and used house prices in the Metroplex safe from excessive price increases and corrections.
The third reason Dallas has avoided the current housing crisis is its physical location, central to both U.S. coasts and Mexico. The Dallas/Fort Worth International Airport, mild climate and prime location have helped attract diverse industries and a number of major corporate relocations. The Texas economy is one of the most diverse in the country, with major players in key long-term growth sectors, notably transportation, aerospace and defense, financial services, high-tech electronics, retail and wholesale trade.
To ensure that strong housing trends continue here, proactive steps have been initiated that keep our city's housing supply aligned with new consumer demands. For example, the Uptown housing landscape now accommodates buyers with many new housing options. Twenty years ago, few condos or high-end rentals were offered because there was inadequate infrastructure to support demand. As demand increased, zoning expanded to permit much higher densities with a mix of commercial, rental and retail properties in the area, transforming Uptown into an exciting urban experience.
Dallas developers have demonstrated real responsiveness to the needs of the market. Condo ownership and high-end apartment rentals are now a convenient alternative to single-family homes. Baby boomers who want to downsize and young adults who want to be close to Dallas' cultural offerings are creating a need for new development opportunities.
The Dallas residential market, especially for condominiums, is still emerging: Dallas is the fourth largest city in the country, but only the 16th largest condominium market. Condominiums typically account for 7.7% of the housing stock in the top 50 U.S. markets. In Dallas, however, they represent only 4.4% of available housing.
Condos eventually will be one of the strongest sectors in the marketplace, but the housing slowdown has affected the middle-market condo and luxury condo market, although some of the slowdown appears to be psychological.
Condos selling for less than $400,000 have been affected by the tightening mortgage supply, but decreasing rates should provide some relief. Condos priced at $650,000 to more than $1 million also have slowed as buyers sit on the sidelines. Drexel Development Co. continues to sell about three condos a month, compared to four a month in 2007.
Dallas, by virtue of its robust job growth, land resources and location, has avoided the major housing problems that beset other U.S. cities and can leverage continued economic success by viewing its land as a reusable resource and evolving its housing market to keep up with changing lifestyle demands.
EDELMAN is president of Drexel Development Co., which builds luxury apartments and condominiums.
Monday, August 11, 2008
Danger of buying a house FSBO....
What are the dangers of buying a house FSBO
-You'll probably overpay for the house without an agent
-The seller probably won't disclose what he legally needs to disclose and theres no one there to make him
-Comps for the area where you are buying figure in real estate commissions...
-Peronsality with FSBO get in way of negotiations in many instances
-Good Realtors can negotiate better terms for their buyer clients
-Buyin a house (scheduling inspections, escrow, managing process is a full time job etc.)
There are exceptions to these....however, consider, I just met with a couple that bought a FSBO 2 years ago....the seller never disclosed that the house had serious foundation problems....the buyer didn't know to look....did my listing presentation and told them they needed to have someone look at the foundation and the bill comes to over $12,000...long story short, they are going to get to save up for foundation repairs on a house that they overpaid for 2 years ago....
Same goes with people that go into the builder...a good agent who sees real estate EVERYDAY (not a friend who's trying to break in the business, or a gal in Sunday school that does it on the side) is worth their weight in commissions....BUT, you have to find a good agent...a buyers agent works on your behalf and owes you fiduciary responsibility throughought the transaction....
-You'll probably overpay for the house without an agent
-The seller probably won't disclose what he legally needs to disclose and theres no one there to make him
-Comps for the area where you are buying figure in real estate commissions...
-Peronsality with FSBO get in way of negotiations in many instances
-Good Realtors can negotiate better terms for their buyer clients
-Buyin a house (scheduling inspections, escrow, managing process is a full time job etc.)
There are exceptions to these....however, consider, I just met with a couple that bought a FSBO 2 years ago....the seller never disclosed that the house had serious foundation problems....the buyer didn't know to look....did my listing presentation and told them they needed to have someone look at the foundation and the bill comes to over $12,000...long story short, they are going to get to save up for foundation repairs on a house that they overpaid for 2 years ago....
Same goes with people that go into the builder...a good agent who sees real estate EVERYDAY (not a friend who's trying to break in the business, or a gal in Sunday school that does it on the side) is worth their weight in commissions....BUT, you have to find a good agent...a buyers agent works on your behalf and owes you fiduciary responsibility throughought the transaction....
Monday, August 4, 2008
Analysts: U.S. mortgage defaults to accelerate, peak in a couple of years
07:24 AM CDT on Monday, August 4, 2008
Associated Press
The first wave of Americans to default on their home mortgages appears to be cresting, but a second, far larger one is quickly building.
Homeowners with good credit are falling behind on their payments in growing numbers, even as the problems with mortgages made to people with weak, or subprime, credit are showing their first, tentative signs of leveling off after two years of spiraling defaults.
The percentage of mortgages in arrears in the category of loans one rung above subprime, so-called alternative-A mortgages, quadrupled to 12 percent in April from a year earlier. Delinquencies among prime loans, which account for most of the $12 trillion market, doubled to 2.7 percent in that time.
The mortgage troubles have been exacerbated by an economy that is still struggling. Reports last week showed another drop in home prices, slower-than-expected economic growth and a huge loss at General Motors. On Friday, the Labor Department reported that the unemployment rate in July climbed to a four-year high.
While it is difficult to draw precise parallels among various segments of the mortgage market, the arc of the crisis in subprime loans suggests that the problems in the broader market may not peak for another year or two, analysts said.
Defaults are likely to accelerate because many homeowners' monthly payments are rising rapidly. The higher bills come as home prices continue to decline and banks tighten their lending standards, making it harder for people to refinance loans or sell their homes. Of particular concern are “alt-A” loans, many of which were made to people with good credit scores without proof of their income or assets.
“Subprime was the tip of the iceberg,” said Thomas H. Atteberry, president of First Pacific Advisors, a investment firm in Los Angeles that trades mortgage securities. “Prime will be far bigger in its impact.”
In a conference call with analysts last month, James Dimon, the chairman and chief executive of JPMorgan Chase, said he expected losses on prime loans at his bank to triple in the coming months and described the outlook for them as “terrible.”
Delinquencies on mortgages tend to peak three to five years after loans are made, said Mark Fleming, the chief economist at First American CoreLogic, a research firm. Not surprisingly, subprime loans from 2005 appear closer to the end of defaults than those made in 2007, for which default rates continue to rise steeply.
“We will hit those points in a few years, and that will help in many ways,” Fleming said, referring to the loans made later in the housing boom. “We just have to survive through this part of the cycle.”
Associated Press
The first wave of Americans to default on their home mortgages appears to be cresting, but a second, far larger one is quickly building.
Homeowners with good credit are falling behind on their payments in growing numbers, even as the problems with mortgages made to people with weak, or subprime, credit are showing their first, tentative signs of leveling off after two years of spiraling defaults.
The percentage of mortgages in arrears in the category of loans one rung above subprime, so-called alternative-A mortgages, quadrupled to 12 percent in April from a year earlier. Delinquencies among prime loans, which account for most of the $12 trillion market, doubled to 2.7 percent in that time.
The mortgage troubles have been exacerbated by an economy that is still struggling. Reports last week showed another drop in home prices, slower-than-expected economic growth and a huge loss at General Motors. On Friday, the Labor Department reported that the unemployment rate in July climbed to a four-year high.
While it is difficult to draw precise parallels among various segments of the mortgage market, the arc of the crisis in subprime loans suggests that the problems in the broader market may not peak for another year or two, analysts said.
Defaults are likely to accelerate because many homeowners' monthly payments are rising rapidly. The higher bills come as home prices continue to decline and banks tighten their lending standards, making it harder for people to refinance loans or sell their homes. Of particular concern are “alt-A” loans, many of which were made to people with good credit scores without proof of their income or assets.
“Subprime was the tip of the iceberg,” said Thomas H. Atteberry, president of First Pacific Advisors, a investment firm in Los Angeles that trades mortgage securities. “Prime will be far bigger in its impact.”
In a conference call with analysts last month, James Dimon, the chairman and chief executive of JPMorgan Chase, said he expected losses on prime loans at his bank to triple in the coming months and described the outlook for them as “terrible.”
Delinquencies on mortgages tend to peak three to five years after loans are made, said Mark Fleming, the chief economist at First American CoreLogic, a research firm. Not surprisingly, subprime loans from 2005 appear closer to the end of defaults than those made in 2007, for which default rates continue to rise steeply.
“We will hit those points in a few years, and that will help in many ways,” Fleming said, referring to the loans made later in the housing boom. “We just have to survive through this part of the cycle.”
Friday, August 1, 2008
Dallas area home prices fall 3.8%
According to Standard and Poor, Dallas area home prices have fallen 3.8%. The good news is that only Charlotte home prices (a decline of .3%) are better than the Dallas area.
Housing prices in Miami and Las Vegas have dropped by 28% and lead the US in worst valuation declines.
Click on this link for the entire article
Housing prices in Miami and Las Vegas have dropped by 28% and lead the US in worst valuation declines.
Click on this link for the entire article
Monday, June 30, 2008
DFW Housing Prices per Dallas News
Dallas home prices fell 3.4 percent in April from a year earlier
11:15 PM CDT on Tuesday, June 24, 2008
By STEVE BROWN / The Dallas Morning Newsstevebrown@dallasnews.com
Dallas home prices took another dip in the latest measure of the U.S. housing market.
Local home prices fell 3.4 percent in April from a year earlier in the Standard & Poor's/Case-Shiller home price index released Tuesday.
The local decline is much lower than the 15.3 percent falloff in prices for the 20 cities surveyed in the monthly report. It was the largest nationwide drop in home prices on record.
Across the country, home prices have retreated to levels last seen in August 2004.
Every city in the benchmark Case-Shiller April report saw prices lower than a year ago.
Las Vegas and Miami had the biggest price declines, down more than 26 percent from last year.
The smallest decline was in Charlotte, N.C. – down 0.1 percent.
But there were small gains in some markets in April compared with March, including a 1.1 percent increase in Dallas.
"There might be some regional pockets of improvement, but on an annual basis the overall numbers continue to decline," Standard & Poor's David Blitzer said.
"If there is anywhere to look for possible improvement, it would be that the pace of monthly declines has slowed down for most of the markets," Mr. Blitzer said.
Case-Shiller tracks the prices of typical single-family homes in each metropolitan area.
The index survey does not include condominiums and townhouses. It only covers pre-owned properties – no new construction.
The Case-Shiller researchers compare "arms-length sales" of specific single-family homes over time.
Also Tuesday, the Office of Federal Housing Enterprise Oversight reported that its home price index showed a 4.6 percent nationwide decline in prices for the 12 months ending in April.
But in the region that includes Texas, prices were up 1.9 percent from a year ago.
Agency surveys don't include all houses sold in the market and only those with mortgages of less than $417,000.
A report released this week by Harvard University's Joint Center for Housing Studies suggests that a turnaround in the nation's depressed housing market is a ways off.
Harvard's State of the Nation's Housing 2008 study described the current housing recession as "the worst in a generation."
11:15 PM CDT on Tuesday, June 24, 2008
By STEVE BROWN / The Dallas Morning Newsstevebrown@dallasnews.com
Dallas home prices took another dip in the latest measure of the U.S. housing market.
Local home prices fell 3.4 percent in April from a year earlier in the Standard & Poor's/Case-Shiller home price index released Tuesday.
The local decline is much lower than the 15.3 percent falloff in prices for the 20 cities surveyed in the monthly report. It was the largest nationwide drop in home prices on record.
Across the country, home prices have retreated to levels last seen in August 2004.
Every city in the benchmark Case-Shiller April report saw prices lower than a year ago.
Las Vegas and Miami had the biggest price declines, down more than 26 percent from last year.
The smallest decline was in Charlotte, N.C. – down 0.1 percent.
But there were small gains in some markets in April compared with March, including a 1.1 percent increase in Dallas.
"There might be some regional pockets of improvement, but on an annual basis the overall numbers continue to decline," Standard & Poor's David Blitzer said.
"If there is anywhere to look for possible improvement, it would be that the pace of monthly declines has slowed down for most of the markets," Mr. Blitzer said.
Case-Shiller tracks the prices of typical single-family homes in each metropolitan area.
The index survey does not include condominiums and townhouses. It only covers pre-owned properties – no new construction.
The Case-Shiller researchers compare "arms-length sales" of specific single-family homes over time.
Also Tuesday, the Office of Federal Housing Enterprise Oversight reported that its home price index showed a 4.6 percent nationwide decline in prices for the 12 months ending in April.
But in the region that includes Texas, prices were up 1.9 percent from a year ago.
Agency surveys don't include all houses sold in the market and only those with mortgages of less than $417,000.
A report released this week by Harvard University's Joint Center for Housing Studies suggests that a turnaround in the nation's depressed housing market is a ways off.
Harvard's State of the Nation's Housing 2008 study described the current housing recession as "the worst in a generation."
Wednesday, June 25, 2008
DFW ECONOMY
Its little wonder that Dallas-Fort Worth is such an inviting place to live and why so many families are attracted to the area. The local economy is booming, with affordable median home prices and job growth second only to New York. The Metroplex is currently ranked as the #1 growth market in the U.S.
The strength and stability of the local DFW economy is based in its diversity. The area is home to a wide range of industries, from transportation, technology, trade, aviation, oil and gas and advanced services, providing startup and relocating companies with a favorable business environment where they can flourish and prosper
The strength and stability of the local DFW economy is based in its diversity. The area is home to a wide range of industries, from transportation, technology, trade, aviation, oil and gas and advanced services, providing startup and relocating companies with a favorable business environment where they can flourish and prosper
Saturday, June 21, 2008
Showing houses in the heat with children
The temperature is definatley starting to reach the tripple digits here in the DFW area. This can pose challenges for those that aren't used to looking at homes in the heat. I recomend looking in the mornings and lateevenings to avoid the heat stresses that accompany looking for a home.
If you have your house listed and have no electric in your home to run the a/c, you might as well mark your home as "UNSOLD". Buyers do not spend time in hot houses. No matter how great you think your home is, if it's not cool, the buyer has a perception that the house has cooling issues.
Also, if you have small children, try to find someone to watch them. When I was a kid, I would have hated being dragged around all day long looking at houses. It will help you, as a buyer, conentrate on your home search too!
If you have your house listed and have no electric in your home to run the a/c, you might as well mark your home as "UNSOLD". Buyers do not spend time in hot houses. No matter how great you think your home is, if it's not cool, the buyer has a perception that the house has cooling issues.
Also, if you have small children, try to find someone to watch them. When I was a kid, I would have hated being dragged around all day long looking at houses. It will help you, as a buyer, conentrate on your home search too!
Monday, June 16, 2008
Thank you
For anyone that has called my office, you have no doubt spoken to Latisha at some point. I recently had a client express just how wonderful she helped make the home buying process. In fact, I concur. It is rare that you find a true professional that is driven to do what is right for their customers. It is something that I take very serious in my business and am blessed to have someone at my side that holds the same belief.
Thanks Latisha, for all your hard work and your continued efforts to help build one of DFW's best real estate teams.
Thanks Latisha, for all your hard work and your continued efforts to help build one of DFW's best real estate teams.
Tuesday, June 10, 2008
Marketing plan for your home!
In this stagnant real estate market, you CAN get your home sold! What does it take? Well, price is going to be the most important aspect of getting a home sold, HOWEVER, a well crafted marketing plan is just as important.
My marketing plan examines every avenue that a buyer will find your house for sale. Yard signs, print advertising, direct mail, point of sale marketing, call capture systems, extensive online marketing are just some of the many tools that my team uses to get homes sold successfully.
My marketing plan examines every avenue that a buyer will find your house for sale. Yard signs, print advertising, direct mail, point of sale marketing, call capture systems, extensive online marketing are just some of the many tools that my team uses to get homes sold successfully.
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