Monthly Archives: January 2013

Texas Mortgage Market Update – For the week of January 28, 2013

Texas Mortgage Market Update – For the week of January 28, 2013 – There’s not much that’s stopping the housing market from steadily moving forward. For 2012, the National Association of Realtors reported existing home sales UP 9.2% to 4.65 million units, flirting with levels not seen since 2007’s 5.03 million homes. The median existing home price is UP 11.5% from December a year ago, the tenth month in a row of year-over-year gains. For 2012, the median price was UP 6.3%, the largest annual price gain since 2005! Completing the picture, although down in December, New Home Sales posted a 19.9% annual gain, their first in 7 years. The median sales price for 2012 was UP 7.2% over 2011, while the FHFA index of prices for homes financed with conforming mortgages is UP 5.6% in the past year. Continue reading

Texas Mortgage Market Update – For the week of January 21, 2013

Texas Mortgage Market Update – For the week of January 21, 2013 – INFO THAT HITS US WHERE WE LIVE… What’s doing pretty well is the housing market. Last Monday, Fed Chairman Ben Bernanke called housing one positive factor “that’s going to help us have, I hope, a better year in 2013 and 2014.” Evidence for that came Thursday with an unexpected 12.1% bump in December Housing Starts, to a 954,000 annual rate. Single family starts are up 8.1% for the month and 18.5% over a year ago. New Building permits were up to a 903,000 annual rate, up 27.3% for single-family homes versus a year ago. Continue reading

5 Things You (Probably) Didn’t Know About Westlake

5 Things You (Probably) Didn’t Know About Westlake – Austin’s premiere neighborhood for expansive estates, hill top views, lakeside access, and a high median income is well known around town. More often than not, the stigma of Westlake’s snooty-ness acts as a deterring prelude to the neighborhood’s warm and exquisite lifestyle. Not that Westlake needs any name clearing on their behalf, but there’s a lot more to Westlake than expensive houses and Italian sports cars. Here’s what you’ve been missing out on. Continue reading

Texas Mortgage Market Update – For the week of January 14, 2013

Texas Mortgage Market Update – For the week of January 14, 2013 – That’s a good thought as we watch the housing market, once doomed to failure, turn into a more successful enterprise. A national online real estate site surveyed more than 100 professional forecasters — economists, real estate experts, and investment and market strategists. They see growing optimism in the housing market, expecting home prices to rise 3.1% in 2013, after ending 2012 UP more than 4.6%. The site’s chief economist commented, “An organic recovery in the housing market really took hold in the latter half of 2012.” Continue reading

Texas Mortgage Market Update – For the week of January 7, 2013

Texas Mortgage Market Update – For the week of January 7, 2013 – Our leaders in Washington aren’t telling if they’ve truly resolved to put our fiscal house in order, but at least last week’s deal to avert the fiscal cliff left housing a winner on most issues. First, they extended mortgage forgiveness debt relief through 2013. If they hadn’t done this, principal balances written off by lenders to help homeowners with underwater mortgages would have been treated as ordinary taxable income. The bill also re-established the deduction for mortgage insurance premiums for 2012 and 2013 for people with adjusted gross income below $110,000. Continue reading

Austin Mortgage Market Update – For the week of December 31, 2012

Austin Mortgage Market Update – For the week of December 31, 2012 – If you need some encouragement to follow the advice of the inventor of the automobile starter motor, look to last week’s November New Home Sales, UP 4.4% to a 377,000 annual rate, and now UP 15.3% versus a year ago. The new home median price of $246,000 is UP 14.9% over a year ago. And the months’ supply of new homes is now down to 4.7, equal to the lowest level since 2005. Economists say new home sales are usually the last part of the housing market to recover, so this is truly encouraging news. Continue reading