Feb. ‘09 Newsletter: Houston Dwell Market Update/ Foreclosure List

In this issue:

-Texas Tops Nation in Job Growth

-Five Texas Cities Named Healthiest Housing Markets

-Stimulus Package Explained: With Respect to Real Estate

- First Time Home-Buyer Credit Increased to $8000 and doesn’t need to be repaid-

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INVESTOR’S CORNER

The “List”…
Houston Innerloop Foreclosure List (Updated Daily).

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TEXAS TOPS IN JOB GROWTH

 Texas was top in job growth last year, according to a recent analysis by bizjournals.com.  Five Texas cities ranked among the top 10.

Houston added 57,300 jobs in 2008, giving it the best year of any U.S. market. Dallas-Fort Worth was next with 43,300 additional jobs, then San Antonio, which was up by 14,900 jobs.  Austin ranked 5th with 9,600 jobs added.

Bizjournals.com examines markets that have at least 250,000 nonfarm jobs and compares employment figures for the final month of the past 2 years. 72  out of the 88 markets studied suffered declines in employment in 2008.

-St. Paul Business Journal

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FIVE TEXAS CITIES NAMED HEALTHIEST HOUSING MARKETS.

Five Texas cities swept the top spots on Builder magazine’s list of “Healthiest Housing Markets for 2009.” 
 
Houston ranked 1st, Austin 2nd, Fort Worth 3rd, San Antonio 4th, and Dallas 5th.

Rounding out the top 10 were Raleigh, N.C., Seattle, Indianapolis, Ind., Fayetteville, Ark., and Washington D.C. 
 
To compile the list, Builder analyzed the top 75 housing markets in the country, ranking them based on population trends and job growth, perennial drivers of housing demand. They also looked at home prices and the number of building permits.
Top 15 Listed (in reverse order) here…

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 How Much Does it Take to be ‘Middle Class’ in America?  – Cities ranked

This CNNMoney.com data show that earning as little as $50,000 in Houston gets you the same Standard of Living as earning $123,000 in NYC.  See these series of graphs for more…

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Texas Nation’s Top Exporter
 
Texas has been declared the nation’s top exporter by the U.S. Department of Commerce. 

According to Gov. Rick Perry’s office, Texas exports totaled $192 billion last year, about $24 billion more than the year before.  The top five recipients of those exports were Mexico, Canada, China, the Netherlands and Brazil. 
 
This marks the seventh year in a row in which Texas has ranked first.

-Dallas Business Journal

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Texas Attracts International Investors 
 
Despite increasing global real estate turmoil, Texas remains an attractive play for foreign investors looking for opportunities in the United States, a report shows.

The Association of Foreign Investors in Real Estate ranks members’ top cities for U.S. and global investment in 2009. Houston ranked fifth, while Austin ranked 11th, tying with Las Vegas, Phoenix, Orlando, Atlanta, San Diego and San Jose, Calif.  Washington D.C. claimed the 1st spot.

The United States ranked first among nations in terms of opportunities for capital appreciation.  Conducted in fourth quarter 2008, the survey polled the association’s members who collectively hold about $1 trillion in real estate worldwide. - Austin Business Journal.

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HOME BUYER’S CORNER

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Home Buyer Credit Amount Increased
 
The $790 billion stimulus package hammered out by House and Senate conferees last week increases the home buyer tax credit to $8,000, from $7,500, and drops the repayment feature for buyers who hold on to their property for at least three years. 
Read the rest of the details here…

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What does this Stimulus Package Really Boil Down to for Real Estate?
 
The American Recovery and Reinvestment Act contains important housing provisions:

• Homebuyer tax credit: The bill provides for an $8,000 tax credit for first-time homebuyers who purchase a principal residence between Jan. 1, 2009, and Dec. 1, 2009. Unlike before, this credit does not require repayment.
• FHA, Fannie Mae, and Freddie Mac loan limits: The bill reinstates last year’s 2008 loan limits for FHA, Freddie Mac, and Fannie Mae loans.
• Neighborhood stabilization: The bill provides $2 billion in additional funding for the Neighborhood Stabilization Program, which provides grants to states and localities to address problems that can be created when whole neighborhoods are decimated by foreclosures.
• Commercial real estate: HR 1 bill provides significant funds for state energy programs, which could be used to support commercial property owners’ investment in energy-efficiency upgrades.
• The law also includes $7.2 billion for projects and programs that will protect and promote both green jobs and a healthier environment.
• $100 million for competitive grants to evaluate and clean up former industrial and commercial sites. 
  

Details here…

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QUICK LINKS

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Six Home Fads Going Out of Style (Fireplaces, Carpet etc)

Obama’s Foreclosure Prevention Plan, Explained.

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ARCHIVED ISSUES

Jan. ’09

Dec. ’08

Nov. ’08

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Cheers,

 
Ruby Thomas Wadhwa, Founder. 
www.HoustonDwell.com