Number of Texans Behind on Mortgage Payments Decreases Significantly
The Mortgage Bankers Association recently announced that the number of Texan residents who were behind on their mortgage payments has decreased significantly in the fourth quarter of 2012. The number of Texan home owners who had missed at least one mortgage payment in the fourth quarter was 8.14 percent, a significant drop when compared to the 9.07 percent mortgage loan delinquency rate in Texas a year ago.
More good news on the Texan mortgage front concerning the state’s home loan performance rates—during the real estate housing crisis, the home loan delinquency rates were estimated to be 10.3 percent, a number reported during the worst of the recession in the fourth quarter of 2009. Nationwide and in Texas, home loan delinquency rates have fallen with the nationwide statistics dropping to 7.09 percent in the third quarter.
“We are seeing large improvements in mortgage performance nationally and in almost every state,” chief economist Jay Brinkmann is quoted as saying in the Mortgage Bankers Association report. “With fewer new delinquencies, the foreclosure start rate and foreclosure inventory rates continue to fall and are at their lowest levels since 2007 and 2008 respectively.”
Currently, Texas has the eighth-lowest home foreclosure rate in the country. Nationwide, a total of 3.74 percent of home loans were stated to be in foreclosure in the fourth quarter of the past year. The percentage of home loans in foreclosure in the Texas area was estimated to be 1.48 percent, which was a significant decrease from 1.78 percent in 2011. Additionally, the number of foreclosure rates is expected to decrease even more in the first quarter of this year.
“The foreclosure starts rate decreased by the largest amount ever in the Mortgage Bankers Association survey and now stands at half of its peak in 2009,” says Brinkmann.
If you are interested in learning about your home loan options or are thinking about buying a house in the Dallas area, please contact us or call today — 972-499-0454. We’d love to help!
Texas Real Estate Continues Trending Upwards in 2013
A renewed sense of urgency has filtered into Texas real estate, particularly in cities like Dallas. The frequency of home sales, low inventory and decreased number of foreclosure sales continue to heat up the buying frenzy, which is only expected to increased in 2013. Nationwide, it seems that home buying interest has regained momentum but Texas specifically seems to be growing by leaps and bounds:
- Prices of pre-owned homes grew by 8% compared to 2011
- Total sales ran 17% higher in 2012
- The median price for homes has surged by nearly 5%
- Home builds are forecast to increase by as much as 15% in 2013
Adding to this new speculation and activity is the fact that the Federal Government is keeping interest rates low, which means that mortgage financing should stay at historic lows at least through the next year. This will not only reinforce the new purchases and speculation but invite buyers and sellers who until now have stood on the sidelines waiting for signs of a revitalized real estate market. Regardless of inventory, demand continues to pick up steam, especially in cities like Dallas and Plano.
There is also additional evidence to suggest that as prices continue to rise in parallel with demand, home owners who have held onto inventory, will be more motivated to move their properties up for sale. Such an increase in supply will additionally spur more speculative purchases from investors watching a renewed Texas real estate industry continue to pick up speed. In short, buying a home in Dallas will be an intensive process requiring patience and in-depth research. Partnering with an informed ally will be of the utmost importance.
We’re here and ready to help just as we’ve helped hundreds of other buyers in Dallas, Richardson, Plano, Highland Park and University Park. Call us today so we can begin the conversation.
New Mortgage Policies Only Further Dallas Real Estate Boom
The Dallas-Fort Worth area has long been known as one of the leading real estate markets in the country, continuously showing up as one of the most recovered urban locations since the recession began. According to Banking Commissioner Joe Smith, some of the top banks in America are set to cut some slack on mortgages, thereby further infusing Dallas real estate with steady growth.
In accordance with a 2012 agreement between the big banks and the government, significant financial aid will be provided to avoid foreclosure on mortgages across the country. February 2012 saw such giants as Bank of America Corp., JPMorgan Chase and Co., Citigroup Inc., and Wells Fargo and Co. promise around $20 billion to relieve the pressure on homeowners affected by the economic crisis.
Such efforts are mainly centered around keeping residents in possession of their houses, even when defaulting on their mortgages.
Smith was quoted as saying, “I’m encouraged by the consumer relief piece of the settlement. I’m satisfied we’ve got a good infrastructure set-up to monitor the banks going forward on the servicing standards, and I understand there’s still work to do on that.”
A lot of this relief has taken the form of short-sales, in which a property is sold for less than the amount owed by the homeowner on the mortgage. These sales are often cheaper for the bank, and can lead to a more favorable credit situation for the owner.
All of this means much more favorable conditions for buying Dallas homes for sale. The greater breathing room has increased the general confidence of the Texan real estate market, which is bound to create a snowball effect of exponential growth in the local property values.
If you are considering the purchase of a home and would like more information about Dallas mortgages, please don’t hesitate to contact us. We’d love to share with you all of the opportunities currently present in the Dallas real estate market.
Real Estate Investment On The Rise in Dallas and Neighboring Cities
The 2012 Real Estate Survey published by PriceWaterhouseCoopers targets the Lone Star State as one of the most favorable markets for real estate investment. The reason for such faith in Texas real estate is a healthy job forecast for 2013. As R. Byron Carlock, Jr., a partner for PWC and its national real estate practice leader, said about the area in and around Dallas and Plano, “…is moving up the spectrum as being the most attractive market outside of the six primary coastal markets…It’s a standout in the world economy of uncertainty. There are more investors looking to develop in hard assets…”
And the outlook is positive across every possible investment category: office space, industrial property and multifamily properties. Every potential property is seen as favorable by real estate investors, with industrial and office space earning a premium due to a lack of supply. Also, there are plans to expand Houston’s ports, which will bring more goods, shipping and storage needs to the region. That will see Dallas and surrounding areas like Plano, University Park and Highland Park becoming an operational hub, with transport and storage of imports and exports being managed by local offices of shipping companies. That means more jobs and office space to house them.
Also, due to a lack of projected supply of industrial and office space, construction of such space should begin in earnest early in 2013. That also means more jobs to build, manage and provides services to these complexes. Indeed, recent reports show a very large number of corporate space planned. So where do all of these workers live? Apartments and homes in areas like Dallas, two property types also anticipated to realize large growth. As it stands now, there is little supple to keep up with demand, which is driving up prices. Even with the new construction, prices are expected to be supported by large numbers of new workers and residents.
All of this adds up to a positive forecast for Dallas real estate. So if you’re looking for real estate opportunities in Dallas ahead of this wave, we’re just the local experts to guide you. Call us today to learn more about these exciting opportunities.
Dallas Real Estate Benefits from Bank Efforts
The Dallas-Fort Worth urban area has recently been defined by its real estate market, which has shown astounding recovery since the economic crisis of 2008. And no other city has shown quite so much burgeoning potential as Dallas itself.
Dallas real estate has time and time again been proven as a haven from the harsh winds of the recession. With constantly rising property values and increased demand for housing, there is good reason that the area is consistently rated as one of the best housing markets in the country. And recent bank activity is looking like it will only further cultivate the city’s property wealth.
Big banks like JPMorgan and Bank of America are currently planning on implementing changes that would loosen up the terms of mortgages so as to minimize the possibility of foreclosures. In response, the amount of delinquent mortgages is predicted to fall rapidly.
Last year these banks came together to provide around $42.3 billion for refinancing and other methods of giving the aching nation some leeway, and it looks like this trend is going to continue. Short-sales, where houses can be sold for less than what owners owe on their mortgage, have also been used to alleviate some of the economic pressure. The very fact that banks can afford to do this indicates a generally safer economic situation for the U.S. as a nation.
As Columbia Business School real estate professor Christopher Mayer says, “It’s not a party, we’re not home-free, but it’s a big increase in mortgage aid, and that’s going to help both borrowers and the housing market.”
In light of this, the Dallas real estate industry is set to advance even further. The higher forgiveness on the part of banks will serve to allow investors to buy more property with more confidence, thereby strengthening the economy.
If you are interested in learning more about buying a Dallas home, please contact us. It would be our pleasure to help guide you through the exciting investment options that have opened with this new banking development.
Dallas Real Estate Enjoys Statewide Growth in New Year
A recent article from the Home Buying Institute is reporting that housing prices across Texas have been steadily rising over the past year and are expected to continue to appreciate in 2013. Dallas was one of the largest gainers with an increase in value of nearly 9% compared to same time period in 2011. The cause for this climb is cited as rising demand and a positive economic forecast across the state. Of course, Texas was one of the states that kept the majority of its real estate value given that the property speculation did not get out of control as it did in other parts of the nation.
Now, given that prices did not fall as far, a job forecast that is improving and a continuation of the very attractive mortgage interest rates, Dallas real estate is projected to rally quite nicely in the new year. Local and state government did a great job providing infrastructure and favorable economic conditions to companies, which is attracting even more employers to the area. As sources from Freddie Mac report, rates are “near their all-time record lows helping to keep home buyer affordability high and aiding the ongoing housing recovery.”
And with employment numbers far below the national averages, the growth and attractiveness to prospective workers and families is expected to bloom, spurring even greater demand for homes. Every major city in the Lone Star State added jobs in 2012. Compared to October 2012, national joblessness was at 7.9%. By comparison, the central Texas area was 6.2%. This means there are more people able to buy property, increasing demand and prices while spurring owners to place even more supply on the market.
For those of us who live and work in the Dallas area, we are not surprised; this has been and will continue to be a stable and rewarding environment for lifestyle, careers and families alike. We’d love to tell you more about buying a home in Dallas. Just give us a shout today.
Will There Be Affordable Housing For Artists In Dallas?
Dallas could soon have affordable artist housing. While some Dallas residents complain that what the Arts District lacks is pedestrian traffic, the proponents behind this new project argue that what it needs is more artists. Robert Meckfessel, an architect and arts supporter, is hoping to remedy this situation by creating affordable housing for artists with his nonprofit, Le Reunion TX. The group has recently applied for $1.1 million in low-income housing grants to subsidize these residences at a new development to be called Flora Lofts. Although the group faces tough competition, the prospect of the change they could bring to Dallas is enormous.
The proposed housing development would stand six-stories tall on Flora Street near two arts buildings: the Nasher Sculpture Center and Museum Tower, a high rise of luxury condominiums.
According to Meckfessel, artist housing has always been part of the planning for the Arts Districts, and up until now, there have been few options that artists could afford. The proposed Flora Lofts would encompass a combination of subsidized housing and market-rate housing, with retail spaces on the ground floor. In the building there would be 39 affordable housing units with rent from $360 to $790 each, with 8 penthouses priced at market rates.
If this new development is given funding, potential residents would be required to prove financial need and to provide a portfolio of their artistic works to apply. The entire process to gain funding is challenging, with a City Council vote scheduled soon for a final application approval, followed by a complex scoring system which typically narrows the pool of applicants by 70% before the final vote. The Flora Lofts groups will not know if they are approved to receive this tax credit until the June 25 vote by the Texas Department of Housing and Community Affairs.
While the decision has yet to become final, if all goes well, the Dallas Arts District could soon be bustling with a few new residents.
If you’d like to discover more about what makes Dallas such a wonderful place to call home, please contact us. There are an immense number of opportunities for Dallas home buyers, and it would be our pleasure to assist you in any way possible.
Dallas Cited as a Prime Choice for Real Estate Investment
The 2012 Real Estate Survey published by PriceWaterhouse Coopers targets the Dallas area as one of the most favorable markets for real estate investment. The reason for such faith in Dallas real estate is a healthy job forecast for 2013. As R. Byron Carlock, Jr., a partner for PWC and its national real estate practice leader, said, “”Dallas is moving up the spectrum as being the most attractive market outside of the six primary coastal markets…It’s a standout in the world economy of uncertainty. There are more investors looking to develop in hard assets in Dallas.”
And the outlook is positive across every possible investment category: office space, industrial property and multifamily properties. Every potential property is seen as favorable by real estate investors, with industrial and office space earning a premium due to a lack of supply. Also, there are plans to expand Houston’s ports, which will bring more goods, shipping and storage needs into the Dallas area. That will see Dallas becoming an operational hub, with transport and storage of imports and exports being managed by local offices of shipping companies. That means more jobs and office space to house them.
Also, due to a lack of projected supply of industrial and office space, construction of such space should begin in earnest early in 2013. That also means more jobs to build, manage and provides services to these complexes. Indeed, recent reports show a very large number of corporate space planned for the Dallas region. So where do all of these workers live? Apartments and single family homes in Dallas, two property types also anticipated to realize large growth. As it stands currently, there is little supply to keep up with demand, which is driving up home prices and rental rates in the area. Even with the new construction, home prices are expected to be supported by large numbers of new workers and residents.
All of this adds up to a positive forecast for Dallas real estate. So if you’re looking for real estate opportunities in Dallas, we can help you before the wave hits. Call us today, 972-499-0454.
Market Share of Loans Goes Down as Dallas Real Estate Goes Up
In a recent report by Ellie Mae, numbers show that the percentage of Federal Housing Association loans in the real estate market has decreased, finally cutting some slack in the tight market created by the recession. In response to this, refinancing rates and purchase applications are up, showing a widespread increase in economic stability.
One of the major examples of this progress has been the Texas area, specifically around Dallas-Fort Worth. Dallas homes for sale have generally been raising prices and lowering in inventory, resulting in an increased demand. All of this has been caused by general signs of economic recovery, such as lower unemployment rates, or the broad good news from Ellie Mae’s report.
Ellie Mae, one of the leading software services for the financial side of the residential mortgage industry, has provided numerous reports as their software has become more popular. This latest Originations Insight Report is the most comprehensive so far, compiling data from all across their massive system. And the news has been great at every turn.
A lower rate of FHA loans means more breathing room for local real estate economies and more money that can circulate from inside the community through conventional loans rather than from the government. Dallas real estate agents have met the news with celebration, and the urban center is showing signs of prodigious growth.
As Ellie Mae’s Chief Operating Officer Jonathan Corr says, “The share of FHA loans versus conventional loans declined to 18% in January 2013, which has been a new low since our tracking began. This may indicate that higher premiums and other program changes are making FHA loans less attractive.”
Corr also indicated lower credit score requirements for loans, giving a lot more people access to investments in the rapidly growing industry. It looks like a snowball effect is in place, with the city of Dallas at the center of this exponentially advancing trend.
If you are interested in participating in this quickly expanding community, please contact us. It would be our pleasure to guide you through the exciting new opportunities that exist in the Dallas real estate market.
Dallas Real Estate Gaining Ground in the New Year
A recent article from the Home Buying Institute is reporting that housing prices across Texas have been steadily rising over the past year and are expected to continue to appreciate in 2013. Dallas in particular was one of the largest gainers with an increase in value of nearly 9% compared to same time period in 2011. The cause for this climb is cited as rising demand and a positive economic forecast across the state. Of course, Texas was one of the states that kept the majority of its real estate value given that the property speculation did not get out of control as it did in other parts of the nation.
Now, given that prices did not fall as far, a job forecast that is improving and a continuation of the very attractive mortgage interest rates, Dallas real estate is projected to rally quite nicely in the new year. Local and state government did a great job providing infrastructure and favorable economic conditions to companies, which is attracting even more employers to the area. As sources from Freddie Mac report, rates are “near their all-time record lows helping to keep home buyer affordability high and aiding the ongoing housing recovery.”
And with employment numbers far below the national averages, the growth and attractiveness to prospective workers and families is expected to bloom, spurring even greater demand for homes. Every major city in the Lone Star State added jobs in 2012. Compared to October 2012, national joblessness was at 7.9%. By comparison, Dallas was 6.2%. This means there are more people able to purchase property, increasing demand and prices while spurring owners to place even more supply on the market. For those of us who live and work in the Dallas area, we are not surprised; this has been and will continue to be a stable and rewarding environment for lifestyle, home ownership, careers and families alike.
We’d love to tell you more about buying a Dallas home. If you have questions about home financing or how to start the home buying process, Request a Home Purchase Review or just give us a call today at 972-499-0454!