After slogging through two years of decline, the North Texas housing market is headed for a rebound in 2010. The only question, analysts say, is how strong the bounce-back will be. And that depends on the economy, of course."Any sustained turnaround in sales and construction activity will definitely depend on the economy and job growth," said D'Ann Petersen, a business economist at the Federal Reserve Bank of Dallas. "We do see increasing signs that the local economy has bottomed out, and business contacts say they are through cutting staff."
Petersen said there are signals that the worst is over for the Dallas-Fort Worth housing market. Next year will look better for builders and buyers.
"It will be slow going in 2010, but I do think that Dallas' housing market is in a better position than many other areas of the country to respond to positive economic growth," she said.
During the last two months, sales of pre-owned homes have increased significantly from year-ago numbers, and price declines have slowed. At the same time, the number of homes for sale in North Texas has fallen to the lowest level in more than two years.
Given the demand from homebuyers, builders will have to start more houses in 2010, said David Brown, an analyst with Metrostudy Inc.
"There now is currently less than a six-month supply of homes priced under $250,000 and just over a six-month supply of homes priced between $250,000 and $500,000," Brown said.
Full Story: Dallas News
Wednesday, December 23, 2009
Tax credit drives surge in home sales
WASHINGTON (AP) -- Extraordinary government efforts to stabilize the housing market are paying off. What happens when the help runs out is anyone's guess.
Sales of previously occupied homes surged in November to the highest level in nearly three years, spurred by federal subsidies for starter homes and a massive Federal Reserve push to drive down mortgage rates.
The strong figures were driven by a race to take advantage of a tax credit of up to $8,000 for first-time homebuyers. The credit has since been extended to next spring, but the government initially planned to end it Nov. 30.
"It was like the end of the world," said real estate agent Stephanie Somers of Re/Max Access in Philadelphia. "All the first-time buyers converged onto that one month."
The pace of home sales is now up 46 percent from its bottom in January and still 10 percent shy of its peak from four years ago, according to data released Tuesday by the National Association of Realtors.
The real estate recovery depends not only on taxpayer dollars but also on the health of the economy at large, which grew at a less robust pace in the third quarter than previously thought.
The economy grew at a 2.2 percent annual pace from July to September, down from an initial reading of 2.8 percent, the government said Tuesday.
Experts think the economy is even stronger now than it was last quarter, but they expect it to ebb again early next year. And that's when the tax credit will wind down and the Fed plans to stop buying mortgage-backed securities, which could raise mortgage rates.
Whether the real estate rebound can continue without the help remains to be seen.
Full Story: Dallas News
North Dallas Luxury Real Estate
Incomes, spending post gains; new-home sales sink
WASHINGTON (AP) -- Personal incomes rose in November at the fastest pace in six months, while spending posted a second straight increase. But economists cautioned that the gains remain too weak to sustain a strong economic recovery.
The Commerce Department said Wednesday that personal incomes rose 0.4 percent in November, helped by a $16.1 billion increase in wages and salaries. It reflected the drop in unemployment that occurred last month.
The rise in incomes helped bolster spending, which rose 0.5 percent in November. Still, both the income and spending gains were slightly less than economists had expected.
After taking inflation into account, after-tax incomes are rising at an annual rate of just 1.2 percent. Economists say the recovery will require higher levels of income and spending. This is especially true at a time when households are using some income to shrink debt loads and rebuild savings, rather than spend.
"Annualized income growth of a little over 1 percent will not be enough to drive a significant recovery in consumption at the same time that debt needs to be paid down," said Paul Dales, U.S. economist at Capital Economics.
Contributing to the cautionary picture was a separate report Wednesday that sales of new homes plunged unexpectedly last month to the lowest level since April. November's sales fell 11.3 percent. And sales were down 9 percent from a year ago.
The median sales price of $217,400 was down nearly 2 percent from $221,600 a year earlier, though up about 4 percent from October's level of $209,400.
The report signaled that the housing market's recovery remains rocky.
Economists viewed the two reports as evidence that the recovery from a deep recession is proceeding in fits and starts, with households struggling with a bleak job market. At the same time, analysts said the economy is much improved from this time last year, when the nation was gripped by the financial crisis.
"People are continuing to pay down their debts, and they remain concerned about their financial futures and whether they will have jobs," said Sal Guatieri, an economist at BMO Capital Markets. "Santa's toy bag won't exactly be brimming with goodies this year, but at least he will show up, unlike last year."
Full Story: Dallas News
The Commerce Department said Wednesday that personal incomes rose 0.4 percent in November, helped by a $16.1 billion increase in wages and salaries. It reflected the drop in unemployment that occurred last month.
The rise in incomes helped bolster spending, which rose 0.5 percent in November. Still, both the income and spending gains were slightly less than economists had expected.
After taking inflation into account, after-tax incomes are rising at an annual rate of just 1.2 percent. Economists say the recovery will require higher levels of income and spending. This is especially true at a time when households are using some income to shrink debt loads and rebuild savings, rather than spend.
"Annualized income growth of a little over 1 percent will not be enough to drive a significant recovery in consumption at the same time that debt needs to be paid down," said Paul Dales, U.S. economist at Capital Economics.
Contributing to the cautionary picture was a separate report Wednesday that sales of new homes plunged unexpectedly last month to the lowest level since April. November's sales fell 11.3 percent. And sales were down 9 percent from a year ago.
The median sales price of $217,400 was down nearly 2 percent from $221,600 a year earlier, though up about 4 percent from October's level of $209,400.
The report signaled that the housing market's recovery remains rocky.
Economists viewed the two reports as evidence that the recovery from a deep recession is proceeding in fits and starts, with households struggling with a bleak job market. At the same time, analysts said the economy is much improved from this time last year, when the nation was gripped by the financial crisis.
"People are continuing to pay down their debts, and they remain concerned about their financial futures and whether they will have jobs," said Sal Guatieri, an economist at BMO Capital Markets. "Santa's toy bag won't exactly be brimming with goodies this year, but at least he will show up, unlike last year."
Full Story: Dallas News
Tuesday, September 15, 2009
Economic development leaders bullish on Dallas area
Economic development leaders bullish on Dallas area
By Steve Brown / The Dallas Morning News
September 4, 2009
The Dallas-Fort Worth area is well-positioned to grow new business after the recession ends, economic development leaders predicted Thursday in a presentation to a local real estate group.
"We have a lot of things going for us," Karl Zavitkovsky, the city of Dallas' director of economic development, told executives at a meeting of the North Texas CCIM real estate property group. "I think we will come out of this earlier than elsewhere in the country and in a lot better shape."
North Texas is not at the epicenter of today's economic and housing downturn, as it was in two previous economic ones – the 1980s savings and loan crash and the more recent burst of the dot-com bubble.
Full Story
By Steve Brown / The Dallas Morning News
September 4, 2009
The Dallas-Fort Worth area is well-positioned to grow new business after the recession ends, economic development leaders predicted Thursday in a presentation to a local real estate group.
"We have a lot of things going for us," Karl Zavitkovsky, the city of Dallas' director of economic development, told executives at a meeting of the North Texas CCIM real estate property group. "I think we will come out of this earlier than elsewhere in the country and in a lot better shape."
North Texas is not at the epicenter of today's economic and housing downturn, as it was in two previous economic ones – the 1980s savings and loan crash and the more recent burst of the dot-com bubble.
Full Story
Friday, September 04, 2009
It's a Great Time for 1st Time Home Buyers
It's the best time ever for first time home buyers to buy a home. While the real estate market has experienced turmoil, the programs that have always been there to help first-time-home-buyers are still in place. (Bankrate.com) Combine the existing programs with low home prices and low interest rates and you have a formula for a successful first home purchase!
Federal Aid
There are also federal aid incentives in place to encourage first time buyers to purchase homes. "As part of the economic stimulus package, a tax credit worth 10 percent of the purchase price up to $8,000 is available to first-time homebuyers as long as they sign on the dotted line this year. Unlike previous tax credits for first-time buyers, this one does not require repayment."
Full Story Bankrate
Federal Aid
There are also federal aid incentives in place to encourage first time buyers to purchase homes. "As part of the economic stimulus package, a tax credit worth 10 percent of the purchase price up to $8,000 is available to first-time homebuyers as long as they sign on the dotted line this year. Unlike previous tax credits for first-time buyers, this one does not require repayment."
Full Story Bankrate
Dallas Area Home Listings Fall Substantially
SOURCE: DALLAS NEWS
"North Texas homebuyers who are hoping to find a huge supply of houses for sale may be in for a surprise. While many markets in Florida and the West are suffering from a surplus of for-sale signs, the number of houses available in the Dallas-Fort Worth area has fallen substantially in the last year.
The supply of pre-owned homes for sale is down almost 17 percent from this time last year and has fallen by a quarter from the summer of 2007.
The drop in inventory of newly built homes is even steeper – about 50 percent since mid-2007."
Full Story Dallas News
"North Texas homebuyers who are hoping to find a huge supply of houses for sale may be in for a surprise. While many markets in Florida and the West are suffering from a surplus of for-sale signs, the number of houses available in the Dallas-Fort Worth area has fallen substantially in the last year.
The supply of pre-owned homes for sale is down almost 17 percent from this time last year and has fallen by a quarter from the summer of 2007.
The drop in inventory of newly built homes is even steeper – about 50 percent since mid-2007."
Full Story Dallas News
Obama's Making Home Affordable Plan
The Making Home Affordable Program is part of the Obama Administration's broad, comprehensive strategy to get the economy and the housing market back on track. The Making Home Affordable Program offers two different potential solutions for borrowers: (1) refinancing mortgage loans, through the Home Affordable Refinance Program (HARP), and (2) modifying mortgage loans, through the Home Affordable Modification Program (HAMP).
President Obama recently announced the Administration's plan to further prevent foreclosures and assist borrowers with mortgage loan modifications. The Making Home Affordable program is a $75 billion plan to assist customers who are struggling to make their mortgage payments.
Find Out if You Are Eligible
Making Home Affordable.gov
President Obama recently announced the Administration's plan to further prevent foreclosures and assist borrowers with mortgage loan modifications. The Making Home Affordable program is a $75 billion plan to assist customers who are struggling to make their mortgage payments.
Find Out if You Are Eligible
Making Home Affordable.gov
Dallas Home Sales Showing Gains, Fueling Optimism
Dallas Home rose to 2.7% in May to June 2009, the highest level since last September, according to the closely watched Standard & Poor's/Case-Shiller Index. It was the fourth consecutive month of gains in the Dallas index price, S&P said Tuesday.
And the Federal Housing Finance Agency said that Dallas-area prices were up slightly in the second quarter.
The higher prices are a good sign for the local housing market, which has suffered declines for almost two years.
But analysts say not to get overly optimistic about a rebound.
"These are good indications, and sure, it's better than going down further," said Dr. James Gaines, an economist at the Real Estate Center at Texas A&M University. "The thing that is concerning to everybody is there is still job loss and no job creation.
Full Story Dallas News
And the Federal Housing Finance Agency said that Dallas-area prices were up slightly in the second quarter.
The higher prices are a good sign for the local housing market, which has suffered declines for almost two years.
But analysts say not to get overly optimistic about a rebound.
"These are good indications, and sure, it's better than going down further," said Dr. James Gaines, an economist at the Real Estate Center at Texas A&M University. "The thing that is concerning to everybody is there is still job loss and no job creation.
Full Story Dallas News
Thursday, August 20, 2009
Dallas Directory Listings...
Dallas Directory Listings
- Dallas Auto Lease
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- Dallas Lexus Dealers
- Dallas Mercedes Dealers
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- Dallas Tires
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- Dallas Auto Body
- Dallas Paintless Dent Repair
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- Dallas Shopping
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- North Park Mall
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- Modern / Urban Home
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- Dallas Gold
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Friday, July 31, 2009
Forbes Names McKinney, TX 9th Best Place to Live in US
Pegasus News
July 13, 2009 - Pegasus News - McKinney was recently named as one of the 25 Best Places to Move in the country by Forbes.com, coming in at #9. Out of the list of 25, six cities are in the Dallas metropolitan area, including Flower Mound at #6, Frisco at #7, McKinney at #9, Carrollton at #12, Allen at #19, and Plano at #25.
Full Story
July 13, 2009 - Pegasus News - McKinney was recently named as one of the 25 Best Places to Move in the country by Forbes.com, coming in at #9. Out of the list of 25, six cities are in the Dallas metropolitan area, including Flower Mound at #6, Frisco at #7, McKinney at #9, Carrollton at #12, Allen at #19, and Plano at #25.
Full Story
Friday, May 22, 2009
Development showcases European-style homes, lots
May 17, 2009
Chapel Creek features Old World style in Frisco, offering custom homes and lots in a setting surrounded by creeks and winding trails.
This LandPlan development features a collection of European-style designs – custom homes and estate homes – priced from the $800s to more than $3 million.
Chapel Creek is one of the fastest-selling communities in the area, offering lots for single-household development in west Frisco. Additional lot discounts are available through May 2009.
Full Story
Chapel Creek features Old World style in Frisco, offering custom homes and lots in a setting surrounded by creeks and winding trails.
This LandPlan development features a collection of European-style designs – custom homes and estate homes – priced from the $800s to more than $3 million.
Chapel Creek is one of the fastest-selling communities in the area, offering lots for single-household development in west Frisco. Additional lot discounts are available through May 2009.
Full Story
Far North Dallas homes offer distinctive features
Sunday, May 17, 2009
Award-winning Cambridge Homes presents Cambridge Gate, a secluded, gated enclave of luxury patio homes located on the west side of Preston Road, just north of Frankford.
Widely recognized for fine design, Cambridge Homes specializes in creating carefree "adult lifestyle" homes. According to Phyllis Firebaugh, sales manager for Cambridge Homes, "These beautiful patio homes are designed for discerning adults of experience and taste. They love the fact that they don't have to give up fine quality and excellent design just because they no longer need large numbers of rooms".
Cambridge's award-winning, carefree patio home designs range in price from the $300s to the $800s. The Designer Model Home at 6169 Stapleford is open from noon to dusk daily or by appointment.
For additional information about Cambridge Gate, call 469-446-2885 or visit www.cambridgehomes.biz.
Source
Award-winning Cambridge Homes presents Cambridge Gate, a secluded, gated enclave of luxury patio homes located on the west side of Preston Road, just north of Frankford.
Widely recognized for fine design, Cambridge Homes specializes in creating carefree "adult lifestyle" homes. According to Phyllis Firebaugh, sales manager for Cambridge Homes, "These beautiful patio homes are designed for discerning adults of experience and taste. They love the fact that they don't have to give up fine quality and excellent design just because they no longer need large numbers of rooms".
Cambridge's award-winning, carefree patio home designs range in price from the $300s to the $800s. The Designer Model Home at 6169 Stapleford is open from noon to dusk daily or by appointment.
For additional information about Cambridge Gate, call 469-446-2885 or visit www.cambridgehomes.biz.
Source
Wednesday, April 01, 2009
Dallas-area home prices fall nearly 5%
A few years ago, news of a 5 percent drop in Dallas home prices would have caused blood to run cold in the local real estate market.
But in the current national housing market depression, Dallas' price decline is being hailed as the best in the country.
Dallas had the smallest home price decline among 20 cities in the January Standard & Poor's/Case-Shiller Home Price Index.
Full StoryTuesday, March 24, 2009
Survey shows Dallas-area home prices gained nearly 2%
By STEVE BROWN / The Dallas Morning News
Most Texas home markets continued to eke out tiny increases in home prices in early 2009, according to a new report by First American CoreLogic.
Texas home prices were up by just less than 2 percent in the California-based housing analyst’s latest survey released Monday.
While Texas prices rose, nationwide home prices in January fell by 11.6 percent compared to a year ago to the lowest level in almost five years.
Full Story
Most Texas home markets continued to eke out tiny increases in home prices in early 2009, according to a new report by First American CoreLogic.
Texas home prices were up by just less than 2 percent in the California-based housing analyst’s latest survey released Monday.
While Texas prices rose, nationwide home prices in January fell by 11.6 percent compared to a year ago to the lowest level in almost five years.
Full Story
Monday, March 23, 2009
February existing home sales rise by 5.1 percent
March 23, 2009By ALAN ZIBEL, AP Real Estate Writer
WASHINGTON – Sales of previously occupied homes jumped unexpectedly in February by the largest amount in nearly six years as first-time buyers took advantage of deep discounts on foreclosures and other distressed properties.
Economists said sales, while still at levels not seen since 1997, may finally be coming back to life after declining sharply following the stock market plunge last autumn.
Read Full Story
Collin, Denton debate future Dallas North Tollway extension
March 23, 2009
By ED HOUSEWRIGHT / The Dallas Morning NewsA simple line on a map could translate into billions of dollars for either Collin County or Denton County.
That line represents a proposed extension of Dallas North Tollway, and the adjacent counties are squabbling over the alignment because of the economic bonanza it could bring as homes and businesses spring up around it.
Collin and Denton county officials had agreed the 7-mile stretch should be on the counties' common border to let each share in the riches.
Read Full StoryThursday, February 26, 2009
Koi turn up dead in Fort Worth Japanese Garden after accidental chlorination
More than 100 Koi fish were discovered dead today in the Japanese Garden pond after the water was accidentally chlorinated overnight.
The garden’s three ponds normally contain about 800 of the brightly colored orange fish that range in size from about six inches to three feet in length.
The accidental chlorination occurred during normal pond cleaning that is carried out every other year.
The procedure involves lowering the water level in the pond and placing two 55-gallon stock tanks filled with raw water in the pool to contain the fish. The tanks are filled with a water line that normally carries raw water, but due to a maintenance procedure at the nearby South Holly Water Treatment Plant, the line also was being injected with tap water. Tap water contains levels of chlorine that are safe for human consumption, but are harmful to Koi fish.
The Japanese Garden is closed to the public today.
Source
The garden’s three ponds normally contain about 800 of the brightly colored orange fish that range in size from about six inches to three feet in length.
The accidental chlorination occurred during normal pond cleaning that is carried out every other year.
The procedure involves lowering the water level in the pond and placing two 55-gallon stock tanks filled with raw water in the pool to contain the fish. The tanks are filled with a water line that normally carries raw water, but due to a maintenance procedure at the nearby South Holly Water Treatment Plant, the line also was being injected with tap water. Tap water contains levels of chlorine that are safe for human consumption, but are harmful to Koi fish.
The Japanese Garden is closed to the public today.
Source
Home sales, outlook getting better
Austin Business Journal
A February survey of public and private builders across the country from John Burns Real Estate Consulting shows that Texas saw new home sales, traffic and expectations pick up in January. The survey gathered information from 236 home building industry executives.
“I spent several days in Texas this month and can confirm that the pick-up is real and is driven by lower mortgage rates in an area where home price appreciation was insignificant and the economy is still OK,” said John Burns, CEO of Irvine, Calif.-based John Burns Real Estate Consulting.
However, Burns said, new home prices are still trending downward everywhere, including Texas.
Full Story
A February survey of public and private builders across the country from John Burns Real Estate Consulting shows that Texas saw new home sales, traffic and expectations pick up in January. The survey gathered information from 236 home building industry executives.
“I spent several days in Texas this month and can confirm that the pick-up is real and is driven by lower mortgage rates in an area where home price appreciation was insignificant and the economy is still OK,” said John Burns, CEO of Irvine, Calif.-based John Burns Real Estate Consulting.
However, Burns said, new home prices are still trending downward everywhere, including Texas.
Full Story
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