Dominick

TEXAS DOMINATES BEST-PERFORMING CITIES INDEX SAN ANTONIO (San Antonio Express-News, Milken Institute) – Milken Institute just released its “Best-Performing Cities” index for 2011, and Texas is everywhere you look. Nine Texas MSAs landed in the top 25 on the institute’s list of 200 largest metros, and four of those ranked in the top five, including number one San Antonio. Others on the list were El Paso (2), Austin–Round Rock (4), Killeen-Temple-Fort Hood (5), Houston-Sugar Land-Baytown... Read Full Story

It takes money to buy a home: yours or theirs. If you’re not going to pay cash for a home, you need to find out exactly what you can borrow and what it will cost before you start looking at homes. The mortgage process is not as clear cut a path as it was a few years ago. It is certainly more complex, takes longer and assumes that you’re credit worthy. If you have less than stellar credit, a trusted mortgage professional can advise you how to improve your individual situation. You are... Read Full Story

Nearly a third of the 23 housing markets listed on the October National Association of Home Builders (NAHB)/First American Improving Markets Index (IMI) are in Texas. The index reveals metropolitan areas that have shown improvement for at least six months in housing permits, employment and housing prices. Texas markets making the list were Amarillo, McAllen, Midland, Odessa, Sherman, Waco and Wichita Falls. “While Pittsburgh and New Orleans remain the two largest improving markets, the... Read Full Story

People are staying longer in their homes according to the National Association of Realtors and the U.S. Census. Over time, even a modest appreciation could result in a significant gain and homeowners should have a strategy to minimize possible taxes. Maintenance on a principal residence is not deductible but improvements can add to the basis which can reduce the gain in the sale. Improvements are easily identified if they add to the value of a home, prolong its useful life or adapt it to... Read Full Story

For the third straight week, fixed-rate mortgages inched down, reaching new lows. The 30-year fixed-rate mortgage averaged a record low of 4.01 percent this week while the 15-year fixed-rate set a new record of 3.28 percent, Freddie Mac reports in its weekly mortgage market survey. In Western areas, 30-year rates moved even lower, averaging 3.95 percent, Freddie reports. “Fixed mortgage rates fell to all-time record lows this week following the Federal Reserve’s announcement of its Maturity... Read Full Story

Starting Saturday, many borrowers in pricey housing markets may find they’ll need a higher down payment or pay higher rates. The size of mortgages that the government will back in several high-priced regions is set to drop on Oct. 1, which some analysts expect will serve as another thorn to the housing market. In 2008, Fannie Mae and Freddie Mac raised its cap on conforming loans up to $729,750 in some of the most expensive housing markets so that larger mortgages would be available to home... Read Full Story

For the 56th straight month, Nevada continued to have the highest foreclosure rate in the country, where one in every 118 homes received a foreclosure filing during August, according to the latest figures from RealtyTrac.      Nationally, 1 in every 570 households received a foreclosure filing in August.       Meanwhile, five states accounted for 53 percent of the foreclosure activity in August, led by California. In California, 59,383 properties received foreclosure filings last month... Read Full Story

It’s cheaper to buy a home rather than rent one in 72 percent of the 50 largest U.S. cities, according to Trulia’s rent vs. buy index, which compares the total cost of home ownership to the cost of renting. “Since the start of the ‘Great Recession,’ many former home owners have flooded the rental market,” Pete Flint, CEO of Trulia, said in a news release about the index. “Following the principles of supply and demand, renting has become relatively more expensive than buying in most markets... Read Full Story

Recent comments made by two economists indicate their belief the San Antonio job growth forcast will be above average.        As reported in a recent article by David Hendricks in the San Antonio Express-News , Chief Economist Steven Nivin of the SABER Institute, predicts job growth in San Antonio in 2011 will be between 2.75% to 3.25%.  Keith Phillips, Senior Economist for the Federal Reserve, thinks San Antonio’s job growth for 2011 may reach as high as 3.2%.  Either way, great news for... Read Full Story

Overpriced, Underpriced Housing Markets What are the most overvalued and undervalued housing markets in the country? The Local Market Monitor recently released a list for investors analyzing buying conditions for real estate markets in the United States. Overall, Las Vegas was a city they flagged as the worst — or “frankly dangerous,” as they referred to it. They said the city is not only one of the most undervalued housing markets in the country but is also considered one of the worst... Read Full Story