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National City Housing Reports Texas is a Lone Star
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4 Comments ::  :: Real Estate, Market Analysis, Investment |
National City Corporation Reports Texas is a Lone Star National City Corporation released it's March 2007 "House Prices in America" report and highlights how Texas shines and stands alone with:
[Texas posted above-average appreciation rates, with 5 metro markets in the top-20, in terms of price appreciation. Texas also has the highest concentration of undervalued markets] |
- national leading home price appreciation
- an undervalued housing market
- a strong economy
- a growing population
Summary- House prices continued to climb during the fourth quarter, though at a modest annualized rate of 1.8 percent. This represents an improvement from the third quarter’s 1.6 percent pace and interrupts a 5 quarter sequence of declining appreciation rates.
- Seventy-two of 317 metro areas suffered price declines during the quarter. Cumulatively, these 72 metro areas accounted for 15 percent of all single family units and 22 percent of all single family real estate assets in the nation. Declines were concentrated in California, Florida and the New York metro area.
- Fifty-seven metro areas were judged to be overvalued during the quarter, representing a decline from 60 metro areas (as revised) during the third quarter. More important were declines in the share of all housing units, and real estate assets, judged to be overvalued. In terms of housing units, the percent deemed to be overvalued declined from 17 to 16 percent (as revised). In terms of single family asset value, the percent deemed to be overvalued declined to 28 from 31 percent (as revised). Clearly, we interpret the evidence as reflective of prices reverting to their historic norms.
Recent Evidence on House PricesSingle-family house prices during the fourth quarter of 2006 were up 4.1 percent from the prior year period, when adjusted for the influence of refinance activity, according to the Office of Federal Housing Enterprise Oversight (OFHEO). The fourth quarter advance, however, was at a meager 1.8 percent pace. That follows on the heels of a 1.6 percent rate of gain during the third quarter and marks the first quarterly acceleration since the second quarter of 2005. The pickup is so small, however, we are disinclined to call this a turning point. Declines were highly concentrated in California, Florida and the Greater New York area. Between the third and fourth quarters, California had 21 metros, of 26 reported by OFHEO, with negative appreciation rates, and Florida had 10 out of 18 reported metros with negative rates.
TexasGulfCoastOnline.com, a leading real estate sales and analysis company on the Texas Gulf Coast reports increasing buyer interest levels from California, Florida and New York, which coincides with their declining real estate markets.
Also read The world has discovered the Texas Gulf Coast
See TexasGulfCoastOnline.com/sales.aspx for the full financial picture of the Texas Gulf Coast real estate market
National City Corporation (NYSE: NCC), headquartered in Cleveland, Ohio, is one of the nation's largest financial holding companies. Its core businesses include commercial and retail banking, mortgage financing and servicing, consumer finance and asset management. Read full report
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By
@
Wednesday, March 21, 2007 5:10 PM |
"Leverage is one of the key differences between buying a house and buying stocks or bonds", says Kenneth R. Harney, an award-winning, nationally syndicated real estate columnist and author of the article Keeping Your Eye on the Ball: The Financial Benefits of Homeownership.
"Flat or even down markets, in fact, may well be the best times for buying a first house. Prices tend to be lower and more affordable. Home builders and sellers tend to be more willing to negotiate, and mortgage rates are lower than during high-inflation periods."
With the Texas real estate market continuing it's steady progress upward, but with some buyer hesitancy from national housing woes, this is an excellent time for Texas buyers.
We have the buyer benefits described, without the market actually being flat or down. |
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ByStacey Lawson @
Friday, April 06, 2007 10:59 PM |
Overall, Texas real estate looks strong. While the national median price of a home fell last year, home prices increased moderately in Texas. Residential sales are falling across the nation, but here in Texas, home sales are robust. I obviously can’t predict the future, but I can say that, for now, Texas real estate is still a heckuva deal.
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By
host @
Friday, April 13, 2007 7:55 PM |
National real estate attention focused on Texas
Dealing in residential real estate in Texas?
You're better off than you would be elsewhere around the country, according to a state economist.
Texas continues to buck the trend of declining home sales that's sweeping the nation, aided by factors from net population growth to affordability, says Mark Dotzour, chief economist at the Real Estate Center at Texas A&M University.
He says national attention is being focused on Texas as markets decline elsewhere around the United States.
"Texas housing is still very affordable," Dotzour says, "and the low tax structure and pro-business climate makes Texas a destination for corporate relocation for firms that are striving to compete in the global marketplace."
The latest figures show Texas is increasing its population by about 400,000 people annually, says Dotzour.
"All of these people need homes or apartments in which to live," he says.
Austin Business Journal
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ByTAR @
Sunday, April 22, 2007 9:34 AM |
Texas future looks bright
The Real Estate Center at Texas A&M says that real estate in the Lone Star state will continue to shine bright in 2007. The experts there cite several reasons for this prediction, including strong population growth, healthy job growth, low tax burden, and affordable housing.
Texas added more than two million people between 2000 and 2005, and continues to grow by about 400,000 people each year. That is the second-largest increase next to California. Domestic migration is helping to drive the real estate market in Texas. But unlike California, our homes are reasonably priced, with moderate appreciation. In addition to strong population growth, Texas has a solid job market; with job growth double that of the national average. As a result, Texas home sales should remain about equal to or perhaps greater than 2006 sales. While some areas of the state may see a slowdown in the manufacturing sector, statewide sales should remain strong.
And while Texas property taxes rank among the highest in the nation, the overall tax burden is relatively low compared to the rest of the country. Additionally, property owners should begin seeing a significant reduction in their property taxes in 2007.
Source: The Real Estate Center at Texas A&M |
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