The total volume of home sales in the third quarter of 2011 was reported to be 58,019.  Median home prices remained essentially unchanged at $151,800.

And because of the higher sales volume as well as fewer distressed properties on the market, inventories dropped from 8 mos to 7.4 mos.

Article at TexasRealEstate.com

The 9.22% total late loan rate for Texas showed a marked improvement over the last year, it was still 1% above the national average of 9.22%. 

Some other data noted from the report:

• In the fourth quarter of 2010, 1.27% of U.S. homeowners with loans were facing foreclosure.
• 1.92% of home loans were in foreclosure at the end of 2010, which was less than in fourth quarter 2009 and less than have the U.S rate.
• Texas ranked 16th out of the 50 U.S. states with the highest late home loan rate at the end of 2010.
• The highest mortgage delinquency levels were reported to be in Mississippi wtih a 13.3% foreclosure rate and Nevada with a 12% foreclosure rate.
• North and South Dakota had the lowest  rate of late payments - less than 4%. 
• A record of almost 64,000 home foreclosure filings were made in the Dallas-Fort Worth area in 2010.
• More than 280,000 Texans were behind on payments at the end of 2010. 
• More than 58,000 home loans in the state went into foreclosure in the fourth quarter of 2010.

Housing prices across the United States reportedly rose by the exact same percentage as they declined in the Dallas area - 0.2 percent from a year earlier during the same period.  The data compiled in this report was gathered from 152 markets nationwide.

Home prices and especially the number of closed transactions have declined since the expiration of the homebuyer tax credits in June 2010.  The tax credits were extended through September 2010 for buyers that executed a contract by April 30, but this likely had little impact on sales of homes in the third quarter of 2010.  Most buyers who utilized the homebuyer tax credits simply readjusted the timing of their purchase decisions.  

Also mentioned in the report was the percentage of distressed sales (foreclosures and short sales), which were reported to have accounted for more than one-third of all home sales in the fourth quarter of 2010.

Other markets in Texas fared a little better than D/FW:

• San Antonio median prices rose by 7 percent.
• Austin prices rose 4.1 percent.
• Houston prices rose by 2.7%.
• El Paso prices rose by 1.4%.

This program is only offered at BBVA Compass and is a unique opportunity for qualified Dallas area doctors/physicians and eligible professionals to obtain 95% mortgage financing on a home purchase.

 Program highlights of the Professional Program for physicians (Program rules are subject to change at any time without notice):

•  95% mortgage financing up to one million dollars for primary residences.
• NO PMI (private mortgage insurance) required!
• Eligible properties inclue Single Family, primary residences only.  Other property types are not allowed on this program and residence must be primary. 
• Student loan payments are NOT included in the debt-to-income ratio calculation if they are deferred for at least 12 months.
• Expansion of loan-to-value ratios for physicians that want to refinance an existing mortgage.
• BBVA Compass offers a free investment and insurance review with a wealth management professional.

Doctors/Physicians Eligible for the 95% Mortgage Financing Program include:

• Resident or practicing physicians.
• Oral surgeons

Other Eligible Professions include:

•  Attorneys
• Certified Public Accountants

Is the BBVA Compass Professional Program available in other areas besides Dallas?

YES! BBVA Compass offers this program in seven states:

• Texas
• New Mexico
• Arizona
• California
• Colorado
• Florida
• Alabama

The first step in the homebuying process should always be mortgage pre-approval.  BBVA Compass makes pre-approval fast and easy.   Their automated approval system allows for quick and streamlined loan pre-approvals with no application fee. 

To consult with a BBVA Compass loan professional about this program, please email Susan Hiatt at susan.hiatt@bbvacompass.com  Completing the contact form below will ensure priority processing. 

DISCLAIMER: The views expressed are my own and are not reviewed approved or endorsed by BBVA Compass or any affiliate.  I have no affiliation with BBVA Compass and am only providing this information as a service to doctors/physicians and other professionals that may benefit.  If you are a Dallas area physician in the market to purchase a home, please call me today at (972) 978-3553 or email me at johnjonesrealtor@gmail.com .

Qualified military personnel, foreign service workers and members of the intelligence community have until April 30, 2011 to secure an executed purchase contract and until June 30, 2011 to close the transaction.

This special program for veterans and military servicemembers was signed into law as part of the original extension and expansion of the homebuyer tax credit that went into effect on November 6, 2009.

DEFINITION OF QUALIFIED SERVICEMEMBERS
Per the legislation, a “qualified servicemember” means a uniformed servicemember of the military, a member of the U.S. foreign service or the intelligence community who was called to an extended period of oveerseas service for at least 90 days between December 1, 2008 and May 1, 2010.  (For those that were not called for extended service, the deadline to execute a purchase contract was April 30, 2010 and the closing deadline is September 30, 2010.)

A member of the military, foreign service or intelligence community who was called for extended duty of at least 90 days but was unable to complete this term due to medical reasons MAY still qualify for the extended deadline.

Consult with a licensed tax accountant to make sure you qualify.  I am not an attorney or a CPA and cannot give legal or tax advice!

ADDITIONAL QUALIFICATIONS FOR THE VETERANS $8,000 FIRST TIME HOMEBUYER TAX CREDIT:

• The amount of the tax credit is the LESSER of $8,000 or 10% of the purchase price of the home.  For example, a qualified individual who purchases a home for $68,000 will receive a tax credit of $6,800, not the full $8,000. 
• The home purchased must be a primary residence.
• The income limit to qualify for the tax credit is $125,000 for single filers and $225,000 for married filers.   Single and married filers who make more than this may qualify for a reduced tax credit amount.
• Home must be priced at $800,000 or less.
• Must be a first-time homebuyer (meaning cannot have owned a home in the last three years).
• Non-first time homebuyers may qualify for the move-up tax credit of $6,500. 

QUALIFIED VETERANS:  This opportunity to get the $8,000 tax credit will end on April 30th.   All qualified veterans must have a home under written contract by April 30th but do not have to close the transaction until June 30, 2011.

For more information or to set up a customized home search, please call John Jones at (972) 978-3553 or fill out the quick contact form:

LINKS TO ADDITIONAL INFO:

http://www.federalhousingtaxcredit.com/home.html

Overall, the study predicts home prices will stabilize in 75% of US metro markets by the end of this year, although the DFW area is only predicted to post a slight decline of 1.4% between Q3 2010 and Q3 2011. From that point forward, they predict prices will stabilize and then post a slight gain of 0.6% from Q3 2011 to Q3 2012.

Nationwide, the study concluded/predicts:

• Prices will fall by 5.5% by Q3 2011 and will then rise by 2.1% through Q3 2012.
• Prices in Orlando, FL will see the largest drop over the next year.
• Prices have stabilized in San Francisco, CA, San Diego, CA, and Washington, D.C.
• Prices in Minneapolis, New York City and Portland, OR will stabilize by the end of 2011.
• Prices in Miami, Phoenix and Vegas won’t stabilize until late 2012.

Link to Fiserv Press Release

Some other highlights from the FHFA report:

• Home prices for the US as a whole were reported to have dropped by 3.2%.
• Texas saw an overall price increase of 1.1% for the same time period.  Texas was one of the best performing states in the US.
• The biggest declines in states were Idaho, which was down 9.8%, and Arizona, which was down 9.3%.
• The largest annual price increases in cities were Battle Creek, MI which had a 4.39% increase and San Jose, CA which had a 4.1% increase.

Read more in The Dallas Morning News

Gross commissions have also declined by about 50% since the start of the decline. 

I have a feeling the number of licensed real estate agents and brokers will probably shrink considerably after the beginning of 2010.   The reason for this is simple: money.  NAR, as well as the state and local real estate associations, bill members for their annual dues towards the end of the year. 

NAR, the real estate industry’s largest trade group, had a membership of approximately 800,000 members a decade ago when real estate sales were about what they are now.  Membership swelled to about 1.4 million during the height of the boom and has now decreased back down to 1.1 million.  It is very likely this will continue to decrease. 

Article from Dallas Morning News

For years, her DallasDirt blog covered various topics about the Dallas real estate and mortgage market, including often controversial details and gossip related to Dallas real estate.  It was the source for “behind the scenes” stories of Dallas real estate often overlooked by the larger media outlets.   Her blogs often generated some very passionate and outspoken comments from readers. 

Her new blog and website at SecondShelters.com aims to, “establish itself as the center of the second home universe, offering readers beautiful vacation House Porn, sales and rental prices and details, community comparisons, celebrity deals, new developments, reviving areas, where it’s hot, where it’s not, and of course the latest gossip”.

Link to  Candy Evans’ New Blog at SecondShelters.com

RSS Feed for Candy’s New Blog

In Texas, a homeowner who feels they may have been wrongfully foreclosed upon by their lender via non-judicial means must effectively sue the lender to challenge the foreclosure action. 

Foreclosure activity in Texas remains strong despite the ongoing investigations.  It’s estimated that foreclosure filings are only down about 10-12% for next month. 

Article from Dallas Morning News