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May 2011 Foreclosure Filings Down Significantly from May 2010 in D/FW Area

Posted by John Jones on 25 April 2011, 6:35 pm

Finally some good news in the area of foreclosures for the Dallas – Fort Worth area:  Foreclosure postings for residential homes were reported to be the lowest in more than three years for the upcoming May auction.  The new report, released by Foreclosure Listing Service, showed there to be a total of 3,719 foreclosures for the counties of Dallas, Tarrant, Denton and Collin.  That’s a steep decline of more than 23% compared to May of 2010. 

The record number of foreclosures for a single month was set one year ago this month (April of 2010) when the same four county area posted a whopping 6,168 residential foreclosures. 

The year-to-date figures have also dropped by 8%. 

Although any significant drop in foreclosure activity would appear to be good news, it’s hard to say at this point whether the drop is attributed to a decline in delinquencies or if other factors, such as government concerns about lenders’ foreclosure procedures are not at least partly to blame. 

Furthermore, sales of homes in many areas of North Texas have shown declines compared to last year, so there is also some concern that some lenders may be purposely delaying foreclosure proceedings in some high-risk areas to avoid saturating the market with inventory.  

Increased supply of foreclosed homes can create downward pressure on prices which could certainly magnify the losses that many lenders will take on some of these homes.

Filed under D/FW Foreclosure News, D/FW Real Estate News, Foreclosure News. Tagged ,
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95% Mortgage Financing for CPAs – BBVA Compass Professional Program

Posted by John Jones on 8 April 2011, 3:33 pm

If you are a certified public accountant or other eligible professional in the Dallas Fort Worth area and are in the market to refinance an existing mortgage or obtain a mortgage for the purchase of a home, your friends at BBVA Compass have tailored a special program called The Professional Program. The Professional Program offers 95% mortgage financing at competitive rates with no PMI for CPAs in the Dallas area.  (The program guidelines changed effective 6/14/2011 from 100% financing to 95% financing.)
This program is only offered at BBVA Compass and is a unique opportunity for qualified Dallas area CPAs and eligible professionals to obtain 95% mortgage financing with no P.M.I. on a home purchase.
Program highlights of the Professional Program for certified public accountants (Program rules are subject to change at any time without notice):
• 95% mortgage financing up to one million dollars for primary residences. Expansion of loan-to-value ratios for loan amounts up to $1,750,000.
• Private mortgage insurance (PMI) is not required! This can save you thousands of dollars over the life of the loan!
• Eligible properties include Single Family, primary residences.  Investment properties not allowed.
• Monthly payments for student loans are NOT included in the debt-to-income ratio calculation as long as the borrower has documentation that they are deferred for at least 12 months.
• Expansion of loan-to-value ratios for CPAs that want to refinance an existing mortgage.
• BBVA Compass offers a free investment and insurance review with a wealth management professional.

In addition to CPAs, other professions eligible for the BBVA Compass Professional Program include:
• Attorneys
• Doctors / Physicians
• CEOs, CFOs, COOs or Chairmen of publicly traded companies.
• Executives in direct report to the CEO or Charman of publicly traded companies.

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

Obtaining a quick pre-approval for a mortgage should always be the first step when shopping for a home. BBVA Compass has a very quick and easy pre-approval process. Their automated approval system allows for quick and streamlined loan pre-approvals with no application fee.
Please call Susan Hiatt at (214) 310-6066 to consult with her about this program and obtain a quick pre-approval. Or you can email her directly at susan.hiatt@bbvacompass.com .  Completing the contact form below will ensure priority processing.

Your Name (required)

Your Email (required)

Your Phone Number (required)

Best Time to Contact

Your Message

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 .

Filed under Advice for Home Buyers, D/FW Real Estate News, DFW Real Estate News Exclusive Content, Mortgage News. Tagged ,
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3 Bedroom 2.5 Bath Garden Home in North Dallas – Preston / Frankford Area 17939 Windflower Way

Posted by John Jones on 4 April 2011, 1:15 pm

** NEW LISTING 17939 Windflower Way Dallas, TX 75252 **

** GARDEN / ZERO LOT HOME WITH THREE BEDROOMS, GREAT DESIGN AND NICE PRIVATE PATIO **

** LOTS OF NATURAL LIGHT! **

 

If you’ve been searching for the right home in the much coveted part of North Dallas off of Frankford Road in between Preston and the Dallas North Tollway, 17939 Windflower Way may be just what you’ve been looking for! 

17939 Windflower Way Dallas TX Front View

17939 Windflower Way Dallas TX Front View

Aside from the great location with close access to both the Tollway and the George Bush Turnpike, the floorplan really stands out in this home.   With three bedrooms and two full baths (master downstairs and two additional bedrooms upstairs), this home has plenty of room for several people.

The home has two living areas: A large living area downstairs with an adjacent dining area plus a loft-style living area upstairs that overlooks the downstairs living area and could be used as a study.

17939 Windflower Way Family Room 1

17939 Windflower Way Family Room 1

17939 Windflower Way Dallas TX Family Room 1 view of vaulted ceiling

17939 Windflower Way Dallas TX Family Room 1 view of vaulted ceiling

 And the home has several large windows which fill the rooms with natural light:

17939 Windflower Way Living Area angle view

17939 Windflower Way Living Area angle view

 

17939 Windflower Way Dallas TX Family room and fireplace

17939 Windflower Way Dallas TX Family room and fireplace

 

And just outside the downstairs family room is a large, private patio great for entertaining:

17939 Windflower Way Dallas TX Patio

17939 Windflower Way Dallas TX Patio

 

The master bedroom is located downstairs just off the family room and also has large windows that fill the room with lots of natural light

17939 Windflower Way Master Bedroom

17939 Windflower Way Master Bedroom

 

This is a rare opportunity to own a three bedroom home in this area for less than $200,000. 

To schedule a time to view 17939 Windflower Way, contact John Jones directly at (972) 978-3553 or complete this quick contact form below and we will contact you promptly:

Your Name (required)

Your Email (required)

Your Phone Number

Are You Already Working with a Realtor?

Are You Pre-Approved for a Mortgage?

Your Message

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4 Bedroom 2 Bath Home in White Rock North Area of Lake Highlands Walking Distance From White Rock Elementary – 9743 Gatecrest Drive Dallas, TX 75238

Posted by John Jones on 3 April 2011, 8:21 pm

 

** HOME FOR SALE at 9743 Gatecrest Drive Dallas, TX 75238 **
** PRICE REDUCED TO $310,000 **
** PRICED BELOW DCAD TAX VALUE **
** LARGE STUDIO and oversized garage **
** White Rock North Subdivision of Lake Highlands - Close to White Rock Elementary and White Rock Lake **
** RICHARDSON ISD!! **

9743 Gatecrest Drive in Dallas, TX is a rare opportunity to own a large home in the southwest side of the White Rock North Subdivision walking distance to White Rock Elementary School.   And this home has quite a few unique upgrades that you won’t find in most homes in the area.

9743 Gatecrest Drive Dallas TX front view
9743 Gatecrest Drive Dallas TX front view

The owners have performed significant upgrades on the inside and out, including landscaping and this front sidewalk with steps.

The master bedroom is quite roomy and has two large closets.  The home has hardwood floors throughout most of the rooms with carpet in one of the two living areas. 

9743 Gatecrest Drive Dallas, TX Master Bedroom

9743 Gatecrest Drive Dallas, TX Master Bedroom

Perhaps the most unique and exciting feature of this home is the large, two-story addition added by the current owner after they purchased it in 2005.  The addition features an oversized garage and a large room that could be used as a master suite, art or photography studio or a gameroom / media room. 

9743 Gatecrest Drive Dallas TX studio or extra bedroom

9743 Gatecrest Drive Dallas TX studio or extra bedroom

This room is currently being used as a photography studio by the current owner but the possibilities for the new owner are endless.  The room measures a stunning 27X23 feet, not including the stairs and large closet with its own separate HVAC unit.  Although this room does not have its own separate bathroom, plumbing is easily accessible and could be added quite easily.   You really have to see this room to get a feel for its massive size and tall ceiling.

The home has a total of three bedrooms downstairs with two full bathrooms:

9743 Gatecrest Drive Second bedroom

9743 Gatecrest Drive Second bedroom

 

9743 Gatecrest Drive Third Bedroom

9743 Gatecrest Drive Third Bedroom

 

9743 Gatecrest Drive Bathroom 2

9743 Gatecrest Drive Bathroom 2

The kitchen and breakfast area lead to the second living area, which has a wood burning fireplace with a gas starter, built-in bookshelves and two small skylights that add a nice touch of natural light. 

9743 Gatecrest Drive Second Living Area

9743 Gatecrest Drive Second Living Area

Both living areas are quite roomy and both also have areas that can be used as a formal dining space in addition to the large breakfast area that sits at the end of the galley kitchen.

9743 Gatecrest Drive Living and Dining area

9743 Gatecrest Drive Living and Dining area

9743 Gatecrest Drive Kitchen and breakfast area

9743 Gatecrest Drive Kitchen and breakfast area

 

You’ll love the look and feel of the updated kitchen cabinets!  Plus the kitchen has an electric range with oven as well as a second oven that’s built into the wall in the kitchen.

Summary of home features and specs for 9743 Gatecrest Drive Dallas, TX:

REDUCED TO $310,000!

Total Square Footage: 2708 Per Tax Rolls

Elementary School: White Rock Elementary (Walking Distance!)

Bedrooms: Total of three but the studio is listed as a fourth bedroom because it has a large closet of which part could easily be converted into a bathroom.

Bathrooms: Two full bathrooms

Garage: OVERSIZED 27X23 plus an extra storage closet.  Will easily fit two vehicles with room to spare.

Backyard: Very large with updated fence and large covered patio.

This is a rare opportunity that will NOT LAST LONG, so call John Jones to view this property today at (972) 978-3553 or complete the quick contact form below for a quick response

Your Name (required)

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Your Phone Number

Are You Already Working with a Realtor?

Are You Pre-Approved for a Mortgage?

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Filed under D/FW Real Estate News, DFW Real Estate News Exclusive Content.
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3 Bedroom 2.5 Bath Home In Dallas Close To George Bush Turnpike and McKamy Elementary 3425 Lark Meadow

Posted by John Jones on 1 April 2011, 9:39 am

**NEW HOME LISTING – 3425 Lark Meadow Way Dallas, TX 75287 **

The home at 3425 Lark Meadow Way has some exciting features and benefits both in its unique and open floorplan as well as its location and proximity to schools and major thoroughfares, such as the George Bush Turnpike and the Dallas Tollway.

3425 Lark Meadow Way Dallas TX Front

3425 Lark Meadow Way Dallas TX Front

The home sits on a large corner lot on a half cul-de-sac and is only a short walking distance from McKamy Elementary School. 

3425 Lark Meadow Way - Front Side

3425 Lark Meadow Way - Front Side

 The large trees in front provide lots of shade in the summertime but still allow for ample natural light to flow though the home.

Plenty of privacy in the backyard with the board-on-board fence and no neighbors on this side of the corner lot!

3425 Lark Meadow Side View

3425 Lark Meadow Side View

 

3425 Lark Meadow Way Backyard

3425 Lark Meadow Way Backyard

The home features two living areas and vaulted ceilings in the first family room

3425 Lark Meadow Way Family Room 1

3425 Lark Meadow Way Family Room 1

The second family room opens to the kitchen and large breakfast area and features a wood burning fireplace

3425 Lark Meadow Way Family Room 2

3425 Lark Meadow Way Family Room 2

All three bedrooms are located upstairs. The master bedroom is very large and has lots of natural light

3425 Lark Meadow Way Master Bedroom

3425 Lark Meadow Way Master Bedroom

The kitchen features a traverteen backsplash and a butler’s pantry for extra storage.

3425 Lark Meadow Way Kitchen

3425 Lark Meadow Way Kitchen

The kitchen and butler’s pantry area lead to the dining area, which could easily double as a private study. The french doors open to the family room.

3425 Lark Meadow Way Butlers Pantry

3425 Lark Meadow Way Butlers Pantry

3425 Lark Meadow Way Dining Area Study

3425 Lark Meadow Way Dining Area Study

The home also features vaulted ceilings in the second family room. This is the view from the top of the stairs overlooking the family room:

3425 Lark Meadow Way View from Top of Stairs

3425 Lark Meadow Way View from Top of Stairs

The flooring in both family rooms is stained concrete. Laying tile or wood flooring over this would be very easy and wouldn’t require other flooring to be torn out.

3425 Lark Meadow Way Family Room

3425 Lark Meadow Way Family Room

DETAILS OF 3425 LARK MEADOW WAY:

CURRENT LIST PRICE: $200,000  REDUCED TO $195,000
Square Feet per tax rolls: 2200
School District: Carrollton / Farmers Branch ISD

Has both electric and gas outlets for clothes dryer!

To schedule an appointment to see 3425 Lark Meadow Way, please call John Jones directly at (972) 978-3553 or complete this quick contact form for a prompt response:

Your Name (required)

Your Email (required)

Your Phone Number

Are You Already Working with a Realtor?

Are You Pre-Approved for a Mortgage?

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Fewer Dallas Area Homeowners Falling Behind on Mortgage Payments

Posted by John Jones on 30 March 2011, 1:06 pm

Last Thursday, the Mortgage Bankers Association reported the number of Texas homeowners delinquent by at least one payment on their mortgage declined to 9.22% in the fourth quarter of 2010 versus 10.3% in the fourth quarter of 2009.  Slightly more than 3% of Texas homeowners were reported to be three or more months behind, which are those considered most likely to go into foreclosure. 

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.
Filed under D/FW Foreclosure News, D/FW Real Estate News, Texas Foreclosures, Texas Real Estate News. Tagged , , ,
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Latest Case Shiller Report Shows DFW Home Prices Down Again

Posted by John Jones on 29 March 2011, 12:59 pm

The latest Case-Shiller report shows Dallas area home prices have once again shown a slight decline.   Home prices in the D/FW area were down by 2.8% in January of 2011 compared to January of 2010.  January was also the seventh consecutive month of annual decrease in DFW area home prices compared to the same month from the previous year.  

The latest decline of 2.8% was less than the 3.6% decline reported for Dallas in December of 2010.   It was also noted that the Dallas area outperformed the nationwide average decline, which was reported to be 3.1%. 

All total, 18 of the 20 major housing markets in the United States showed price declines in the survey.  11 of those 20 cities reported new lows.   Among those were the cities of Detroit, MI and Phoenix, AZ, which reported declines of 8.1% and 9.1% respectively.  Only Washington D.C. and San Diego were reported to have price increases with D.C. showing a 3.6% increase and San Diego with a tiny 0.1% increase over last year. 

Nationwide, Case Shiller reported that home prices have dropped a staggering 32% since the peak of the real estate boom a few years ago.  D/FW home prices have only seen a 10% decline since mid-2007 since our market never had the steep, unsustainable increases that many markets in CA, FL, NV and AZ saw during the last decade.

Here’s a breakdown of the percentage changes from January of 2010 to January of 2011 for the markets tracked by Case-Shiller:

Atlanta: Decline of 7.0% 

BostonP: Decline of 0.6%

Charlotte: Decline of 4.8%

Chicago: Decline of 7.5%

Cleveland: Decline of 3.8%

Dallas: Decline of 2.8%

Denver: Decline of 2.3%

Detroit: Decline of 8.1%

Las Vegas: Decline of 4.4%

Los Angeles: Decline of 1.8%

Miami: Decline of 4.7%

Minneapolis: Decline of 7.6%

New York: Decline of 3.0%

Phoenix: Decline of 9.1%

Portland: Decline of 7.8%

San Diego: Incease of 0.1%

San Francisco: Decline of 1.7%

Seattle: Decline of 6.7%

Tampa: Decline of 7.0%

Washington: Increase of 3.6%

Composite-20 city: Decline of 3.1%

Source: Standard & Poor’s and Fiserv

Filed under D/FW Home Values And Statistics, D/FW Real Estate News, U.S. Real Estate News, U.S. Real Estate Values. Tagged , , ,
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Dallas Residential Real Estate Market Remains Weak But Stable Compared To Many Others

Posted by John Jones on 25 March 2011, 2:18 pm

Home sales in the North Texas area are still struggling overall, according to a new report released from the Real Estate Center at Texas A&M University. 

February marks the ninth consecutive month sales of pre-owned homes declined in Dallas compared to the same month in the previous year.   A significant factor compounding this decline may be the number of distressed homes on the market, which has grown.  February pre-owned home sales were down a total of 17% compared to February of 2010.

Other stats mentioned in the report:

  • Last month’s drop in the number of homes sold through the Realtors’ multiple listing service follows an 11 percent year-over-year dip in January and a 6 percent fall in December.
  • It was noted that the declines came after the expiration of the homebuyer tax credits last spring.  Buyers had until April 30th to execute a purchase contract and then until June 30th to close the transaction.  Although the deadline to close was extended until September 30th, the date to execute a contract did not change from April 30th.  
  • The average number of days on the market for sold homes in February was up 22 percent from 2010 to 96 days.
  • Sales of higher-priced homes have posted the largest gains so far in 2011, which resulted in the median home sale price to rise 4 percent in February.
  • Along with the slowdown in sales, the large volume of previously foreclosed homes on the market may be pulling down home values.
  • More than 38 percent of the homes listed for sale in the D/FW area are distressed properties, researchers at Clear Capital said in a new report. That’s one of the reasons Clear Capital included the Dallas-Fort Worth area among the country’s lowest-performing home markets in its latest survey.
  • Sales of non-distressed homes in the D-FW area were actually up by 2 percent in January compared with a year earlier, according to a study by CoreLogic.
  • CoreLogic researchers estimated roughly 12 percent of Dallas homeowners with a mortgage owe more than their home is worth.  That may sound scary, but it’s actually just a little more than half of the national rate of negative home equity, which rose to 23.1 percent in the fourth quarter.
Filed under D/FW Home Values And Statistics, D/FW Real Estate News, DFW Economic News. Tagged 
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D/FW Area Median Home Prices Fall 0.2% in Fourth Quarter 2010 According To New Report

Posted by John Jones on 10 February 2011, 6:51 pm

Accoring to NTREIS (North Texas Real Estate Information Services), the median home price in the Dallas Fort Worth area fell by a negligible 0.2 percent in the fourth quarter of 2010.  The decline was the first drop in median home prices since mid 2009.   

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%.
Filed under D/FW Home Sales Figures, D/FW Home Values And Statistics, D/FW Real Estate News, Texas Real Estate News. Tagged , ,
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The BBVA Compass Professional Program | 95% Mortgage Financing for Dallas Physicians

Posted by John Jones on 8 February 2011, 11:54 am

If you are a physician or eligible professional in the Dallas area and are in the market to purchase a home or refinance an existing mortgage, your friends at BBVA Compass have tailored a special program called The Professional Program, which offers competitive rates and 95% mortgage financing with no P.M.I. for physicians/doctors in the Dallas area. (Program guidelines changed effective 6/14/2011 from 100% financing to 95% financing).

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. 

Your Name (required)

Your Email (required)

Your Phone Number (required)

Best Time to Contact

Your Message

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 .

Filed under D/FW Real Estate News, DFW Real Estate News Exclusive Content, Mortgage News, Texas Real Estate News. Tagged ,
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