DALLAS (Dallas Morning News) – Texas’ mortgage delinquency rate in fourth quarter 2011 was about a third of a percentage point higher than in the previous quarter, the Mortgage Bankers Association reported yesterday. During the last three months of 2011, more than 276,000 Texas homeowners (9.07 percent) had missed a mortgage payment. Nationally, the rate was 7.58 percent. According to the mortgage bankers, Texas now has the 14th-worst mortgage delinquency rate among the states. One bright side: Texas’ fourth quarter delinquency rate was less than it was at the end of 2010.

HOUSTON (Houston Association of Realtors) – January marked the eighth consecutive month of increased existing home sales for H-Town, according to the Houston Association of Realtors (HAR). The year also opened with a continued decline in active property listings and growth in pending sales, which the association said signals a healthy market with a balanced supply of housing inventory. January sales of single-family homes were up 9.2 percent over January 2011, the association found. All segments of the housing market grew except the luxury segment (homes starting at $500,000). “The January report shows continued strength in the Houston housing market that we began seeing in the latter part of 2011, and it gives us cause for optimism as we look ahead to the typically active spring and summer buying months,” said Wayne A. Stroman, HAR chairman and CEO of Stroman Realty. “We have also seen more jobs being filled locally, and you generally don’t experience a strong real estate market without healthy employment.” January’s single-family home median price rose 0.9 percent year-over-year to $139,900. The average price of $194,765 was statistically unchanged from January 2011. Foreclosure property sales reported in the MLS increased 22 percent year-over-year in January. Foreclosures made up 27.8 percent of all property sales, which is higher than the 2011 average of 21 percent. The median price of foreclosures in January was flat at $82,550. January sales of all property types in Houston totaled 3,632, up 4.8 percent compared with January 2011. Total dollar volume for properties sold during the month rose 5.9 percent to $683 million versus $645 million a year earlier.

WASHINGTON (U.S. Department of Housing and Urban Development) – Citimortgage Inc., a subsidiary of Citibank N.A., has agreed to pay $158.3 million in damages to the U.S. Department of Housing and Urban Development (HUD) under the False Claims Act after charges of mortgage misconduct. The government’s complaint of over six years of wrongdoing in connection with Citimortgage’s participation in the Federal Housing Administration (FHA) Direct Endorsement Lender Program ended in a settlement approved by U.S. District Judge Victor Marrero. Citimortgage admitted responsibility for failing to comply with HUD-FHA loan requirements and to falsifying FHA mortgage insurance eligibility documents. The case against Citimortgage is just one in a series filed against lenders who ignored HUD requirements for approving government-backed loans.

WASHINGTON (Federal Housing Finance Agency) – The Federal Housing Finance Agency (FHFA) has set new objectives for the conservatorships of Fannie Mae and Freddie Mac. The three strategic goals for the government-sponsored enterprises include building new infrastructure for the secondary mortgage market, simplifying and shrinking their marketplace presence, and continuing foreclosure prevention activities as well as mortgage credit availability.
Fannie Mae and Freddie Mac have received more than $180 billion in taxpayer support since being placed in conservatorship in September 2008.
According to the Appraisal Institute, the FHFA is doubtful the money will be repaid in full.

WASHINGTON (Center for Housing Policy) – Most working Americans probably expect housing costs to take a substantial chunk out of their paychecks. But that chunk seems to be getting bigger.
According to a new report from the Center for Housing Policy, nearly one in four working U.S. households spends more than half of their total income on housing. One reason for this is that incomes are shrinking.
Between 2008 and 2010, incomes for working homeowners slid more than twice as much as housing costs. In fact, incomes for working homeowners fell even more sharply than they did for working renters.
“The data show that homeowners have been hit hard by the housing crisis in more ways than just lost equity,” said Jeffrey Lubell, executive director of the Washington-based center. “Many working homeowners have been laid off or had their hours cut.”
Lubell also said most homeowners bought their homes at a time when housing prices were much higher than they are today.
“As a result, their housing costs have not declined nearly as much as you would expect from looking at the broader market declines in home sale prices,” he said.
Meanwhile, renters have seen rents go up thanks to increased demand for apartment living.
“More and more people are interested in renting,” said Laura Williams, who authored the report. “Some prefer it because it allows them to be more mobile in a tough job market. Others are postponing purchasing a home or facing difficulties obtaining a mortgage. Given the long lead times involved in responding to increased demand with increased supply, the rental market has tightened somewhat and rents increased.”

AUSTIN (Austin American-Statesman) – The state comptroller’s estimate of statewide property values showed an increase from $1.67 trillion in 2010 to $1.69 trillion in 2011 — a 1.3 percent difference.

According to the Austin American-Statesman, state budget writers had expected property values to drop 1 percent last year.

Property values affect how much funding schools receive, and although Joe Wisnoski of Moak Casey & Associates, a school financing consulting firm, said the increase will likely make “very, very little difference in the bottom line of school districts,” others say it could still be a positive sign for Texas.

“We’re certainly above the trend line across the board, but it’s still early,” said Dale Craymer, president of the business-backed Texas Taxpayers and Research Association. “If current trends hold, we will be in relatively good shape.”

WASHINGTON, D.C. (San Antonio Express-News) – Federal and state officials yesterday announced a $25 billion foreclosure settlement with five of the nation’s largest mortgage lenders. Of that, $428 million will come to Texas. But will it be enough to help?

Of Texas’ share, $141 million will go into the state’s treasury, while the remaining $287 million will go toward restructuring mortgage loans and to some borrowers whose homes were foreclosed.

But only 2 percent of mortgage holders in Texas may qualify, and they’ll probably receive less than $2,000 each. On top of that, the process could take as long as three years.

Real Estate Center Research Economist Dr. Jim Gaines said it looks like the benefit to Texans will be small.

“Of the 3.6 million mortgage loans in Texas, we’re going to maybe — maybe — help 85,000 of them,” he said.

The five lenders involved in the settlement were Ally Financial, Bank of America, Citigroup, JPMorgan Chase and Wells Fargo.

GALVESTON (Houston Chronicle) – Landry’s founder Tilman Fertitta is restoring a little of Galveston Island’s history.

The Houston Chronicle reports that construction has begun on Fertitta’s $60 million Galveston Island Historic Pleasure Pier, an amusement attraction much like the one that opened in 1943 at 25th St. It was destroyed by Hurricane Carla in 1961.

The new attraction will be built at the same location, jutting out 1,000 feet over the Gulf. The site was most recently home to the Flagship Hotel.

Plans call for 16 rides (including a roller coaster and Ferris wheel), carnival games, souvenir shops, food vendors and the state’s first Bubba Gump Shrimp Co. restaurant.

Pleasure Pier is slated to open in May.

COLLEGE STATION (Real Estate Center) – Sales of existing single-family Texas homes in December were up 4 percent from a year ago, according to the most recent Multiple Listing Services (MLS) data compiled by the Real Estate Center at Texas A&M University.

More than 16,500 homes were sold, data showed. The median home price was $150,700, about the same as a year ago, and the state’s overall inventory was at six months.

December 2011 MLS data for many Texas cities are available on the Center’s website. Here is a sampling (data current as of Jan. 30, 2012):

HOUSTON (GlobeSt.com) – Apache Corporation has not only renewed its lease of 365,000 sf at the Post Oak Central office building in Houston’s uptown submarket, it has tacked on an additional 132,000 sf.

The oil company signed the lease renewal for five years beyond the expiration of its current lease, which originally was to end later this year.

This is another in a string of large commercial leases that have occurred in Houston over the last couple of months.

Last month, Noble Energy leased the 497,000-sf former Compaq headquarters in northwest Houston. In December, Shell Oil renewed its 1.2-million-sf lease at its downtown One Shell Plaza and Two Shell Plaza.

Cushman & Wakefield represented Apache in the lease negotiations. Crescent Real Estate Holdings represented the building owner.