Register Real Estate Advisors

Spring, Texas is a great place to purchase or sell real estate. Texas has continued to have a stable economy as the country has wavered over the last two years. In March of 2012 there were about 290 homes that sold in Spring, Texas. Some were distressed properties. In the first half of March 2012 the average list price, according to the Houston MLS, was about $234K. The average home sold for about $234K. That’s about $86 a square foot. In general, it took about three months to sell a home, when some parts of the country were taking as long as two years to sell properties. The average square feet of the homes sold was around 2650. These were mostly 3 bedroom, 2 bath homes built around 1996. Currently, at the beginning of April 2012, there are about 620 pending sales in the MLS for Spring, Texas, proving the buyers are out this spring.

For the Spring renatal market, about 200 homes were rented in the first half of March. Those averaged 2000 square feet and had three bedrooms, two baths, and were on the market for about a month before renting. The average rental price was aboout $1400. So if you are thinking about investing in real estate, you might want to look into the rising rental markets in the area. If you would like help purchasing or selling a home in the Spring area, please call RREA today to talk with one of our Realtors.

SAN ANTONIO (San Antonio Express-News, Dallas Morning News)
– Foreclosure-tracking firms are reporting drops in foreclosure rates around
Texas, but at least one housing expert cautions against jumping to conclusions.

“What we’ve had is a slowdown in foreclosure activity because of the
‘robo-signing’ scandal,” Dr. Jim Gaines told the San Antonio Express-News.
Gaines is a research economist with the Real Estate Center at Texas A&M
University.

Foreclosure postings around the rest of the country have dipped because of
fraud allegations leveled against financial institutions where employees
“robo-signed” volumes of foreclosure paperwork without verifying the
information. Gaines said Texas could be following the same pattern.

San Antonio-based foreclosure tracking firm RexReport reported 6.9 percent
fewer foreclosures in the first half of 2011 than during the same period last
year.

Foreclosure Listing Service said postings in the
Dallas-Fort Worth area are down 7 percent so far this year compared
with the first six months of last year.

On the other hand, 2011 could, in retrospect, be seen as the
turning point.

“At the local level, it really could be some early sign that we’ve gotten
over the hump of the big wave of problems of foreclosures. It’s a relatively
small drop-off, but at least it’s a drop-off,” Gaines said.

1. Protect your credit score.

2. Beware of offers that sound too good to be true – they probably are.

3. Become an educated consumer. Talk to your Texas REALTOR® about predatory lending practices – what they mean and how to keep from being a victim.

4. Don’t buy more house than you can afford right now.

5. Think twice about non-traditional loans, such as interest-only and adjustable-rate mortgages (ARMs). Fixed-rate mortgages are just that – fixed.

6. When purchasing a new home, look beyond the monthly mortgage. Other costs to consider include property taxes, homeowner’s insurance, utilities, maintenance, and, depending on the neighborhood, homeowners’ association fees.

7. Don’t sign a blank document or anything you don’t understand.

8. Know and understand the terms of your mortgage.

9. Don’t let anyone persuade you to “pad” your income to qualify for a loan.

10. If you’re having trouble making your monthly mortgage payment, don’t hide from your lender. Work with your mortgage lender to find out what your options are.

11. Work with your Texas REALTOR®, Krista Wright 832-585-3035, to find a reputable lender and a loan product that works for you.

Source: www.TexasRealEstate.com

HOUSTON (Houston Chronicle) – Because of current widespread scrutiny over how foreclosures are processed nationwide, the Texas Attorney General’s office has called for a halt on all foreclosures.

 Notices were sent to 27 Texas loan servicers, including Bank of America and JPMorgan Chase & Co.

 The action is being taken “in an effort to determine the full harm Texas homeowners may have suffered or could suffer as a result of these business practices,” including improperly signing documents related to the foreclosure process, said Jerry Strickland, a spokesman for Attorney General Greg Abbott.

 The office also called for a halt on the sale of properties previously foreclosed upon and all evictions of people living in previously foreclosed upon properties.

Ever wanted to find out more about Foreclosures in Spring, The Woodlands, and Houston, Texas? Check out this video from The Houston Association of Realtors to learn more. It’s part of my twice a week video blog series that helps consumers make informed real estate decisions.

NEW YORK (CNNMoney.com) – More than 51,200 troubled homeowners nationwide received long-term mortgage modifications last month under the Obama administration’s foreclosure prevention program, according to figures released today.

 That brings the total to more than 389,000 since the program began in spring 2009.

 However, the June figures also showed that 520,814 distressed homeowners have had their trial modifications canceled, leaving 364,077 borrowers in the initial phase of the program.

 Homeowners usually are dropped from the trial program because they do not make the required payments, meet the qualifications or submit the needed paperwork.

This week Governor Rick Perry appointed two new public members to the Texas
Appraiser Licensing & Certification Board (TALCB); Mr. Malachi O. Boyuls of
Dallas and Ms. Sheryl Swift of Galveston. Mr. Robert D. Davis, Jr., currently a
public member on the Board, has been reappointed with a new term expiration of
January 31, 2012.
Mr. Boyuls is an associate in the Dallas office of Gibson, Dunn & Crutcher LLP,
where he currently practices in the firm’s Litigation Department. Mr. Boyuls
received his law degree from New York University in 2006 and his undergraduate
degree in Religion and Philosophy from the University of Mary Hardin Baylor in
2002, where he was a member of the Crusader football team. Mr. Boyuls’ term
expires January 31, 2012 and he replaces Bill Schneider of Austin.
Ms. Swift is a Registered Texas Assessor Collector and is the Chief Deputy of
Operations with the Galveston County Tax Office, where she supervises all fund
related operations within the main and branch offices. In addition, Ms. Swift is
responsible for training all management staff on the Operations team. She has been
with Galveston County since December 2000. Ms. Swift’s term expires January 31,
2011, and she replaces Danny Perkins of Houston.
“I am very happy to welcome Mr. Boyuls and Ms. Swift to the Board and look
forward to working with them on the many challenges facing the appraiser
profession in Texas,” commented TALCB Chairman, James “Jaime” Ratliff. “At
the same time, while we are sorry that Mr. Schneider and Mr. Perkins are leaving,
we sincerely thank them for their many years of dedication and service.”
Also new to the agency is Mr. Steven Leipsner of Lakeway who has been appointed
as the sole public member to the statutory TREC Broker-Lawyer Committee. His
term ends in 2015.
The agency welcomes these new appointees!

GALVESTON (Galveston County Daily News) – After increasing rates by 24.7 percent last October, State Farm has added 11.8 percent to the price of a policy for Galveston homeowners.
A policy formerly costing Galveston residents $2,292 now costs $3,196, up 39.4 percent since this time last year.
The increase took effect June 1 for existing customers while new customers have been paying the rate since May 1.
State Farm’s new rate resulted in an average statewide increase of 4.5 percent. Galveston’s increase is the highest in the state, with Brownsville, Brownwood, Fort Worth, Orange and Port Lavaca following close behind.
Kevin Davis of State Farm said most customers pay less than the stated rates because of discounts and “in fact, the net effect of our October rate change was a decrease or no change for more than 300,000 of our 1.2 million customers.”

>From 2003 to 2008, State Farm had no changes to its policy base rates.

WASHINGTON, D.C. (Yahoo News) – Bank of America will pay $108 million to settle charges against Countrywide Financial Corp., which Bank of America purchased in July 2008.
The Securities and Exchange Commission charged three top executives, including CEO Angelo Mozilo, with civil fraud and insider trading last year.
Federal Trade Commission Chairman Job Leibowitz accused Countrywide of “callous conduct, which took advantage of consumers already at the end of their financial rope.”
Settlement agreements include refunding money to approximately 200,000 borrowers and notifying bankrupt borrowers monthly about what they owe, including fees.
The bank did not deny or admit to charges; however, they agreed to pay the settlement “to avoid the expense and distraction associated with litigating the case.”