IT IS A GREAT TIME TO MOVE TO TEXAS!
By Bryan Pope, Associate Editor, Real Estate Center at Texas A&M University
May 5, 2015/Release No. 10-0515
COLLEGE STATION, Tex. (Real Estate Center) – The Texas economy gained 320,400 nonagricultural jobs from March 2014 to March 2015, an annual growth rate of 2.8 percent compared with 2.3 percent for the United States.
According to the latest Monthly Review of the Texas Economy, published by the Real Estate Center at Texas A&M University, the state’s nongovernment sector added 304,300 jobs, an annual growth rate of 3.2 percent compared with 2.6 percent for the nation’s private sector.
Texas’ seasonally adjusted unemployment rate fell to 4.2 percent in March 2015 from 5.3 percent in March 2014. The nation’s rate decreased from 6.6 to 5.5 percent.
All Texas industries had more jobs in March than a year ago. The state’s construction industry ranked first in job creation followed by the transportation, warehousing and utilities industry, leisure and hospitality industry, education and health services, and mining and logging.
All Texas metro areas except El Paso and Wichita Falls had more jobs. Midland ranked first in job creation, followed by Odessa, Beaumont-Port Arthur, Longview, Dallas-Plano-Irving and San Antonio-New Braunfels.
The state’s actual unemployment rate was 4.2 percent. Midland had the lowest unemployment rate followed by Amarillo, Austin-Round Rock, College Station-Bryan and Lubbock.
The complete report is available online at http://www.recenter.tamu.edu/pdf/1862.pdf.
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Yesterday, the National Association of Realtors (NAR) released their Existing Home Sales Report. The numbers shocked many analysts as they revealed a 10.4% increase over the same month last year.
This is the highest number of sales since September 2013. Sales have increased year-over-year for six consecutive months and the 10.4% increase is the highest annual increase since August 2013. March’s sales increase was the largest monthly increase since December 2010.
Lawrence Yun, NAR’s chief economist, explained:
“After a quiet start to the year, sales activity picked up greatly throughout the country in March. The combination of low interest rates and the ongoing stability in the job market is improving buyer confidence and finally releasing some of the sizable pent-up demand that accumulated in recent years.”
Here is a graph showing home sales so far this year:
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An increase in sales occurred in every region of the country even the Northeast that experienced one of their roughest winters in years:
Bottom Line
Houses are flying off the shelves. This may be the perfect time to sell yours.
Mortgage Forgiveness Tax Relief Act headed to President’s Desk
December 18, 2014 12:30 pm : Mortgage News, Real Estate NewsGreat News for Distressed Homeowners!
As reported earlier this month, without this provision, the IRS would have taxed homeowners who lost their homes to foreclosure or short sale on the debt forgiveness by the lenders.
http://www.jscottharris.com/the-irs-wants-to-tax-people-who-have-lost-their-home-to-foreclosure/
Realtors® Applaud Final Passage of Legislation to Extend Key Real Estate Tax Provisions
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WASHINGTON (December 17, 2014) – The following is a statement by National Association of Realtors® President Chris Polychron:
“The package of tax extensions approved by the U.S. House and Senate, and headed to the President’s desk for signature, includes important provisions that will help distressed homeowners and commercial property investors with transactions made during 2014. NAR applauds Congressional leaders in both chambers for their effort to pass this legislation before adjournment.
“Realtors® strongly supported the bipartisan Mortgage Forgiveness Tax Relief Act, which was included in the package to prevent underwater borrowers from paying taxes on any mortgage debt forgiven or cancelled by a lender in a workout or after their home was sold for less money than was owed. We are grateful to Sens. Debbie Stabenow, D-Mich., and Dean Heller, R-Nev., and Reps. Tom Reed, R-N.Y., and Charlie Rangel, D-N.Y., for championing the provision.
Source: NAR 12-17-2014
FHA’s waiver for the 90 day waiting period for property flipping is set to expire December 31st 2014
December 11, 2014 10:19 am : Home Buyer News, Mortgage News, Real Estate NewsThis waived the 90 waiting period before a property could be resold. At this time there is no indication that the waiver will be extended.
Please make home buyers and more importantly, Real Estate Investor’s aware that 90 days must pass from acquisition of a property to the resale for 2015.
Original waiver dated 11-29-12 can be reviewed here… http://www.gpo.gov/fdsys/pkg/FR-2012-11-29/pdf/2012-28918.pdf .
Through the regulatory waiver, FHA encouraged investors that specialize in
acquiring and renovating properties to renovate foreclosed and abandoned
homes, with the objective of increasing the availability of affordable homes for
first-time and other purchasers, helping to stabilize real estate prices as well as
neighborhoods and communities where foreclosure activity has been high. The
waiver is applicable to all single family properties being resold within the 90-
day period after prior acquisition, and is not limited to foreclosed properties.
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