As originally proposed, the Austin Energy ordinance would have required all homeowners to upgrade their homes to current energy standards before selling their homes. These mandatory upgrades could have cost thousands of dollars and put an extreme economic stress on cash strapped sellers. However, due to the efforts of the Austin Board of Realtors (ABOR) and city leaders, the city chose not to require homeowners to make the mandatory upgrades, but rather, require that some homeowners to conduct energy audits before the sale of their home. This ordinance goes into effect on June 1, 2009 and will apply to most residential, multi-family and commercial properties in Austin. For more Austin Texas Real Estate information, visit http://www.RomeoM.com
New information from the National Association of Realtors (NAR) show that the U.S. housing market may be reaching bottom and parts of the country on the way up.
The NAR index, which tracks contracts to purchase resale homes, shows a rebound in numbers from November to December and also showed an increase in the yearly results.
The index, adusted for seasonality, showed that the pending sales index for resale homes rose 6.3% in December to 87.7 from November's reading of 82.5, the lowest month on record. The index was up 2.1% from December of 2007.
The number of pending home sales increased about 13% Texas and the Southern and Midwest U.S., but fell about 4% in the West and 2% in the Northeast.
For more information about Austin Texas Real Estate visit http://www.RomeoM.com
Austin Community College broke ground on the new $119 million campus in Round Rock earler this week. The community college is building nearly 275,000 square feet of classroom and administration space in the first phase of the project. That phase is to be complete and ready for students in 2010. After all of the phases are completed, the ACC Round Rock campus will consist of nearly 600,000 square feet and serve 11,500 students. The college will also offer an associate degree registered nurse program to help fill the nursing void in the medical industry. For more Austin Texas information visit http://www.romeom.com
According to the latest report from www.ofheo.gov the U.S. government's website regarding real estate values - the Austin area ranked #1 for appreciation for the 3rd quarter of 2008 with a 5.62% appreciation rate. Although that may not seem like much - it is a welcome site compared to some of the double digit declines in other areas of the nation. The rental market is very strong and sales have picked up since the beginning of the year. With builders offering big discounts and rates in the low 5% range, we are seeing first timers and move up buyers starting to get off of the fence. For more information about the Austin Real Estate market visit http://www.RomeoM.com
On Wednesday February 4, 2009, Congress voted on a new proposal that would allow a tax credit of 10 percent of the value of new or existing residences, up to a $15,000 limit for home buyers. Current law provides for a $7,500 tax break but only for first-time homebuyers. The proposal would cost the government an estimated $19 billion increasing the overall stimulus package to over $900 billion dollars. This is one of many attempts by the new administration to stimulate the economy. The provision was the second tax cut approved in as many days targeted to individual industries. On Tuesday, the Senate voted to give a break to consumers who buy new cars to help creat a greater demand for the automobile industry. To read more Austin Texas Real Estate information visit http://www.RomeoM.com
Source: Yahoo News
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