Romeo Manzanilla

TEXAS (Builder) - Five Texas cities swept the top spots on Builder magazine's list of "Healthiest Housing Markets for 2009″

Houston ranked first, Austin second, Fort Worth third, San Antonio fourth and Dallas fifth.

Rounding out the top ten were Raleigh, N.C., Seattle, Indianapolis, Ind., Fayetteville, Ark., and Washington D.C.

To compile the list, Builder analyzed the top 75 housing markets in the country, ranking them based on population trends and job growth, perennial drivers of housing demand. They also looked at home prices and the number of building permits.

to read more click on this link

http://www.builderonline.com/local-markets/the-healthiest-housing-markets-for-2009.aspx?page=14

You can alway visit http://www.RomeoM.com for additional information about Austin Texas Real Estate

Spring is in the air and homeowners across the city are preparing to put their homes on the market. Some of my clients have managed to get ahead of the pack while others are still getting their homes ready to sell. Either way, I'm making sure they realize the statistics indicate they may have a lot of competition this summer.

I have noticed a definite increase in buyer traffic over the last month. I'm not sure how much of this is related to Obama's Housing Stimulus Plan which offers certain buyers an $8,000 income tax credit versus an overall perception that good deals can be had in this buyer's market.

While media reports continue to focus on negative news, you might be interested to know that 1,730 single family homes actually sold in the Austin area during January and February, which are the slowest months of the year. Additionally, the median sold price of $185,000 was actually $5,000 higher than the median sold price two years ago. However, those that sold took an average of 89 days compared to only 64 days two years ago.

At the end of February there were 11,519 homes on the market compared to 9,864 two years ago, representing a meager 16% increase in inventory. The homes currently on the market have a median list price of $245,000 and have been on the market an average of 114 days. The number of new listings coming on the market in February actually decreased 15% compared to February of 2007.

So what does all this mean? First of all, the data clearly indicates that home prices in Austin are holding steady. Inventory is climbing, but not at an alarming rate. This is likely because fewer people are putting their homes on the market when they don't absolutely have to move. Unfortunately, this also means there are fewer local buyers in the market. However, of those that are moving locally, I am starting to see a trend of families looking to ‘right size' their home in order to reduce the overall expenses involved in having a larger home than they actually need. This is certainly a reversal from the 'move-up' trend that has been so common over the last 5-10 years.

Many people I talk to from other cities find it hard to believe that Austin continues to stand out as a relatively bright spot in the national housing market. As I've said before, Austin did not experience the big upswing in home prices and has therefore been less susceptible to price depreciation. Builder Magazine, a national trade magazine for the home building industry, just released their list of healthiest housing markets in the United States. The top five were all Texas cities: Houston ranked first, Austin second, Fort Worth third, San Antonio fourth and Dallas fifth.

If you like to look at charts and analyze the data, you can see how the market has evolved over the past 2 years at our Austin Market Statistics page. If you would like to see similar charts for a specific neighborhood, community, price range or property type, please let me know.

For more Austin Texas Real Estate information, please visit http://www.RomeoM.com

The Federal Reserve on Tuesday rolled out a much-awaited program aimed at boosting the availability of credit to consumers and small businesses.

The Fed will lend up to $200 billion to spur consumer lending -- for autos, education, credit cards and other consumer debt. The money will be used to provide financing to investors to buy up the debt.

The bold program, dubbed the Term Asset-Backed Securities Loan Facility, was first announced late last year and originally scheduled to start in February.

Participants -- companies and investors that pledge eligible collateral to back the loan -- must request the new government loans by March 17. The Fed will provide the three-year loans on March 25.

The Fed said the program has the potential to generate up to $1 trillion of lending for businesses and households.The program, the Fed said, will remain focused on securities that will have the greatest impact to aid the troubled economy and shaky financial markets and that can be added at a low risk to the government.

For more Austin Texas Real Estate information, visit http://www.RomeoM.com

source: Yahoo News

The White House website posted a Q&A on its blog yesterday for homeowners in distress to learn how the President's plan will help them specifically. Here are a few excerpts:

Borrowers Who Are Current on Their Mortgage Are Asking:

• What help is available for borrowers who stay current on their mortgage payments but have seen their homes decrease in value?

Under the Homeowner Affordability and Stability Plan, eligible borrowers who stay current on their mortgages but have been unable to refinance to lower their interest rates because their homes have decreased in value, may now have the opportunity to refinance into a 30 or 15 year, fixed rate loan. Through the program, Fannie Mae and Freddie Mac will allow the refinancing of mortgage loans that they hold in their portfolios or that they placed in mortgage backed securities.

• I owe more than my property is worth, do I still qualify to refinance under the Homeowner Affordability and Stability Plan?

Eligible loans will now include those where the new first mortgage (including any refinancing costs) will not exceed 105% of the current market value of the property. For example, if your property is worth $200,000 but you owe $210,000 or less you may qualify. The current value of your property will be determined after you apply to refinance.

Borrowers Who Are at Risk of Foreclosure Are Asking:

• What help is available for borrowers who are at risk of foreclosure either because they are behind on their mortgage or are struggling to make the payments?

The Homeowner Affordability and Stability Plan offers help to borrowers who are already behind on their mortgage payments or who are struggling to keep their loans current. By providing mortgage lenders with financial incentives to modify existing first mortgages, the Treasury hopes to help as many as 3 to 4 million homeowners avoid foreclosure regardless of who owns or services the mortgage.

• Do I need to be behind on my mortgage payments to be eligible for a modification?

No. Borrowers who are struggling to stay current on their mortgage payments may be eligible if their income is not sufficient to continue to make their mortgage payments and they are at risk of imminent default. This may be due to several factors, such as a loss of income, a significant increase in expenses, or an interest rate that will reset to an unaffordable level.

To read the full Q&A, click here or to learn about Austin Texas Real Estate visit http://www.RomeoM.com

As of January 1st 2009, HUD began allowing a reverse mortgage to be used as a means to purchase a home. Qualifications for this option were comparable to typical reverse mortgage options (buyer must be the primary resident, over the age of 62, etc.) but there are some differences. For clients that are utilizing a portion of their equity from selling their existing home and looking to purchase a new one, HECM for Purchase could be an ideal option. To Learn More about this purchase option, visit the HUD Website.

For more Austin Texas Real Estate information please visit http://www.RomeoM.com