Joshua Harley

Dallas home builders have put the skids on teardown home building primarily due to the recession and slow down in the housing market.

During the first quarter of 2006, 272 homes were started in close-in neighborhoods compared to 50 during the first quarter of 2009.

There’s more than a ten-month supply of vacant new homes on the market in sections of the Park Cities, North Dallas, East Dallas and other areas where builders have been knocking down old homes for new ones.

“Some builders have been forced to sell at less than cost and some have rented out new houses”, Ted Wilson, an analyst for Dallas-based Residential Strategies Inc. said.

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Dallas home buyers no longer have to wait for their tax return to benefit from the $8000 first time home buyer tax credit. Qualified FHA buyers now have the option of monetizing these funds.Through short-term bridge loans, Dallas home buyers can access the money immediately instead of amending their 2008 tax return or waiting to file in 2009. These home buyers then have the option of adding it to their FHA-required 3.5 percent down payment, covering closing costs or buying down their interest rate.

Learn how you can take advantage of your Tax credit NOW by visiting TexasHomeCentral.com. Or just give me a call. I'm glad to help.

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Local Market Monitor, a premier real estate forecasting company, has released its latest Home Price Forecast. Dallas-Plano-Irving and Fort Worth-Arlington areas are both in the top 10 housing markets for best expected performance.

The forecast surveys 300 U.S. housing markets and predicts market behavior over the next 12 months. It identifies markets where home prices will continue to drop as well as stable markets with opportunities for growth.

According to the forecast, among the largest US markets-identified as those with populations greater than 600,000-the 10 markets with the best expected performance in home price are:

Baton Rouge, LA
Buffalo-Niagara Falls, NY
Dallas-Plano-Irving, TX
Fort Worth-Arlington, TX
Houston-Sugar Land-Baytown, TX
Little Rock-North Little Rock-Conway, AR
McAllen-Edinburg-Mission, TX
Oklahoma City, OK
Rochester, NY
San Antonio, TX
Syracuse, NY
Tulsa, OK
Wichita, KS

These top housing markets did not experience the housing booms seen in California, Nevada and Florida a few years ago. Home prices in these areas are generally below the US average and reflect where the recession has so far had a relatively mild impact. Steady economic growth and price appreciation have helped these markets remain stable.

While the Dallas News is reporting Dallas-Fort Worth home prices have fallen to 1990 levels, the latest report from the Brookings Institution reports the Dallas-Fort Worth area is one of the top three housing markets in the country.

Dallas-Fort Worth ranked third among metro areas that have been least affected by falling home prices.

The Brookings report is based on the Federal Housing Finance Agency's quarterly House Price Index, which tracks values of homes mortgaged by Fannie Mae and Freddie Mac and is part of a comprehensive nationwide study on the economic health of metropolitan areas nationwide.

According to the price index, Dallas-Fort Worth home prices increased slightly in the first quarter of 2009 compared with those in the first quarter of 2008.

According to Brookings, 38 of the top 100 metro areas avoided home price declines over the last year, while prices nationwide dipped 6 percent.

Best U.S. Housing Markets:

1. Houston, TX

2. Buffalo, NY

3. Dallas Fort Worth, TX

4. Wichita, KS

5. Greenville, SC

Worst U.S. Housing Markets:

1. Stockton, CA

2. Las Vegas, NV

3. Modesto, CA

4. Riverside, CA

5. Cape Coral, FL

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