I just wanted to drop a note that this site is currently under construction.  I am updating the look, and I hope to bring you the latest local real estate news very shortly!  As for now, you may reach me via email at Jennifer@JenniferLevyRealEstate.com.  Have a fantastic day, and check out my links!

-J

The following explanation of this program was published Oct. 11, 2010 by the National Association of REALTORS.

“The Department of Housing and Urban Development on October 7 announced its plans for implementing the Emergency Homeowner Loan Program, a $1 billion loan fund authorized under the Dodd-Frank Wall Street Reform and Consumer Protection Act. The loans will assist homeowners at or below 120% of an area’s median income and whose income is at least 15% less than it was prior to be laid off from previous employment. Loans may be used to pay up to 24 months of mortgage payments, including arrearages and delinquent taxes and insurance. Repayment will be over five years with no interest. The program will be offered in Puerto Rico and the 32 states not assisted under Treasury’s Innovative Program for Hardest Hit Foreclosure States. Program administration and outreach will be delegated to NeighborWorks America. HUD hopes that applications will be available by the end of the year. Further information is available in the attached document, HUD’s Program Summary.”

The following article was published by Realtor.com on 8/30/10.  Many people have been curious about the possiblitiy of a new tax credit.  In short: it doesn’t look good.

Administration Undecided about Another Tax Credit
Housing and Urban Development Secretary Shaun Donovan said Sunday on CNN’s “State of the Union” that the administration would “do everything we can” to stabilize the U.S. housing market.

Whether it will resurrect the first-time home buyer tax credit is up in the air. Donovan said that the drop in home sales in July was worse than the administration expected.

Donovan also said that the Federal Housing Administration will launch an emergency loan program to help unemployed borrowers stay in their homes and a program to help underwater borrowers refinance.

Source: Bloomberg, Holly Rosenkrantz (08/29/2010)

This arts festival will be held on October 2nd at Market Street in The Woodlands. Market Street is actually my favorite place for festivals due to its fantastic Central Park. There will be fun for the entire family beginning at 10am, so bring out the kids and support your local artists.

Click on the link below to view:

Jennifer Levy Real Estate: Fall Newsletter

Single family construction is on the rise.  From June 2009 to June 2010 the increase in this type of construction permit has risen over 15%.  This is a positive indication of our overall home inventory.

In the Houston area, the following industries are growing and adding employment opportunities:

• Natural Resources and Mining
• Education and Health Services
• Government

Unemployment and job losses are a problem in the Houston-area marketplace.  This follows the current national trend.

The number of existing home sales have improved tremendously in the last year.

There has been a 1% average depreciation in local home values over the last year.  However, when considering equity gains over the past 36 months and longer, Houston housing is appreciating far better than the national average.

*Information taken from the Housing Trends Newsletter published by the National Association of REALTORS.

From REALTOR.COM:

Daily Real Estate News  |  September 1, 2010  |  

Housing Less Likely to Be Wealth Builder
The housing market may stabilize, but some economists believe that real estate will never again be the investment it once was.

Stan Humphries, chief economist for Zillow.com, predicts that in the future housing values will only keep up with inflation. “All those theories advanced during the boom about why housing is special — that more people are choosing to spend more on housing, that more people are moving to the coasts, that we were running out of usable land — didn’t hold up.”

Dean Baker, co-director of the Center for Economic and Policy Research, says it will take 20 years for the market to recover the $6 trillion lost since 2005 and values will never catch up.

Bob Walters, chief economist of the online mortgage firm Quicken, is more optimistic. “You have to live somewhere,” he says. “In three or four years, people will resume a normal course, and home values will continue to increase.”

Source: The New York Times, David Streitfeld (08/22/2010)

Source: BiggerPockets.com, Ryan Moeller (09/01/2010)

“Investment Property: Four Considerations
Real estate entrepreneur Ryan Moeller offers these four tips for anyone considering a consumer real estate investment:

1. Don’t count on appreciation. Appreciation is a bonus.

2. Watch the loan-to-value ratio. Ideally, the total cost of the purchase, fees, and repairs should be no more than 70 percent of the appraised value of property in good condition.

3. Maximize annual return. Aim for properties that can be rented for at least 1.5 percent to 3 percent of the purchase price. For example, plan to pay no more than $50,000 for a property that can be rented for $750 per month.

4. Have an exit strategy. Seek properties that are attractive enough to have value no matter what happens to the market – as rentals, for sale to other investors, or for sale to somebody who plans to live there via conventional financing or lease purchase.”