2nd Quarter Existing-Home Sales Rise in Most States, Helped by Affordable Metro Prices

Washington, August 12, 2009

Existing-home sales in the second quarter showed healthy gains from the first quarter in the vast majority of states, and price declines have increased affordability in most metro areas, according to the latest survey by the National Association of Realtors®.

Total state existing-home sales, including single-family and condo, rose 3.8 percent to a seasonally adjusted annual rate¹ of 4.76 million units in the second quarter from 4.58 million units in the first quarter, but remain 2.9 percent below the 4.90 million-unit pace in the second quarter of 2008.

Thirty-nine states experienced sales increases from the first quarter, and nine states were higher than a year ago; the District of Columbia showed both quarterly and annual rises.

Lawrence Yun, NAR chief economist, said the sales gain appears to be sustainable. “With low interest rates, lower home prices and a first-time buyer tax credit, we’ve been seeing healthy increases in home sales, which are a hopeful sign for the economy,” he said. “There have been sustained sales gains in Arizona, Nevada and Florida, as well as diverse areas such as Maryland, the District of Columbia and Nebraska. More recently, we’ve seen strong double-digit gains in Idaho, Utah, New Mexico, Washington, Hawaii, New York, New Jersey, Maine, Vermont, Wisconsin, Indiana, South Dakota and Montana.”

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Read the entire article here or visit my website for more information about home sales in the Austin, Texas area.

'Error' will delay property tax rates

See my blog post for my personal experience on fighting my property taxes at TCAD.

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More than 15 percent still protesting
rates

AUSTIN (KXAN) - Due to a "clerical error," more than 140 jurisdictions in Travis County will have some major headaches, and possibly some upset taxpayers, as they must now wait to set their true tax rates for next year for at least another month.

The City of Austin, Austin ISD, and other Travis County taxing authorities will have to wait when it comes to setting how much they will tax property owners.

"We incorrectly certified [the tax roll]," said Travis County Chief Appraiser Patrick Brown Thursday.

By law, an appraisal district must certify the values of the property listed on its tax roll with 90 percent of the property not under protest by July 20.

This year, a mistaken query falsely identified 90 percent of the property not under protest, Brown said.

In reality, about 15 percent of people are still protesting their property taxes, he said.

"Part of the problem due to the large number of protests this year," Brown said. "They're maybe figuring out that this is a way they can save some money."

More than 90,000 people protested their property taxes this year in Travis County, compared to 62,000 last year, said Brown.

Brown said the tax rolls should not change from the original estimates sent out in error.

The Austin City Council could vote on a maximum property tax rate as early as next week, but could not set a final tax rate until the roll is certified.

The 2010 budget is set on recommendations to raise property taxes by $69 per year for the median household, arriving as a way to shore up a nearly $30 million budget shortfall for 2009-2010.

In a memo to the mayor and city council members, Austin's Chief Financial Officer Leslie Browder said the city is working with the Law Department to determine if the delay will affect "truth-in-taxation" requirements required by law leading up to the adoption of a tax rate, and whether it will affect the city's budget schedule.

The police, fire, EMS, Municipal Court, health and human Services, library and parks and recreation departments will present their budgets to the city council at a meeting on Wednesday, Aug. 5 from 9 a.m. to 3 p.m.

The next day the city will hold a public hearing.

The Austin Energy, Economic Growth and Redevelopment Office, Austin Water Utility, Solid Waste Services, Watershed Protection, Public Works, Austin Transportation Department, Aviation, Convention Center, and Planning and Development Review departments will present their budgets on Wednesday, Aug. 19 from 9 a.m. to 3 p.m.

If needed, the city will again host a public hearing the next day and hold more budget presentations on Wednesday, Aug. 26 from 9 a.m. to 3 p.m.

The budget approval readings will take place from Sept. 14 to 16.

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Read the original article here or visit my website for information and advice about owning, buying, or selling a home in Austin, Texas

100% financing for home purchases available through USDA Rural Development - Moberly, MO - Moberly Monitor-Index

100% financing for home purchases available through USDA Rural Development - Moberly, MO - Moberly Monitor-Index


For more information about which Austin areas qualify, contact Cyndi.

Central Texas home sales showing signs of a pickup

By Shonda Novak| Wednesday, July 1, 2009, 02:43 PM

Central Texas’ new-home builders started nearly 35 percent fewer homes in the second quarter than a year earlier and closed 36 percent fewer sales, new figures show.

However, there are signs the market may be picking up from earlier this year, because builders started 1,861 new homes in the second quarter, up nearly 53 percent from the first three months of 2009, according Residential Strategies Inc., which tracks the housing market.

“The second-quarter period historically marks a time of increased start activity, based on increased buyer traffic and sales during the spring selling season,” said Mark Sprague, the Austin partner with Residential Strategies. “Homebuilders had very few backlog orders to fulfill during the first quarter and no need to begin any speculative construction, but buyer traffic and sales have increased, marking the need for additional starts during the second quarter.”

For the 12 months ending in June, builders closed 8,978 sales, down 32 percent from the 12 months that ended in June 2008.

From The Austin American Statesman

For more information about Real Estate Trends in the Austin area visit my website.

Real Estate Trends in Texas

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