Financial Markets Are All Giddy: Mean Anything To Dallas Real Estate Market?

Share News:

I just got off line with one of my fave mortgage gurus, Ron Schulz, over at Reliance, asking him what effects this new liquidity deal might have on our local real estate market. I love what he said:

“It means they are trying to assure the world that there is money in the system.  If China and the US are working together it is serious.  Europe is a mess !”

One of the culprits in the current crunch has been the Fed’s getting tough on banks and tightening lending by imposing increased reserves. Ron says they are lowering reserve requirements. I am refinancing a property now that is with Wells Fargo. They clearly do not want me as a customer as the loan is due Jan. 1 and I hear from them about every day that I had better get my butt moving. All that government bail out cash must have gone straight to the marketing departments! Personally, I want to stay with a local bank where I can meet my loan officer and shake his hand. That, says Inwood Bank’s Robert Poe, is the future of mortgage banking. Inwood Bank has just opened a fabulous new mortgage division. I asked Robert if the liquidity injection has had any effects on mortgage rates and he said no, not thus far. The stock market likes the move, and when the market goes up, rates usually go up, but so far, no changes.

Texas, as Ron reminded me, remains a country unto itself, thank God. I’m just now getting to yesterday’s Case Shiller and at first glance, looks like Dallas did OK. On a seasonally adjusted basis — September is a slower month for sales generally —  five cities actually posted minute price increases. Those would be Dallas, Cleveland, New York, Portland, and Washington D.C. Eighteen of the 20 cities posted annual declines, and when you look at the whole national picture, it is still not so hot. Basically, home prices are at about first quarter 2003 levels. 

“Any chance for a sustained recovery will probably need a stronger economy,” says David Blitzer, Chairman of the Index Committee at S&P Indices.

mm

Candy Evans

A real estate muckraker, Candy Evans is one of the nation’s leading real estate reporters. She is also the North Texas real estate editor for Forbes.com, CultureMap Dallas, Modern Luxury Dallas, & the Katy Trail Weekly. Candy has written for Joel Kotkin’s The New Geography, Inman Real Estate News, plus a host of national sites. Constantly breaking celebrity real estate news, she scooped former president George W. Bush's Dallas home in 2008. She is the founder and publisher of her signature CandysDirt.com, and SecondShelters.com, devoted to the vacation home market. Her verticals have won many awards, including Best Blog by the venerable National Association of Real Estate Editors, one of the nation’s oldest and most prestigious journalism associations. Candy holds an active Texas real estate license but does not sell. She is on the Board of Directors of Braemar Hotels & Resorts (BHR).

Reader Interactions

Comments

  1. Jeff says

    Candy, I think you are spot on. Local institutions in many cases provide better service, which in today's market is really critical. Nothing is worse than getting to the closing date and not having papers at the title company.

  2. Jeff says

    Candy, I think you are spot on. Local institutions in many cases provide better service, which in today's market is really critical. Nothing is worse than getting to the closing date and not having papers at the title company.

  3. Paul Pearson says

    Do not get me started on our dealings with BofA. Why anyone would deal with one of the big three now for a mortgage is pure suicide!

  4. Paul Pearson says

    Do not get me started on our dealings with BofA. Why anyone would deal with one of the big three now for a mortgage is pure suicide!

Leave a Reply

Your email address will not be published. Required fields are marked *