From Staff Reports

According to the U.S. Census Bureau’s American Community Survey, many states have barely recovered from the housing crash in 2007 when the real estate bubble burst, a data visualization HowMuch.net revealed.

“In fact, the housing market is still below its 2007 figures in several locations around the country,” the cost information website said of a comparison of 2007 data and 2017 data.

The website’s analysts looked created a way to see before-and-after snapshots of the housing market before and after the Great Recession.

“Before the housing bubble burst, the most affordable housing market was sandwiched in the middle of the country between the expensive West and East Coasts,” the article explained. “Stretching from North Dakota ($106,800) down to Texas ($120,900), housing prices were relatively cheap. California was the most expensive state on the mainland where the typical house cost an eye-popping $532,300.” (more…)

shutdownFor the most part, Texas is doing OK during U.S. government shut down, but it still is hitting the state’s most vulnerable citizens the hardest, according to a recent report on the states most and least affected by the 2019 shut down.

The report, compiled by analysts at WalletHub, compared all 50 states plus the District of Columbia across five metrics, including each state’s share of federal jobs to the share of families receiving food stamps.

“When the government shuts down, certain federal employees work without pay or receive a furlough,” the report explained. “This includes over 41,000 law enforcement officers, 52,000 IRS workers and 96 percent of NASA employees. ‘Non-essential’ government services also remain inactive and certain benefits are liable to run out of funding.” (more…)

collier

Houston businessman and Democrat Mike Collier filed at 1 p.m. Monday to run against incumbent Lt. Gov. Dan Patrick (Photo courtesy Mike Collier).

Mike Collier knows that there are people that care deeply about whether Texas stays red, turns blue, or goes purple — but it’s not his chief goal.

“My aspiration is political competition,” he said on a drive from Houston to Dallas last week. “I just want to see the end of this one-party system.”

Collier filed today to run as a Democrat against incumbent Lt. Gov. Dan Patrick and said he knows that running for a statewide seat as anything other than a Republican can be seen to some as a bit quixotic.

But is it really? The Houston businessman may have seemed like a long shot when he first announced he was considering a run several months ago, but recent successes this month in other GOP stronghold areas has made the whole prospect less far-fetched.

Collier said his platform’s foundation is in two intersecting areas — public education and property taxes. For an hour, CandysDirt.com engaged in a question and answer session with the candidate. Below are some of his responses. (more…)

Hurricane Harvey made landfall on the South Texas coastline on Aug. 25. Home sales have slowed since the disaster struck, according to the Texas Quarterly Housing Report.

From Staff Reports

Texas home sales declined slightly in the third quarter of 2017, according to the 2017-Q3 Texas Quarterly Housing Report released today by the Texas Association of Realtors. This is the first time that Texas home sales have declined on a quarterly basis since the second quarter of 2012.
 
“As anticipated, the aftermath of Hurricane Harvey has had a significant impact on our state’s housing market this fall, as many Texans were forced to postpone their goals of buying or selling a home in order to deal with devastation in their homes and communities,” said Vicki Fullerton, chairman of the Texas Association of Realtors. “Declines in local market home sales across the state in the third quarter were largely concentrated in regions impacted by Harvey, including the Houston area and local markets along the Texas coast.”

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home values

A Texas National Guardsman shakes hands with a resident after assisting his family during Hurricane Harvey flooding in Houston, Texas, Aug. 27, 2017 (Army National Guard photo by Lt. Zachary West).

As the floodwaters recede and Hurricane Harvey survivors assess the damage to their homes, the inevitable question arises: What will this do to the housing market in the Houston area?

With a flood of this magnitude, it’s hard to predict, experts say. History tells us that it can take a lot longer for housing stock to recover — but how long? And how will a possible widespread lack of flood insurance affect the market?

Todd Tomalak is a building products spending forecaster and expert with John Burns Real Estate Consulting. While he and his teammates are just beginning to assess and compare historical data to current data, he did have a few insights.

“Major storms have a very long effect on the housing stock – following Hurricane Katrina, it took eight years for the number of total housing units to recover back to pre-storm levels,” he said. (more…)

Texas ranked second only to Florida in international home purchases, according to a new report from the Texas Associaton of Realtors.

From Staff Reports

Texas home sales from international buyers added $18.66 billion to the Texas economy from April 2016 to March 2017, according to the Texas International Homebuyers Report released today by the Texas Association of Realtors. Attracting buyers from across the globe, Texas ranked second among U.S. states for international home sales volume.

“This surge in international home sales activity underscores the growing reputation Texas has as a global destination for owning a home or investment property,” said Vicki Fullerton, chairman of the Texas Association of Realtors. “The state’s low unemployment, diverse industry base and world class higher education institutions are just some of the reasons why international residents seek to attend college, raise a family or do business in Texas.”

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Ready to build a custom home or your dream second shelter? It seems that now is the time to buy. According to a report by the Texas Association of Realtors, small land sales are booming across the Lone Star State as prices experienced a slight drop in 2016. And we do mean slight. The average price per acre on small land sales saw a .03 percent decrease last year.

Dallas seems to take exception to the price decline, however. On average, local land sales showed an 11.44 percent price increase per acre last year. The average price per acre rose to $8,315. But that hasn’t slowed buyers. In the Dallas Fort-Worth area, small land tract sales were up 20.87 percent in 2016.

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The picture of a Texas homebuyer has changed distinctly over the last year. According to a report released last week by the Texas Association of Realtors, Texan households are more diverse than ever, representing a growing array of ethnic backgrounds, ages, family statuses, and socioeconomic groups.

(more…)