Category: Real Estate News

Foreclosure Practices Questioned by Texas Attorney General

Last week, the Texas Attorney General Greg Abbott gave 30 mortgage banking and servicing institutions until this Friday (Oct. 15) to respond to a request for information about their foreclosure processes.

A letter was issued by Abbott’s office on Oct. 5 causing concern in the real estate industry when it called for the banks to “suspend all foreclosures, all sales of properties previously foreclosed upon, and all evictions of persons residing in previously foreclosed upon properties.” In addition, the attorney general’s office asked the lenders to take eight steps to correct possible past mistakes in mortgage documentation practices.

Northeast Houston Home Sales Shine in August

Northeast Houston was a bright spot in the Houston housing market in August, according to the Multiple Listing Service Market Update released by the Houston Association of Realtors (HAR).

Home buyers took advantage of a good selection of homes on the market to pump up single family home sales in August in both HAR Area 32 (Kingwood) and Area 40 (Montgomery County Southeast). The Kingwood area recorded 106 single family homes sold in August, up 12.7 percent versus last year. In Montgomery County Southeast, 37 homes were sold in August, a 23.3 percent gain.

Keller Williams Realty Named Highest Ranked in Home Buyer Satisfaction

According to the J.D. Power and Associates 2010 Home Buyer/Seller Study, Keller Williams Realty, Inc., the third largest real estate company in the United States, has received the highest overall satisfaction ratings from home buyers among the largest full-service real estate firms for the third year in a row. The company also ranked second among home sellers in the study for the second year in a row.

Houston Association of Realtors (HAR) Releases June Market Update

During the month of June, sales of single family homes in northeast Houston varied widely versus the Houston market overall, according to the Multiple Listing Service Market Update released by the Houston Association of Realtors (HAR). While the Houston market had a three percent gain in single family homes sold over last year, HAR Area #1 (Atascocita/Humble) declined 11 percent, HAR Area #40 (Montgomery County Southwest) increased by 18 percent and Area #32 (Kingwood) was flat with exactly the same number of homes sold in June 2010 as in June 2009.

Keller Williams Realty Ranks Second in HBJ Report

The Houston Business Journal reported in its June 25 issue that Keller Williams Realty is the second largest Houston-area residential real estate brokerage firm for 2009 based on both closed transactions and volume of closed sales. The results take into account the combined figures for six Keller Williams offices: Northeast, The Woodlands, Professionals, Magnolia, Sterling Ridge and Livingston.

Houston Association of Realtors Releases May Housing Report

In May, single family home sales in northeast Houston rose for the third straight month in response to record-low mortgage rates and the lingering effects of the federal home buyers’ tax credit, according to the Houston Association of Realtors (HAR).

The HAR monthly report for May showed a 22 percent gain versus last year in home sales in both HAR Area #1 (Atascocita/Humble) and Area #32 (Kingwood). HAR Area #40 (Montgomery County Southwest) was up 14 percent, slightly behind the Houston market overall which sold 19 percent more single family homes sold than last year.

“The homebuyer tax credit was a real shot in

Mortgage Rates See Record Lows

The Mortgage Bankers Association reports that most customers are taking advantage of the low rates to refinance their current loans.

There are two primary reasons to refinance a mortgage: to get a better interest rate or to secure cash from a home’s equity. Correspondingly, the demand for loans to purchase a home is down after a busy spring due in part to the expiration of the federal home buyers tax credit on April 30.

HAR Releases March Housing Statistics

As predicted by a surge of mortgage applications nationwide last month, closed sales of single family homes in the Houston market climbed 11 percent in March versus a year ago.

The three HAR areas served by Keller Williams Realty Northeast saw sales gains as well. Nine percent more homes were sold in both Area 1 (Atascocita/Humble) and Area 32 (Kingwood) compared to last year. Area 40 (southeast Montgomery County) exceeded the market’s results with a hefty gain of 17.4 percent more homes sold this March.

Mortgage News

Last week, the Federal Reserve did as promised and discontinued its policy of buying mortgage-backed securities as of March 31. By purchasing housing loans, the Fed has provided much-needed capital for distressed lenders and investors. The policy was in effect to help subsidize the housing market and keep mortgages rates abnormally low.

So what do the experts predict will happen to the mortgage rates? The leader of Freddie Mac, one of the two government-run mortgage financing companies, does not foresee an upswing in the rates in the immediate future. “There’s not going to be, at least in the short term, a major dislocation and a major move up in mortgage rates,” said Freddie Mac CEO Ed Haldeman in a recent Forbes.com article.