Category: Real Estate Reports

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.

Area Home Sales Cool Down in July As Homebuyer Tax Credit Expires Houston

Sales of single family homes in Houston fell sharply in July after an artificial boost due to the federal tax credit came to a close.

Following four consecutive months of comparable sales gains, the Houston market sold 25 percent less single family homes in July 2010 than July 2009, according to the Multiple Listing Service Market Update released by the Houston Association of Realtors (HAR).

The same trend occurred in two areas of northeast Houston. Single family home sales in HAR Area #1 (Atascocita/Humble) and Area #32 (Kingwood) were down 27 percent and 31 percent, respectively, in July.

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.

Government Program Provides Alternatives to Foreclosure

The U.S. Treasury Department is now offering help for America’s homeowners who are on the brink of foreclosure on their home. Effective April 5, 2010, the Home Affordable Foreclosure Alternatives Program (HAFA) provides financial incentives to homeowners and lenders who utilize a short sale or a deed-in-lieu to avoid a foreclosure.

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 April Housing Report

Fueled by the April 30 contract deadline for the federal home buyer’s tax credit, area home sales saw huge gains in April versus a year ago. The Houston market overall had 26.7 percent more single family homes sold in April versus last year.

Two local HAR areas did better than the market. In the Kingwood area (HAR #32), one hundred single family homes were sold during the month – a 29.9% increase.

Montgomery County