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Texas home sales were on the rise in the second despite a continued problem with available inventory
Texas home sales were on the rise in the second despite a continued problem with available inventory.
 
The Texas housing market saw 100,227 homes sold in the second quarter, an annualized increase of 2.8 percent, according to the Texas Association of Realtors. The second quarter also saw the median sales price up by 4.4 percent from one year earlier, with 30.2 percent of the properties priced from $200,000 to $299,999 and 29.2 percent priced from $100,000 to $199,999.
 
Active listings increased year-over-year by a scant 0.3 percent to 110,330 listings in the second quarter. Homes for sale in Texas were on the market for an average of 87 days, one less than a year earlier. And the housing inventory in the Lone Star State was 3.9 months, down by a slight 0.1 months from last year.
 
“Home sales activity remained strong for the second quarter of 2018,” said Jim Gaines, chief economist with the Real Estate Center at Texas A&M University. “The demand for housing remains at an all-time high, but statewide we’re seeing a slower rate of increase in sales compared to previous quarters due to the lack of inventory of properties for sale.”

 
Another day, another housing market list. Today, WalletHub offers its choices for the Best Real Estate Markets of 2018, with a top 10 dominated by the Lone Star State
Another day, another housing market list. Today, WalletHub offers its choices for the Best Real Estate Markets of 2018, with a top 10 dominated by the Lone Star State.
 
Frisco, Texas, scored first on the new list, which analyzed 300 markets across 22 metrics ranging from median home price appreciation to the local economies. Frisco was among five Texas markets in WalletHub’s top 10, joined by McKinney in second place, Allen in third, Richardson in seventh and Denton in tenth. The only other state with multiple top 10 rankings was Washington, with eighth place Seattle and ninth place Bellevue. At the far end of the spectrum, Detroit ranked 300th and last place.
 
Among the key criteria used in the data analysis, WalletHub found Berkeley, Calif., had the lowest share of homes with negative equity at 1.17 percent, while Detroit had the highest at 38.36 percent. Seattle tied with Sunnyvale, Calif., for the lowest average lowest average number of days until a house is sold, 35, while Miami Beach had the highest at 170 days. Miami Beach also had the highest vacancy rate at 36.66 percent, which was 26.2 times greater than the lowest vacancy rate of 1.40 percent in Allen, Texas. And Akron, Ohio, had the lowest home price as a share of income, 172 percent, while Berkeley had the highest at 1,525 percent.

 
The Federal Emergency Management Agency (FEMA) allocated more than $81 million to Texas’ Harris County Flood Control District to purchase of 502 flood-prone homes damaged last year by Hurricane Harvey
The Federal Emergency Management Agency (FEMA) allocated more than $81 million to Texas’ Harris County Flood Control District to purchase of 502 flood-prone homes damaged last year by Hurricane Harvey.
 
FEMA had previously allocated more than $77 million to the Harris County Flood Control District to acquire and remove 463 residential structures. Once the properties are razed, the land will be used as open space to conserve natural floodplain functions.
 
This endeavor is part a part of the $217 million Hazard Mitigation Grant Program (HMGP), which requires a 25 percent non-federal match. The total cost of the Harris County project is $217 million.

 
When it comes to homeowners seeking out mortgage insurance to help cover the costs of their residential purchases, the product has its greatest usage in Texas
International homebuyers in pursuit of Texas real estate market pumped $10.89 billion to the Lone Star State economy between April 2017 to March 2018, according to the Texas International Homebuyers Report released by the Texas Association of Realtors.
 
Among the states for international home sales volume, Texas ranked third behind Florida and California and accounted for 9 percent of all U.S. property purchased by foreign buyers during that period with 24,012 home sales out of 266,800 nationwide. Thirty-eight percent of foreign homebuyers who purchased in Texas came from Mexico, followed by homebuyers from China (7 percent), India (6 percent), the United Kingdom (5 percent) and Canada (3 percent).
 
"International home sales activity continues to be one of the strongest sectors in Texas real estate, spurring strong growth in the Texas economy," said Kaki Lybbert, chairman of the Texas Association of Realtors. "Despite the slight drop in international homebuyers compared to the previous period, Texas remains an international hub and top destination for people from across the world to live, work and conduct business."

 
 
 
 
On Wednesday, October 24, NAMMBA CONNECT Dallas comes to the Addison Conference Center, located at 15650 Addison Road in Addison, Texas from 9:00 a.m.-5:00 p.m.
On Wednesday, October 24, NAMMBA CONNECT Dallas comes to the Addison Conference Center, located at 15650 Addison Road in Addison, Texas from 9:00 a.m.-5:00 p.m.
 
Highlights of NAMMBA CONNECT Dallas …
 
►An Introduction from Tony Thompson, CEO/Founder, NAMMBA
►Building Your Brand With Social Media featuring Zak Stoiber, MGIC, Digital Marketing Specialist
►Realtor Panel featuring Tenesha Lusk, Keller Williams, Realtor and Alicia Vasquez, RE/MAX Best Choice, Associate
►A presentation from Linda Davidson, Fairway Independent Mortgage Corporation, Branch Manager
►LO Top Producer Panel featuring Pandian Kumar, Mortgage Financial Services, Loan Officer; Jed Anantasomboon, LoanStar Home Lending, Branch Manager; Dee Dee Culpepper, DHI Mortgage, Senior Loan Officer; Alex Varela, Primelending, Branch Manager; and Gracie Morrow, Georgetown Mortgage, Branch Manager
 
Click here for more information or to register for this event. 

 
Velocity Mortgage Capital has announced the hiring of Michael Oddi as the firm’s Chief Marketing Officer
Velocity Mortgage Capital has announced the opening of its newest office in Austin, Texas. Velocity is a nationwide, direct portfolio lender dedicated exclusively to providing investment property loans for residential one- to four-family, multi-family, mixed-use and small-balance commercial properties. Velocity’s investment property loans range from temporary, short-term, credit repair and fix-and-flip programs to 30-year, fully amortizing mortgages with flexible terms to meet the diverse needs of real estate investors.
 
“The market for residential one- to four-, multi-family, mixed-use and small-balance commercial properties is strong all across the country,” said Velocity Mortgage Capital Chief Executive Officer Chris Farrar. “Opening our Austin office provides us with the opportunity to work with brokers in Texas and other states in the central region of the U.S. to provide capital to self-employed real estate investors who might not qualify for traditional bank loans.”
 
Commercial mortgage industry veteran Stan Salter will lead the new Austin office and serve as Velocity’s Regional Sales Manager. He joined the firm’s Westlake, Calif. headquarters as an Account Manager in 2013 and was tapped to open the new regional office. Before joining Velocity, he worked for other commercial mortgage firms in roles with increasing degrees of responsibility.
 
“Our goal is to increase the footprint in Texas and surrounding states,” Salter said. “We have an opportunity to build something here.”

 
Another day, another housing market list. Today, WalletHub offers its choices for the Best Real Estate Markets of 2018, with a top 10 dominated by the Lone Star State
For the third consecutive month, Midland, Texas, has topped Realtor.com’s list of the nation’s hottest housing markets.
 
Midland’s list domination was credited a lower population density, lower-than-national average construction costs, a strong local economy and a housing market where prices are not too high.
 
Second place on the list went to Columbus, Ohio, which fourth in May, while Boston fell from second place in May to third place in June.
 
Only two California markets cracked the top 10 on the June list: San Francisco in sixth place and Vallejo in seventh. Javier Vivas, director of economic research at Realtor.com, observed that overheated markets—including many California metro areas that once ruled on the hottest markets list—are becoming less desirable.
 
"We're seeing interest and money shift away from the overheated markets into less expensive secondary markets," he said. "It's a signal of those markets coming to a point where people are either understanding that they're not getting the home they want or they have to make a sacrifice."

 
The City of Houston is planning to channel federal funds for Hurricane Harvey-related housing repairs into $600 million for the repair or building single-family homes and $375 million to fix or build apartments
The City of Houston is planning to channel federal funds for Hurricane Harvey-related housing repairs into $600 million for the repair or building single-family homes and $375 million to fix or build apartments.
 
According to a Houston Chronicle report based on a draft action plan, the city plans to draw on $1.15 billon in federal aid to rebuild housing damaged by last summer’s hurricane. Under the terms of federal aid, at least 70 percent of the funds must benefit families with no more than 80 percent of the area's median household income, which is roughly $60,000 for a family of four.
 
The remaining federal funds not being invested in building and repair will be divided among public services to help the homeless, homebuyer assistance, economic revitalization and administrative costs. Houston’s action plan faces public comment ahead of a projected June 27 city council vote and will then require the sign-off by the U.S. Department of Housing and Urban Development.
 
“Even though a billion dollars is a lot of money, we know it isn’t enough to meet all of the housing needs in Houston,” said Tom McCasland, who leads the city’s housing department. “But the opportunity here is one we’ve never had before. It’s a big step toward a city where everyone has a safe, affordable home, in a thriving neighborhood.”

 
For the second consecutive month, Midland, Texas, has topped Realtor.com’s listing of the nation’s hottest housing market
For the second consecutive month, Midland, Texas, has topped Realtor.com’s listing of the nation’s hottest housing markets. Boston, San Francisco and Columbus, Ohio, and Vallejo, Calif., maintained their respective second-, third-, fourth- and fifth-place rankings from April into May.
 
New to the list’s Top 10 ranking were sixth-place Boise, Idaho, up from 11th place in April; eight-place Buffalo, N.Y., up from 17th place in April; ninth place Grand Rapids, Mich., up from 25th place in the prior month; and 10th place Fort Wayne, Ind., up from 30th place in April. Outside of the top five markets, the only holdover from April to May was seventh place Stockton, Calif., which ranked eighth one month earlier.
 
Realtor.com also noted there was a “slightly larger than usual seasonal increase in inventory” last month, with 557,000 new listings that represented an eight percent increase from April and two percent year-over-year uptick. But also rising were prices: The median listing price reached $297,000 in May, an eight percent year-over-year spike.
 
“Our latest inventory data confirms we’re in the thick of the hottest home-buying season on record, as the pace of sales nationally has officially reached a seasonal and historical high,” said Javier Vivas, Director of Economic Research at Realtor.com. “The frantic activity observed this month means homes are spending 32 fewer days on the market compared to six years ago, and 39 of the top 50 largest markets in the country are seeing the lowest days on market since we started tracking in 2012.”

 
Motto Franchising LLC is on a mission to end hunger in America, one bag of food at a time
Motto Mortgage has a new franchise in South Texas. Corina Cordova, Broker/Owner of RE/MAX United, has announced that her Motto Mortgage franchise, Motto Mortgage United, is now open in Harlingen, Texas.
 
“At Motto Mortgage United, we set out to create and innovate a better kind of local mortgage brokerage–one built on integrity, superior customer service, and mutual trust,” said Cordova. “Our customers appreciate the respectful treatment, honesty and sound advice we provide as a mortgage brokerage and we strive to offer the best loan options that suit the needs of our clients. My goal for Motto Mortgage United is to grow the office with a solid foundation of systems, technology and compliance, and through hard work and dedication eventually expand into other markets.”
 
Cordova has a passion for serving God, people and riding motorcycles. She is a member of the International Council of Shopping Centers (ICSC), Certified Commercial Investment Member Candidate (CCIM), Houston Association of Realtors (HAR), National Association of Realtors (NAR), Harlingen Board of Realtors (HBR), National Association of Christian Women Entrepreneurs (NACWE), Grant Professionals Association (GPA), CCIM Houston/Gulf Coast Chapter, Commercial Real Estate Women (CREW), The Shields, a Law Enforcement and Military Veterans Motorcycle Club and involved in the Leadership at her church, The Collective Church RGV in Harlingen.