It is Thanksgiving week and many of you are looking forward to time with family and friends to celebrate and give thanks for our many gifts of being an American and the great wealth we enjoy. Not just the individual savings wealth, but the great things that make our country and citizens the absolute best in the world.
Today we are seeing the financial world going through ups and downs that make us crazy. But at least we have the freedom and wealth to enjoy a financial crisis and look for ways to profit from it. In many countries they wouldn't have a crisis because they couldn't! Not enough assets to cause concern for anyone, let alone a giant bank to worry about.
Here we take so much for granted, but we need to remember how blessed we really are and reflect on this with those family and friends that you will be near.
And don't forget our troops that are not spending time with family. They are with the greatest friends they will ever make and many will eat a larger meal than many in the USA. But they have made a choice to defend our way of life and protect the wealth we have created. Pray for their safety and that their efforts will not be in vain.
Thanks to all of you, enjoy.................
Monday, November 24, 2008
Tuesday, November 18, 2008
Military Protects Home Prices
SAN ANTONIO (Associated Press) – While home prices and sales are generally down nationwide, large military bases have buoyed their surrounding communities.
The Associated Press found that communities surrounding big bases fared better than national averages because of steady wartime employment, more moderate value increases and less reckless lending than in many other boom areas. Some communities have even seen a rise in home prices.
Higher home values also pool around high veteran populations.
Veterans receive loans more easily because of their guaranteed mortgage benefits through the Veterans Affairs Department and lower-than-average interest rates through the Texas Veterans Land Board. Their ability to secure a home keeps the housing demand higher, which allows the home prices around them to stay afloat.
For the 12 months ending in September, the average monthly median price in San Antonio was $151,500, up 1 percent from the same period in 2007, compared with a 9 percent decline nationwide for that period.
San Antonio is home to Fort Sam Houston, Lackland Air Force Base and Randolph Air Force Base.
Texas veterans also are more likely to pay their mortgages on time.
According to the Mortgage Bankers Association, of Texas homes purchased with VA-insured loans, 0.8 percent went into foreclosure in second quarter 2008. That is about half the 1.44 percent overall statewide foreclosure rate and less than one-third of the 2.75 percent national foreclosure rate.
The Associated Press found that communities surrounding big bases fared better than national averages because of steady wartime employment, more moderate value increases and less reckless lending than in many other boom areas. Some communities have even seen a rise in home prices.
Higher home values also pool around high veteran populations.
Veterans receive loans more easily because of their guaranteed mortgage benefits through the Veterans Affairs Department and lower-than-average interest rates through the Texas Veterans Land Board. Their ability to secure a home keeps the housing demand higher, which allows the home prices around them to stay afloat.
For the 12 months ending in September, the average monthly median price in San Antonio was $151,500, up 1 percent from the same period in 2007, compared with a 9 percent decline nationwide for that period.
San Antonio is home to Fort Sam Houston, Lackland Air Force Base and Randolph Air Force Base.
Texas veterans also are more likely to pay their mortgages on time.
According to the Mortgage Bankers Association, of Texas homes purchased with VA-insured loans, 0.8 percent went into foreclosure in second quarter 2008. That is about half the 1.44 percent overall statewide foreclosure rate and less than one-third of the 2.75 percent national foreclosure rate.
Monday, November 17, 2008
Local Real Estate Notes
Now that we have seen the DOW go back and forth a thousand points in a day, are you still watching the news? What to believe, which way to go, what to buy? Well, let's look local and see what is out there:
In the Schertz and Cibolo zip codes we have 465 current listings ranging from a $65,000 mobile home to a great custom home on over 28 acres for $930,000. Most of the listings are single family homes under $225,000! So, we can pretty much meet any buyer's needs.
As for forclosures, we have 11, ranging from $69,900 to $199,900. That is only 2.3% of our active market!
For renters, or investors looking to see what the local market has, we have 86 rentals ranging from a $650/month townhouse to a new exectuive home for $1795/mo. The average single family home rents for about $1200/month.
What does this mean? It means that we have a strong market with few foreclosures, and good values for both owners and renters. It means we have more inventory than historically at this time of the year, but this is historically the slowest time of the year for sales as well.
Interest rates are stying between 6% - 6.75% as well, making for attractive rates for long term ownership. And the Texas Vet program strives to stay about 1/2 point lower when it can.
Coem on out and see for yourself, we have a lot of great value now and why wait for the stock market when you can at least live in your investment, no matter what the DOW is doing!
In the Schertz and Cibolo zip codes we have 465 current listings ranging from a $65,000 mobile home to a great custom home on over 28 acres for $930,000. Most of the listings are single family homes under $225,000! So, we can pretty much meet any buyer's needs.
As for forclosures, we have 11, ranging from $69,900 to $199,900. That is only 2.3% of our active market!
For renters, or investors looking to see what the local market has, we have 86 rentals ranging from a $650/month townhouse to a new exectuive home for $1795/mo. The average single family home rents for about $1200/month.
What does this mean? It means that we have a strong market with few foreclosures, and good values for both owners and renters. It means we have more inventory than historically at this time of the year, but this is historically the slowest time of the year for sales as well.
Interest rates are stying between 6% - 6.75% as well, making for attractive rates for long term ownership. And the Texas Vet program strives to stay about 1/2 point lower when it can.
Coem on out and see for yourself, we have a lot of great value now and why wait for the stock market when you can at least live in your investment, no matter what the DOW is doing!
Tuesday, November 11, 2008
Foreclosure Update
Does a day go by that the media is not telling us that the sky is falling, and may fall further with the national housing crisis? Well, do they try to add some perspective? Of course not!
Did you realize that only 1.7% of Fannie Mae and Freddie Mac mortgages are failing? Sure, that is a huge dollar amount, but a fraction of the many more mortgages that are being paid by hard working, responsible home owners across the nation.
The real damage is in the many fraudulent mortgages that were offered by lenders, pushed by home builders, and re-sold by the investment banking industry. Instead of opting for an affordable home that met their real needs, buyers were wooed into purchasing larger, more expensive homes, and did not add in the real cost of ownership with higher utility bills, higher taxes, and longer commutes to and from work. Still, many buyers did not take the risk and remained within their budgets. They are still paying off their loans, working hard and hoping that the next economic stimulus will not ruin their ownership.
Take it all into context, don't believe the headlines, and know that home ownership is a great way to invest your hard earned dollars for both the present and the future.
Did you realize that only 1.7% of Fannie Mae and Freddie Mac mortgages are failing? Sure, that is a huge dollar amount, but a fraction of the many more mortgages that are being paid by hard working, responsible home owners across the nation.
The real damage is in the many fraudulent mortgages that were offered by lenders, pushed by home builders, and re-sold by the investment banking industry. Instead of opting for an affordable home that met their real needs, buyers were wooed into purchasing larger, more expensive homes, and did not add in the real cost of ownership with higher utility bills, higher taxes, and longer commutes to and from work. Still, many buyers did not take the risk and remained within their budgets. They are still paying off their loans, working hard and hoping that the next economic stimulus will not ruin their ownership.
Take it all into context, don't believe the headlines, and know that home ownership is a great way to invest your hard earned dollars for both the present and the future.
Tuesday, November 4, 2008
VOTE!
Today is election day - get out and VOTE!
If you have already voted, encourage others to do the same, and thanks for participating in our country's most important event.
If you have already voted, encourage others to do the same, and thanks for participating in our country's most important event.
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