Texas Real Estate Market Reports Available (January 2008)

Recently the Real Estate Center at Texas A&M University released their annual report, The State of Real Estate (in Texas) as of the end of the year 2007. This is a fast paced overview report which details real estate performance. This report is available for you right here.

The Center's report covers the 2007 real estate market for the state's 25 Metropolitan Statistical Areas. These comprehensive reports cover a wide array of subjects including census data, employment, major industries, business climate, education, transportation and infrastructure issues.

The complete set of state report is available from the Center's website.

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Fannie Mae, Freddie Mac, and FHA increase loan limits for 2006 (December 2005)

Fannie Mae and Freddie Mac will raise their single-family conforming loan limit to $417,000 starting on Jan. 1, 2006. (The current limit is $359,650.) Loan limits for two-, three-, and four-family properties will also increase.

Freddie Mac estimates that about half a million more homebuyers will benefit from the new limit, saving as much as $24,700 over the life of the loan with lower-cost conforming financing. These increases will automatically boost the FHA's floor limit to $200,160 and the high limit to as high as $362,790, depending on the county

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Eminent Domain (October 2005)

Eminent Domain has been redefined by a recent Supreme Court ruling.  In response, the Texas Legislature has acted to protect your individuals rights.

Legislators have produced a bill that limits governments' ability to seize private property and turn it over to retail, industrial or residential developers. Government entities are not able to condemn private property for economic development projects. Of course there are some exceptions, such as the new Dallas Cowboys stadium.

Governor Perry said "This bill provides common sense protection for every private property owner."

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Minimum Real Estate service  explained (October 2005)

A September 13 editorial in the Austin American-Statesman misrepresented the debate over minimum-service standards for real estate professionals. Applauding the U.S. Department of Justice for suing NAR over its MLS policies, the American-Statesman argued that consumers want discount brokers and that powerful real estate lobbies, like the Texas Association of REALTORS®, are trying to drive such agents out of business.

TAR President and CEO Benny McMahan responded to this editorial with a letter in the September 18 American-Statesman that attempted to clarify the debate.

McMahan asserted that the "issue is not about agents’ commissions. ... This issue is about service." He went on to explain that minimum-service standards for all real estate professionals benefit consumers because many of them "thought they were getting professional representation, only to be sadly mistaken."

Read our previous article concerning Minimum Service Requirements:

(September 2005)
Texas real estate brokers are now required by law to provide their clients certain minimum services such as letting them know whenever a buyer has presented an offer on their home.

So called limited service real estate brokers have typically charged their seller clients a flat fee for putting their home in the local multiple listing service (MLS) - and then often did little or nothing else to help the client.

New legislation, effective September 1, 2005, spells out that Texas real estate agents must be willing to accept and present offers and counteroffers, assist in developing offers, and answer clients' questions.

The Texas Real Estate Commission (TREC) has been considering a regulatory rule for more than two years with a similar goal of protecting consumers in real estate transactions. The Federal Trade Commission told TREC in an April 2005 letter that the proposed rule could reduce choices of consumers and force sellers to pay for services they don't want or need.

However, the Texas Association of Realtors^® believes that minimum standards will only serve to better protect consumers in real estate transactions. 

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Timely insurance information (October 2005)

The Texas Department of Insurance has some timely advice on its website about what to do before and after a storm hits to make the claims process a little easier.

The department suggests that homeowners gather and review their policies before the storm hits. Find out what the limits are for replacement costs.
Know what your policy covers. Homeowners insurance and renters insurance does not cover damage from rising waters. To learn about obtaining flood insurance, take a look at the National Flood Insurance Program at http://www.fema.gov/business/nfip.

Windstorm protection can be purchased from the Texas Windstorm Insurance Association (TWIA). For more information, see http://www.twia.org.

After a storm, the department recommends checking your house and car for damage. Contact insurance companies promptly to report damage and follow up with a written claim.

Homeowners and renters policies will pay for debris removal and temporary living expenses. Make necessary repairs to protect your home and property from further damage. Cover broken windows and holes to keep rain out.

Do not make permanent repairs before a claims adjuster inspects the damage. Keep a record of your repair expenses and save all receipts. Photograph the damage. Try to be present when the adjuster inspects your damage.

For more on hurricane coverage, see: http://www.tdi.state.tx.us/wind/index.html

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New bankruptcy law may hurt (October 2005)

The new bankruptcy law that goes into effect Oct. 17 will make it harder for some to file for bankruptcy.

Under the old law, Chapter 7 liquidation allowed a person whose home was destroyed to return the home to the lender, who would receive the insurance proceeds. Chapter 13 reorganization allowed owners to keep their homes and consolidate their debts. Chapter 13 is a less likely option for those who have lost homes and did not have flood insurance.

The new law puts income limits on who can file Chapter 7 and requires credit counseling. However, Katrina victims are exempt from the pre-filing counseling temporarily. For hurricane victims, the most difficult hurdle may be the income level and documentation requirements, as many have lost both their jobs and their documents

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