Houston Real Estate Market on the Upswing?

The table below shows the difference between the market experienced in February, June and October YTD 2009.   As you can see, as 2009 progresses, the single-family housing market is slowly marching toward a healthier market.

 

Houston Market Improvement Comparison 2009 of Single-Family Homes
Market Indicator	February ‘09	June ‘09	Oct. ‘09	% Change from June ‘09
# units sold	-24%	-20%	-11%	+81%
Dollar volume sold	-33%	-24%	-14%	+71%
Average Sales Price	-12%	-6%	-4%	+50%
Median Sales Price	-8%	-2%	-1%	+50%
# of Pending Sales	-23%	-21%	-14%	+50%
Active Listings	-20%	-22%	-21%	-.46%

A summary of October YTD market statistics compared to last year:

 

• Sales are down from October YTD 2008 by 11% with 45,391 single-family homes.
• Dollar volume sold is down from October YTD 2008 by 14% with $9,202,482,156.
• Average sales price is currently $202,738, down by 4%.
• Median sales price is $153,000, down by 1% [half of the homes sold above and half below this midpoint range.
• # of contracts written [pending] are 31,101 and that represents 14% fewer than found last year.
• Active listings, a metric that is good if on a decline, are currently 27,758 or 21% less than last year.  This is also a metric that in Houston is the exact opposite heard frequently in the national news.

For more detailed information, go to Prudential Gary Greene Blog

First Time Home Buyer Credit bill under consideration as explained by CPA

This is a summary of the tax changes in the Baucus-Reid substitute amendment to H.R. 3548:

“The first-time homebuyer credit, set to expire on November 30 under current law, would be expanded and liberalized as follows (changes 2 through 4 would apply for residences bought after the enactment date):

“(1) The credit would sunset on Apr. 30, 2010, but for those who enter into a written binding contract before May 1, 2010 (to close on the purchase of a principal residence before July 1, 2010), the credit would sunset on June 30, 2010.

“(2) The credit would only be available for homes with a purchase price of $800,000 or less (currently there’s no price ceiling).

“(3) The credit would not be restricted to first-time homebuyers. It could be claimed by taxpayers who have owned and used the same residence as their principal residences for any 5 consecutive-year period during the 8-year period ending on the date of the purchase of the subsequent principal residence (i.e., the one that would qualify them for a credit). However, the homebuyer credit for these “long-time residents” could not exceed $6,500.

“(4) The modified AGI-based phaseout would be liberalized. The credit would begin to phase out for individuals with modified AGI above $125,000 ($225,000 for joint filers); currently the phaseout begins at $75,000 and $150,000 respectively.

•  
  • “To help combat abuse of the homebuyer credit (see Newsstand e-mail 10/23/09), the amendment would include in IRS’s mathematical error authority any omission of the homebuyer credit recapture (this would apply for homes bought on or after the enactment date). This authority allows IRS to summarily assess mathematical or clerical errors without conducting an audit. Additionally, the credit would not be available to taxpayers who can be claimed as a dependent, or to those under age 18. New documentation requirements also would apply along with prohibitions against certain intrafamily purchases.
  • “The homebuyer-credit recapture requirement would be waived for military personnel, including members of the Foreign Service and intelligence community, forced to sell as a result of an official extended duty of service. Additionally, military personnel serving outside the U.S. for at least 90 days in 2009 or 2010 would have one additional year to qualify for the homebuyer credit. “

As explained by Jim Turlington, CPA with Turlington, Reeves & Richard, PLLC – 16360 Park Ten Place, Suite 340, Houston, Texas 77084 – Office (281) 398-5661 Ext. 203 – Fax (281) 398-7409

‘Tis the Season To Make a Difference For Homeless Companion Animals!

 

Give Food and Healthcare

to Homeless Companion Animals

 

   Special Pals

    3830 Greenhouse Road

    Houston, TX  77084

    281-579-PETS

 

Items Needed:

•    Pedigree (small bites) dry & wet dog food
•    Pedigree Puppy dry & wet food
•    Purina dry & wet dog food
•    Friskies dry & wet cat food (not shredded or chunks)
•    Purina dry & wet cat food (not shredded or chunks)
•    Kitchen trash bags — 13 gal.
•    Liquid bleach
•    Clay cat letter (non-scoopable)
•    Angled Kitchen brooms
•     Financial assistance for medical expenses 

 

 

  

Food & Supply Drop Off:

Saturday, Nov. 7th – 1 PM to 3 PM

Saturday, Nov. 14th – 1 PM to 3 PM

 Saturday, Dec. 5th — 1 PM to 3 PM

   Saturday, Dec. 12th — 1 PM to 3PM

 

 

Also needed  (contact Special Pals for details):

   Volunteers needed for collecting items & hospitality.  

   Posters for event

  

Census Bureau to Being …. Word of Caution to Keep in Mind

2010 Census to Begin

THIS IS PRETTY BASIC ADVICE; BUT, IN TODAY’S TIMES, I CAN SEE IT COULD LEAVE AN OPEN DOOR FOR PASSING OUT YOUR PRIVATE INFORMATION.

WARNING: 2010 Census Cautions from the Better Business Bureau

Be Cautious About Giving Info to Census Workers by Susan Johnson

With the U.S. Census process beginning, the Better Business Bureau (BBB) advises people to be cooperative, but cautious, so as not to become a victim of fraud or identity theft. The first phase of the 2010 U.S. Census is under way as workers have begun verifying the addresses of households across the country. Eventually, more than 140,000 U.S. Census workers will count every person in the United States and will gather information about every person living at each address including name, age, gender, race, and other relevant data.

The big question is – how do you tell the difference between a U.S. Census
worker and a con artist? BBB offers the following advice:

If a U.S. Census worker knocks on your door, they will have a badge, a handheld device, a Census Bureau canvas bag, and a confidentiality notice. Ask to see their identification and their badge before answering their questions. However, you should never invite anyone you don’t know into your home.

Census workers are currently only knocking on doors to verify address information. Do not give your Social Security number, credit card or banking information to anyone, even if they claim they need it for the U.S. > Census.

REMEMBER, NO MATTER WHAT THEY ASK, YOU REALLY ONLY NEED TO TELL THEM HOW MANY PEOPLE LIVE AT YOUR ADDRESS.

While the Census Bureau might ask for basic financial information, such as a salary range, YOU DON’T HAVE TO ANSWER ANYTHING AT ALL ABOUT YOUR FINANCIAL SITUATION. The Census Bureau will not ask for Social Security, bank account, or credit card numbers, nor will employees solicit donations. Any one asking for that information is NOT with the Census Bureau.

AND REMEMBER, THE CENSUS BUREAU HAS DECIDED NOT TO WORK WITH ACORN ON GATHERING THIS INFORMATION.. No Acorn worker should approach you saying he/she is with the Census Bureau.

Eventually, Census workers may contact you by telephone, mail, or in person at home. However, the Census Bureau will not contact you by Email, so be on the lookout for Email scams impersonating the Census.

Never click on a link or open any attachments in an Email that are
supposedly from the U.S. Census Bureau.

For more advice on avoiding identity theft and fraud, visit www.bbb.org

PLEASE SHARE THIS INFO WITH FAMILY AND FRIENDS.

Unicare Health Insurance Provider Pulling out of Texas!

I found this information sent to me by my Texas Association of Realtors Board and wanted to share…

“UniCare, one of the largest providers of health insurance in Texas, is pulling out of our state. UniCare has made arrangements with Blue Cross Blue Shield of Texas to service Texas clients. All Texas residents currently insured under UniCare individual health/major medical policies can convert their policies to similar plans offered by Blue Cross Blue Shield of Texas on a guaranteed-acceptance basis, but only until Dec. 1, 2009. After Dec. 1, all transfer requests will be handled as new business and will be subject to full underwriting, which may penalize or disqualify some applicants for pre-existing conditions. “

If you are unsure as to how to convert your policy, please comment and I will do my best to assist.