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New Home Sales Tumbled In April, Unchanged Year-Over-Year

So much for the Trump bump euphoria. New home sales tumbled in April, posting at a seasonally adjusted annual rate of 569,000. This was 73,000 below the revised March figure and far below analysts expectations. Then again analysts haven't been paying attention to the real economy, so this latest data is not a surprise to anyone who doesn't have their head in the sand. Year-over-year, new home sales for April are back to unchanged according to the latest Census figures. And just like that, the "pent up demand" that pundits have been talking about has [...]

City Of Katy Lands Amazon Fulfillment Center, But At What Cost?

"A tree falls the way it leans. Be careful which way you lean." As residents of Katy Texas are busy making their daily slog down the congestion of the Grand Parkway or the soon-to-be traffic debacle around what is arguably the most expensive high school football stadium on the planet, perhaps it is time to question the pursuit of endless growth and the "more is better" mentality that seems to be the mantra of local, state and federal officials.  As we learned this past week, Katy Texas is going to be the home of a [...]

NAR Finally Gets Real About Home Affordability Issues

The National Association of Realtors is out with a new method of gauging home affordability. As part of NAR's look at the the growing rift between housing availability and home affordability, NAR has developed a new affordability distribution curve and a home affordability score. The new monthly research is designed to look at home affordability conditions among different income percentiles, gauging how many homes on the market are actually affordable to various buyer income groups. The new affordability distribution curve and score show that many U.S. homes are no longer affordable to typical prospective buyers. [...]

Zillow’s Breakeven Estimate – Garbage In, Garbage Out

Zillow's latest Breakeven Horizon estimates offer another another interesting look at junk science. Since Texas is a non-disclosure state, that makes any analysis of home values more tricky for third-party aggregator sites like Zillow/Trulia. But then again, they have ads to sell. The show must go on, regardless of the facts. Interestingly enough the Houston Chronicle offered up Zillow's latest example of flawed estimates based on dubious assumptions without so much as a fact-checking glance or a dive into the methodology behind the numbers. It's easy to understand why "fake news" is the order of [...]

By | 2017-08-19T10:58:56+00:00 February 3rd, 2017|In the Press, Real Estate, Spin Cycle, Texas Home Prices|0 Comments

Texas Renewable Energy Capacity Continues To Grow

Texas renewable energy growth is making important strides. Texas has been a leader in wind generation capacity for some time, but it appears solar energy is receiving long-overdue attention as well. A look at ERCOT's recent Monthly Operational Overview shows significant growth in renewable energy power capacity in Texas. In the November ERCOT report, Texas was tracking 247 active generation interconnection requests totaling 59,527 MW which included 26,643 MW of wind generation. As a leader in wind energy production, Texas already had 17 GW of wind-generated power production installed at the end of 2016. That's [...]

New Home Sales Rise In November To 592,000 (SAAR)

New home sales rose to a seasonally adjusted annual rate of 592,000 in November. Census Bureau numbers showed the average price of a new home contracted in November was $359,900, down from the average price of $376,800 seen last year. The median price of $305,400 was also lower than last year's median of $317,000. New home sales have been surprisingly strong for most of the year, posting double-digit increases compared to last year. Census revised previous months sales slightly lower, but all things considered new home sales have been fairly strong prior to the interest [...]

Mortgage Purchase Applications Stall With Higher Rates

Mortgage purchase applications took a nose dive in the latest MBA weekly survey. According to the Mortgage Bankers Association total mortgage applications decreased 9.4 percent for the week ended November 25, 2016. The mortgage refinance index fell 16 percent from the previous week. The unadjusted purchase index fell 34 percent from the previous week. The unadjusted purchase index is now 3 percent higher than a year ago. That's a significant decline from the double digit year-over-year increases we were seeing earlier in the year. The recent rise in bond yields and mortgage rates is going [...]

By | 2016-12-01T16:03:47+00:00 November 30th, 2016|Economy, Mortgage Rates, New Home Sales|0 Comments

New Home Sales Decline From Summer Peak, Median Price Lowest Of 2016

The Census Bureau reported a 7.6 percent decline for new home sales compared the election-year surprise we saw for July. Compared to August of last year, new home sales were still 20.6 percent higher than last year. It appears super low mortgage rates continued to provide some lift to the new home market. What did not rise in the latest Census report is the median price of a new home contracted in August. The median price of a new home fell to $284,000, down from $300,200 last year. The average price of a new home [...]

Miami Investor Capitalizes On Harris County Appraisal Scam…Again!

The definition of "fraud" according to Wiki is "the deliberate deception to secure unfair or unlawful gain, or to deprive a victim of a legal right". Homeowners across the Houston area should now be wondering how long our elected representatives will continue to pretend that our current property tax system is anything but a giant hoax, a work of fiction which advertises that all property is taxed at market value or something approaching 100 percent of market value every year by your local appraisal district. Recently I detailed examples of how our operationally corrupt joke [...]

Census: New Home Sales Rise To 619,000 (SAAR) In April

The Census Bureau released another version of cartoon lunacy this morning with the April new home sales report. If we are to believe the government's ongoing collective work of fiction, New Residential Sales In April rose to a seasonally adjusted annual rate of 619,000. This would be fabulous news if it stands, but a 53 percent rise in the Northeast leads me to believe this is nothing more than election-year padding of the economic statistics. The latest data point for April new home sales certainly looks like an outlier. It looks even more dubious when [...]