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Houston Texas Apartment Market Ranked As Riskiest In Nation

A recent report from MPF Research ranks the Houston Texas apartment market as the riskiest in the nation for multifamily investors. Apartment rents have contracted in Houston over the past two consecutive quarters, and occupancy rates have also weakened as well. At the same time Houston has seen apartment inventory continue to grow.  “Houston remains an unstable market, provided the …

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Census: New Home Sales Rise With Decline In Median Price

The Census Bureau reported new home sales for February that were 12.8 percent higher than a year ago. New home sales posted at a seasonally adjusted annual rate of 592,000, with the bulk of the sales increase coming from the Midwest region.. The median price of a new home contracted in February was $296,200, down from $311,300 last year. The …

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NAR: Existing Home Sales Cool In February

The National Association of Realtors reported that existing home sales cooled to a seasonally adjusted annual rate of 5.48 million in February. Sales of existing homes fell 3.7 from January levels but were 5.4 percent higher year-over-year. NAR continues to fret about an inventory shortage when the real culprit is elevated home prices in general. Existing home sales are still …

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Katy Texas Real Estate Market February 2017

Katy Texas home sales rose 13 percent in February, besting the 4 percent increase in sales activity in the general Houston area. Sales of new construction were also slightly higher in February compared to the leap year month of last year. Despite one less day for the year-over-year comparison, sales volume was still in positive territory. It appears more buyers …

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Katy Texas Single-Family Rents Still Suffering From Apartment Glut

Single-family rents in Katy Texas were about four percent lower in February compared to 2016 levels. Despite higher leasing activity during the month, average single-family rents for homes throughout Katy (Katy ISD) were still noticeably softer in February. Data for February also indicate that days on market were almost 2 weeks longer than February 2016. It’s taking Katy area landlords …

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Investor-Owned Homes In Houston Texas Landlord Nation

Landlord Nation is alive and well in Houston Texas. It is quite likely that investor-owned homes have been a major factor behind the resilience of the local real estate market after energy markets collapsed. As I mentioned in a previous post rising median home values are just another indicator of the distortions in the new housing market, which is highly …

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Financialization Of Housing And The Disturbing Gap In New Home Sales

The financialization of the U.S. housing market has led to a rather disturbing gap in new home sales relative to existing home sales. This is a subject I was referencing this week when I mentioned the problem builders are facing with the lack of affordable land to build new homes on. Today the Census Bureau reported new home sales for …

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NAR: Existing Home Sales Rise 3.8 Percent In January

The National Association of Realtors reported that existing home sales rose 3.8 percent year-over-year in January. Seasonally adjusted sales for January posted at an annual rate of 5.69 million, the strongest sales volume since February of 2007. Single-family home sales were up 3.7 percent compared to last January. For a local comparison, Houston home sales rose a more modest 1.7 …

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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, …

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Texas Economic Development Fueled By Taxpayer-Funded Corporate Subsidies

Texas economic development continues to be fueled by taxpayer-funded corporate subsidies. An estimated $1.4 billion in property tax revenue has gone uncollected in Texas from 2005 to 2015 as a result of Chapter 313. These are the findings from the state auditor’s report in October 2016. As Texas Observer detailed last year, the free lunch to corporations doing business in …