Natalie Alfrey's Blog

By Natalie Alfrey | Agent in Dallas, TX

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Senate Passes Tax Credit

Posted Under: Market Conditions | November 5, 2009 9:16 AM | 643 views | No comments

The Senate voted overwhelmingly Wednesday night to approve legislation extending the $8,000 tax credit for first-time home buyers. See Robert Schroeder's article for MarketWatch MarketWatch's Economy & Politics section.

Robert Schroeder is a reporter for MarketWatch in Washington.

By a vote of 98-0, senators approved a bill that would extend the $8,000 home-buyer credit through April 30, 2010.

The bill cleared a final procedural vote Wednesday afternoon.

Lawmakers said the housing provisions would boost the still-weak residential-real-estate market. In addition to extending the first-time-buyer credit, the bill also allows people who have lived in a home for at least five years to claim a $6,500 credit if they buy a new home.

The bill now goes to the House and is expected to move quickly to President Barack Obama's desk.
Dallas MLS August 2009 Report

Posted Under: Market Conditions in Dallas | September 27, 2009 12:32 AM | 793 views | No comments

Dallas real estate is still trending better than the rest of the country. Overall, sales are down compared to last August but some areas are doing better than others within the Dallas Metroplex. Here's the report produced by Hexter-Fair Title Company...
http://nataliealfrey.wordpress.com/files/2009/09/august-2009-mls-report.pdf
Dallas MLS July Report

Posted Under: Market Conditions in Dallas | August 13, 2009 8:30 AM | 762 views | No comments

http://nataliealfrey.wordpress.com/files/2009/08/july-2009-mls-report.pdf

Here is the July Dallas area MLS report courtesy of Hexter-Fair Title. Summer has been good to us with prices just slightly behind same time last year in many areas. I like seeing fewer double digit price comparisons to last year!
New Home Construction Up in June

Posted Under: Market Conditions | July 20, 2009 12:03 PM | 695 views | No comments

Encouraging news about new home starts...

Associated Press

WASHINGTON — Construction of new U.S. homes rose in June to the highest level in seven months as builders rushed to pour foundations for homes that must be completed by the end of November for first-time buyers to take advantage of a special tax break.

The Commerce Department said Friday that construction of new homes and apartments jumped 3.6 percent last month to a seasonally adjusted annual rate of 582,000 units, from an upwardly revised rate of 562,000 in May.

It was better than the 530,000-unit pace economists expected, and was the second straight monthly increase after April’s record low of 479,000 units.

Compared with the same month a year ago, however, June starts were down 46%, the Commerce Department said.

Homebuyers are being attracted by lower prices, and first-time buyers can also take advantage of a tax credit worth 10 percent of the purchase price, with a cap of $8,000, which was included in the federal stimulus package.

“The largest spark...has been the looming deadline,” said David Crowe, chief economist for the National Association of Home Builders. His trade group said Thursday that the confidence level of builders has risen to the highest level in nearly a year.

Shares of major homebuilders rose on the news with Beazer Homes and Hovnanian Enterprises up about 5 percent in midday trading. The broader stock indexes, meanwhile, were little-changed Friday after Bank of America and Citigroup became the latest banks to report big second-quarter profits but also weakness in their loan portfolios.

Over the past three years, the collapse in the housing market led to soaring loan losses, a severe banking system crisis and the longest recession since World War II. Even with the better-than-expected figures, the pace was still 46 percent below last year, and analysts don’t expect a quick rebound. That’s because companies are still shedding jobs and home prices are falling.

“There’s still a long way to go before one wants to declare anything that begins to look like a strong recovery or success,” said Rebecca Blank, undersecretary of commerce for economic affairs.

The Federal Reserve this week projected that the national unemployment rate, currently at a 26-year high of 9.5 percent, will pass 10 percent by the end of the year. Unemployment has already passed that mark in 15 states and the District of Columbia last month, according to federal data released Friday.

The rate in Michigan surpassed 15 percent, the first time any state has hit that level since 1984.

Most Fed policymakers said it could take five or six years for the economy and the labor market to get back on a path of long-term health. To get there, consumers must return to a regular spending groove and housing prices need to start rising again.

The jump in housing starts last month reflected a more than 14 percent rise in construction of single-family homes, the largest monthly increase since December 2004. Construction of multifamily units — a particularly volatile part of the market — fell nearly 26 percent from a month earlier.

Meanwhile, applications for building permits, seen as a good indicator of future activity, rose almost 9 percent in June.
Dallas MLS Stats June 2009

Posted Under: Market Conditions in Dallas | July 8, 2009 6:48 PM | 807 views | No comments

Here's a link to the June 2009 Dallas Metro-area MLS report, courtesy of Hexter-Fair Title... http://nataliealfrey.wordpress.com/files/2009/07/june-2009-mls-report.doc
No Cash Tolling Starts July 1 on Bush Turnpike

Posted Under: In My Neighborhood in Dallas County | June 30, 2009 12:38 PM | 798 views | No comments

The North Dallas area has one of the best tollway systems and its getting even better with the latest technology...

Electronic Tolling Begins July 1 on Bush Turnpike
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On Wednesday, July 1, the NTTA will transition to all-electronic toll collection (all-ETC) on the President George Bush Turnpike only.
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Beginning at 12:01 a.m., cash will no longer be accepted on the Bush Turnpike. If you have a TollTag, your payment method will remain the same and you will continue to use all open lanes. Motorists without TollTags -- also known as ZipCash customers -- will have a new way to pay. Instead of stopping to pay cash, ZipCash customers should KEEP MOVING. A bill for the transactions at the higher ZipCash rate will be sent to the registered owner of the vehicle.
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TollTag customers should use caution and slow down initially while current cash customers adapt to the new way to travel and pay.
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NOTE: The NTTA will not transition the Dallas North Tollway (DNT), Addison Airport Tunnel and the Mountain Creek Lake Bridge to all-ETC at this time.

For more information and a Q&A visit http://www.ntta.org/AboutUs/Projects/AllETC
New Recommendations to Stablize Housing Market

Posted Under: Home Buying | June 11, 2009 8:37 AM | 775 views | 1 comment

Let's hope Congress and Administration listen and take action on some of these housing market recommendations from business leaders. What do you think will happen next?

RISMEDIA, June 11, 2009-The Housing Working Group of Business Roundtable, an association of chief executive officers of leading U.S. corporations, announced bipartisan proposals to help return stability and growth to the U.S. housing market.

“We recognize the earlier efforts made by the Administration and Congress, but strongly recommend taking additional steps to jumpstart the lagging housing market in order to stimulate a broader economic recovery,” said Richard A. Smith, president and CEO of Realogy Corporation and Chair of Business Roundtable’s Housing Working Group.

“If the housing market is not corrected or stabilized, the tide of the recession is not likely to reverse in the near term, and the slide in the economy overall will continue. We believe targeted, demand-side solutions-such as the ones Business Roundtable is recommending today-will provide a critical next step for a housing recovery that will help create jobs and boost the economy as a whole.”

The recommendations include expanding home buyer tax credit incentives from $8,000 to $15,000 while expanding eligibility from strictly first-time home buyers to all home buyers, regardless of income, on homes purchased as a primary residence. Among other recommendations, the CEOs also strongly encourage the Administration to continue ongoing efforts by the Federal Reserve to keep 30-year fixed mortgage interest rates at historically low levels and do so for the next 12 months, and to undertake a comprehensive review of existing foreclosure mitigation and loan-modification programs.

Business Roundtable’s Housing Working Group was formed on April 1 to provide actionable recommendations to Congress and the Administration on how to stabilize and grow the U.S. housing market. Recent reports indicate that without significant and immediate reform the U.S. housing market will continue its decline, further dragging down the economy.

“The Obama Administration’s extraordinary efforts to lower interest rates, along with its passage of the stimulus package, were both essential first steps toward stabilizing financial markets and promoting U.S. economic confidence,” said John Castellani, president of Business Roundtable. “Congress and the Administration must now build on these gains by stimulating demand for housing, which will create new jobs and trigger expansive economic recovery for America’s citizens, communities and companies.”

The group strongly believes adoption of its proposals will have a cascade effect, creating jobs and hastening U.S. economic recovery. The group’s recommendations are to:

1. Keep mortgage interest rates at historically low levels (below 5%) for at least one year;
2. Expand the current First-Time Home Buyer Tax Credit incentive from the lesser of 10% of the purchase price of the home or $8,000 to a higher limit of either 10% or $15,000 for all home buyers, remove the income restrictions and include all primary residence purchases for one full year;
3. Conduct a thorough review of current foreclosure mitigation and loan-modification programs in light of rising loan-modification re-default rates;
4. Make permanent the current temporary conforming loan limits; and
5. Continue to review and strengthen government efforts already underway to review and refine mortgage lending practices.

In addition to Richard A. Smith and John J. Castellani, the Housing Working Group consists of: Thomas C. Nelson, Chairman, President and CEO of National Gypsum Company; Steve Odland, Chairman and CEO of Office Depot; Daniel S. Fulton, CEO of Weyerhaeuser Company; Jeff M. Fettig, Chairman and CEO of Whirlpool Corporation; Michael H. Thaman, Chairman and CEO of Owens Corning; and Roger Fradin, President and CEO of Honeywell Automation and Control Systems.

More information about the Housing Working Group can be found at www.businessroundtable.org.

RISMedia welcomes your questions and comments. Send your e-mail to: realestatemagazinefeedback@rismedia.com.

Read more: http://rismedia.com/2009-06-10/roundtable-releases-recommendations-to-reinvigorate-us-housing-market/#ixzz0I8RBYPHE&C

RISMEDIA, June 11, 2009-The Housing Working Group of Business Roundtable, an association of chief executive officers of leading U.S. corporations, announced bipartisan proposals to help return stability and growth to the U.S. housing market.

“We recognize the earlier efforts made by the Administration and Congress, but strongly recommend taking additional steps to jumpstart the lagging housing market in order to stimulate a broader economic recovery,” said Richard A. Smith, president and CEO of Realogy Corporation and Chair of Business Roundtable’s Housing Working Group.

“If the housing market is not corrected or stabilized, the tide of the recession is not likely to reverse in the near term, and the slide in the economy overall will continue. We believe targeted, demand-side solutions-such as the ones Business Roundtable is recommending today-will provide a critical next step for a housing recovery that will help create jobs and boost the economy as a whole.”

The recommendations include expanding home buyer tax credit incentives from $8,000 to $15,000 while expanding eligibility from strictly first-time home buyers to all home buyers, regardless of income, on homes purchased as a primary residence. Among other recommendations, the CEOs also strongly encourage the Administration to continue ongoing efforts by the Federal Reserve to keep 30-year fixed mortgage interest rates at historically low levels and do so for the next 12 months, and to undertake a comprehensive review of existing foreclosure mitigation and loan-modification programs.

Business Roundtable’s Housing Working Group was formed on April 1 to provide actionable recommendations to Congress and the Administration on how to stabilize and grow the U.S. housing market. Recent reports indicate that without significant and immediate reform the U.S. housing market will continue its decline, further dragging down the economy.

“The Obama Administration’s extraordinary efforts to lower interest rates, along with its passage of the stimulus package, were both essential first steps toward stabilizing financial markets and promoting U.S. economic confidence,” said John Castellani, president of Business Roundtable. “Congress and the Administration must now build on these gains by stimulating demand for housing, which will create new jobs and trigger expansive economic recovery for America’s citizens, communities and companies.”

The group strongly believes adoption of its proposals will have a cascade effect, creating jobs and hastening U.S. economic recovery. The group’s recommendations are to:

1. Keep mortgage interest rates at historically low levels (below 5%) for at least one year;
2. Expand the current First-Time Home Buyer Tax Credit incentive from the lesser of 10% of the purchase price of the home or $8,000 to a higher limit of either 10% or $15,000 for all home buyers, remove the income restrictions and include all primary residence purchases for one full year;
3. Conduct a thorough review of current foreclosure mitigation and loan-modification programs in light of rising loan-modification re-default rates;
4. Make permanent the current temporary conforming loan limits; and
5. Continue to review and strengthen government efforts already underway to review and refine mortgage lending practices.

In addition to Richard A. Smith and John J. Castellani, the Housing Working Group consists of: Thomas C. Nelson, Chairman, President and CEO of National Gypsum Company; Steve Odland, Chairman and CEO of Office Depot; Daniel S. Fulton, CEO of Weyerhaeuser Company; Jeff M. Fettig, Chairman and CEO of Whirlpool Corporation; Michael H. Thaman, Chairman and CEO of Owens Corning; and Roger Fradin, President and CEO of Honeywell Automation and Control Systems.

More information about the Housing Working Group can be found at www.businessroundtable.org.

RISMedia welcomes your questions and comments. Send your e-mail to: realestatemagazinefeedback@rismedia.com.

Read more: http://rismedia.com/2009-06-10/roundtable-releases-recommendations-to-reinvigorate-us-housing-market/#ixzz0I8RBYPHE&C

RISMEDIA, June 11, 2009-The Housing Working Group of Business Roundtable, an association of chief executive officers of leading U.S. corporations, announced bipartisan proposals to help return stability and growth to the U.S. housing market.

“We recognize the earlier efforts made by the Administration and Congress, but strongly recommend taking additional steps to jumpstart the lagging housing market in order to stimulate a broader economic recovery,” said Richard A. Smith, president and CEO of Realogy Corporation and Chair of Business Roundtable’s Housing Working Group.

“If the housing market is not corrected or stabilized, the tide of the recession is not likely to reverse in the near term, and the slide in the economy overall will continue. We believe targeted, demand-side solutions-such as the ones Business Roundtable is recommending today-will provide a critical next step for a housing recovery that will help create jobs and boost the economy as a whole.”

The recommendations include expanding home buyer tax credit incentives from $8,000 to $15,000 while expanding eligibility from strictly first-time home buyers to all home buyers, regardless of income, on homes purchased as a primary residence. Among other recommendations, the CEOs also strongly encourage the Administration to continue ongoing efforts by the Federal Reserve to keep 30-year fixed mortgage interest rates at historically low levels and do so for the next 12 months, and to undertake a comprehensive review of existing foreclosure mitigation and loan-modification programs.

Business Roundtable’s Housing Working Group was formed on April 1 to provide actionable recommendations to Congress and the Administration on how to stabilize and grow the U.S. housing market. Recent reports indicate that without significant and immediate reform the U.S. housing market will continue its decline, further dragging down the economy.

“The Obama Administration’s extraordinary efforts to lower interest rates, along with its passage of the stimulus package, were both essential first steps toward stabilizing financial markets and promoting U.S. economic confidence,” said John Castellani, president of Business Roundtable. “Congress and the Administration must now build on these gains by stimulating demand for housing, which will create new jobs and trigger expansive economic recovery for America’s citizens, communities and companies.”

The group strongly believes adoption of its proposals will have a cascade effect, creating jobs and hastening U.S. economic recovery. The group’s recommendations are to:

1. Keep mortgage interest rates at historically low levels (below 5%) for at least one year;
2. Expand the current First-Time Home Buyer Tax Credit incentive from the lesser of 10% of the purchase price of the home or $8,000 to a higher limit of either 10% or $15,000 for all home buyers, remove the income restrictions and include all primary residence purchases for one full year;
3. Conduct a thorough review of current foreclosure mitigation and loan-modification programs in light of rising loan-modification re-default rates;
4. Make permanent the current temporary conforming loan limits; and
5. Continue to review and strengthen government efforts already underway to review and refine mortgage lending practices.

In addition to Richard A. Smith and John J. Castellani, the Housing Working Group consists of: Thomas C. Nelson, Chairman, President and CEO of National Gypsum Company; Steve Odland, Chairman and CEO of Office Depot; Daniel S. Fulton, CEO of Weyerhaeuser Company; Jeff M. Fettig, Chairman and CEO of Whirlpool Corporation; Michael H. Thaman, Chairman and CEO of Owens Corning; and Roger Fradin, President and CEO of Honeywell Automation and Control Systems.

More information about the Housing Working Group can be found at www.businessroundtable.org.

RISMedia welcomes your questions and comments. Send your e-mail to: realestatemagazinefeedback@rismedia.com.