KEY POINTS FROM THE TEXAS QUARTERLY HOUSING REPORT

• The Texas housing market showed strength and stability at the close of 2011, with a 6% increase in the volume of homes sold statewide in fourth quarter compared to the same time the year before, and prices holding steady.

• For the period of October through December 2011, the volume of single-family home sales in Texas was 46,764, 6% more than the same quarter in 2010.  The median sales price for Texas homes during the quarter was $148,100, a figure that is statistically unchanged from 2010-Q4.

• The Texas housing market has returned to a healthy balance between supply and demand -- with 6.4 months of housing inventory statewide at the end of fourth quarter.  This is what economists call the perfect balance.

• For all of last year, Texas homebuyers -- whether new to the Lone Star State or longtime residents -- bought more than 205,000 existing single-family homes.  That's over 2,000 more homes sold in Texas compared to 2010.

• All of these factors indicate the vital signs of our Texas real estate economy are healthy as we begin 2012.  In fact, today's market conditions -- coupled with still-incredibly low mortgage interest rates -- provide ample opportunities for Texas homebuyers as we head toward spring and summer.    

 Texas Association of Realtors

McKinney Gears Up for Stage 4 Water Restrictions

A representative from the North Texas Municipal Water District (NTMWD) met with the McKinney City Council recently and urged that residents continue conserving water because of a strong chance that the worst drought in Texas history will continue for at least several more months.

NTMWD at first considered calling for Stage 4 water restrictions to be implemented in April; but due to the recent rains, the implementation has been postposed until June.  Even though that is good news for the district, which includes 13 cities, it does not mean that everyone can be less conservative with water usage.  If the area gets a generous amount of rainfall this spring, the Board may not request the implementation in June.

Stage 4 restrictions would ban all lawn and garden watering and would implement other tougher restrictions on water usage.  Currently in McKinney the residents are allowed to water their lawns once a week.

FORBES REPORTS THAT PLANO, TEXAS, TOPS LIST OF SAFEST CITIES IN AMERICA

Plano, a city of 278,000, just north of Dallas, Texas, shines brightly with the lowest violent crime rate of the cities Forbes looked at and the sixth-lowest in traffic fatalities.  This puts it tops on the Forbes list for the second year in a row.

Wealth is a key factor to Plano's status.  The median household income in Plano is $79,234, which is nearly 60% above the national average, and 8.1 percent of residents are below the poverty line, compared to a national rate of 15.1 percent.  The city is also home to a number of fortune 500 companies; including Frito-Lay, J.C Penney, and the Dr. Pepper Snapple Group.  

Plano also boasts strong citizen involvement in public safety: the U.S Department of Justice honored the city last year with a National Award for Excellence in Neighborhood Watch. 

If you are thinking of moving to the Dallas/Ft. Worth area, it is worth your time to take a look at Plano, Texas.

NEW LAWS REGARDING HOMEOWNER ASSOCIATIONS

In Texas, Homeowner Association (HOA's) wield a lot of power.  That is starting to change, which will help 5 million Texans who live in neighorhoods with HOA's.  In other states, HOA's do not have as much power.

Most of the new laws effect single-family homes, not condos or townhomes,and became effective January 1, 2012. The biggest change  is that it is now more difficult for a homeowner to lose his or her house to an HOA.  

Before the HOA forecloses on a homeowner, usually for non-payment of HOA dues, the HOA must:

1.        Obtain a court order

2.        Allow for payment plans

3.        Send additional notices before handing it over to an attorney or collection agency.

HOA's must also provide 72 hour notice of board and open meetings.  All of this means more expenses for the association; but, hopefully, will save a homeowner from losing their home because they didn't pay their HOA fees.

TEXAS TOPS NATION IN POPULATION GROWTH

Even though it's rate of growth has slowed a little, Texas once again tops the national growth charts by adding 529,000 people since the 2010 Census.  The biggest gainers behind Texas were California (438,000), Florida (256,000), Georgia (128,000) and North Carolina (121,000). 

"The nation's overall growth rate is now at its lowest point since before the baby boom," per Census Director, Robert Groves.  The country grew by 2.8 million people to 311.6 million. 

Much of Texas' gain was homegrown, with births far surpassing deaths.  Net migration to Texas added 238,956 people, including 145,315 domestic moves and 93,641 international newcomers. 

Lloyd Potter, State Demographer, stated; "A lot of the growth is still being driven by in-migration that's coming from other states. California being the biggest contributor to Texas."