17 posts categorized "Housing market"


The Fort Worth-Arlington mortgage delinquency rate inches up in November

The number of Fort TX_FortWorth_19100_23104_201312Worth-Arlington mortgage holders more than 90 days delinquent on their loans fell to 4.17 percent in November, compared to 4.6 percent from November 2012, according to a CoreLogic report..

The rate inched up from 4.1 percent October. It was last above the current rate in March 2013 when it reached 4.3 percent, CoreLogic said.

Foreclosure rates in FortWorth-Arlington also decreased in November, CoreLogic said.

CoreLogic said the rate of FortWorth-Arlington area foreclosures among outstanding mortgage loans was 1.04 percent for the month of November,  a decrease of 0.15 percentage points compared to November of 2012 when the rate was 1.19 percent.

Foreclosure activity in FortWorth-Arlington was lower than the national foreclosure rate, which was 2.18 percent for November 2013.

_ Sandra Baker


Fort Worth-Arlington home prices up in November, says CoreLogic report

Fort Worth-Arlington home prices increased 5.9 percent in November from a year ago,  according to a home price index report from CoreLogic.

Nationally, home prices were up 11.8 percent in November compared to November 2012, CoreLogic said.

Home prices have been increasing monthly, on a year-over-year basis, for nearly two years, CoreLogic said. 

“Year-over-year home prices are up an impressive 11.8 percent," said Mark Fleming, CoreLogic’s chief economist "Our pending HPI projects that home prices will grow by 11.5 percent for the full year 2013. That will make 2013 the best year for home-price appreciation since 2005."

Said Anand Nallathambi, president and CEO of CoreLogic, "The outlook for 2014 looks a bit less robust as regulatory complexities and tight credit can be expected to cool the housing market."

States with the highest home appreciation in November were  Nevada (+25.3 percent), California (+21.3 percent), Michigan (+14.4 percent), Arizona (+13.5 percent) and Georgia (+13.3 percent).

Texas saw an 8.7 percent increase in prices in November.  Arkansas was the only state to show depreciation, down 1.1 percent.

_ Sandra Baker


Fewer Fort Worth-Arlington mortgage holders late on loan payments

The number of mortgage holders in FortWorth-Arlington late on their loan payments remained flat in October from September, but dropped significantly from the same period a year ago, according to CoreLogic research firm's latest figures.

The delinquency rate for loans at least 90 days late was 4.1 percent in October, the same rate as September, but 0.53 percentage points below October of 2012, CoreLogic said.

Fort Worth-Arlington foreclosure rate among outstanding mortgage loans was 1.02 percent, a decrease of 0.27 percentage points from October of 2012.

The national foreclosure rate in October was 2.15 percent and 0.95 percent in Texas.

_ Sandra Baker


More households moving to Tarrant County than out, says Realtor report

Tarrant County is among the most mobile counties in Texas and the U.S., according to a Texas Association of Realtors report. 

Tarrant County ranks No. 6 in the state and No. 15 nationally for the largest net gain in households, 3,138, according to the 2013 Texas Relocation Report. The report is based on National Association of Realtors data. 

The report says Texas saw a net gain of households, 10,326 more household moving in than out to other states.  

Harris County was the most mobile county in the state, ranking No. 1 in the state and No. 3 nationally with the largest inflow of households, 67,299, the report said. Dallas County was second in the state and No. 7 nationally, with 54,388 households, and Tarrant County was third in the state and No. 16 nationally, with 40,699 households moving in. 

Harris County is also the top county in Texas and third-largest county nationally for outflow of households, 65,395. Dallas and Tarrant counties have the second- and third-largest outflow of households statewide and are ranked No. 6, with 56,223, and No. 19 nationally, with 37,561 homes moving out. 

Dallas County experienced the highest net loss in households statewide, -1,845. 

Denton County is No. 5 in Texas and No. 14 nationally for the largest net gain in households, 3,593.  

Shad Bogany, Texas Association of Realtors chairman, said the numbers reflect a genuine surge in demand fueled by job and population growth. 

“People are moving, and they’re moving to Texas,” Bogany said.  

The Texas Relocation Report is based on data from the National Association of Realtors 2012 Relocation Report and the U-Haul 2012 Relocation Report.

_ Sandra Baker

Fort Worth-Arlington home prices up 6 percent in August, report says


Fort Worth-Arlington home prices increased 6 percent in August from a year ago, a CoreLogic report shows.

The increase includes the sale of distressed properties.

When distress sales are excluded, home price in August rose 9.6 percent in August from a year ago, the report said.

On a month-over-month basis, home prices, including distressed sales, increased 0.8 percent in August over July, CoreLogic said.

Home prices nationwide, including distressed sales, increased 12.4 percent on a year-over-year basis in August, the report said. The increase was the 18th consecutive month of year-over-year increases nationwide, the report said.

_ Sandra Baker


Wells Fargo giving $200,000 to Tarrant housing agency

Tarrant County Housing Partnership on Thursday will receive a grant for $200,000 from Wells Fargo Housing Foundation to support the agency’s work providing affordable housing. The grant is part of Wells Fargo’s national effort to increase affordable housing while stabilizing and rebuilding distressed neighborhoods. It's the foundation's second grant to the agency and one of 59 Priority Market grants nationally totaling $6 million. Wells Fargo executives, leaders of the Tarrant County Housing Partnership, Fort Worth Mayor Betsy Price and Tarrant County Development Director Patricia Ward will participate in the ceremony and formal check presentation Thursday at 2 p.m. at the Hazel Harvey Peace Center for Neighborhoods, 818 Missouri Ave. in Fort Worth.

“Our Dallas-Fort Worth team members are really pleased that we can continue to support the Tarrant County Housing Partnership and the great work it does for affordable housing and neighborhood stabilization in Tarrant County,” said John Gavin, Wells Fargo’s regional president for community banking. Gavin and Wells Fargo Home Mortgage Regional Sales Manager Michelle Eldridge will represent Wells Fargo at the ceremony. “It’s hard to express in words our appreciation for the continued support of Wells Fargo,” said Donna VanNess, president of Tarrant County Housing Partnership. “Their generosity has been an important factor in our success.”

-- Jim Fuquay



Fort Worth housing market among nation's top 10

Fort Worth is one of four Texas markets that are among the nation's "healthiest" housing markets, according to Jed Kolko, chief economist for real estate information site Trulia. By healthiest, Kolko explains, he doesn't just mean that home prices are rising -- "because many of the markets with the largest price gains in 2012 were rebounding from huge price declines during the bust, but they still have weak fundamentals," he says. Here are his fundamentals: strong job growth (supporting housing demand); low vacancy rates; and low foreclosure inventory.

Those are his markers, and here are his picks: 1. Houston; 2. San Francisco; 3. Bethesda-Rockville-Frederick, Md.; 4. San Antonio; 5. Austin; 6. Seattle; 7. Omaha; 8. Peabody, Mass. (Boston suburban); 9. Fort Worth; 10. Louisville.

Some of the markets that didn't make his list and the reasons why, are:  "Las Vegas and Phoenix -- both have high vacancy rates and large foreclosure inventories going into 2013, despite having year-over-year asking-price increases of 14 percent  and 27 percent, respectively, according to the November Trulia Price Monitor. And Detroit has a sky-high vacancy rate and is suffering job losses, even though asking prices in Detroit rose 10 percent year-over-year." Trulia says asking prices in the Fort Worth market were up 5.3 percent from a year ago and rents were up 7 percent

-- Jim Fuquay



DFW home starts surged in third quarter

New home construction jumped 34.5 percent in the year's third quarter compared to a year ago, the fifth straight quarter of gains and the best since the second quarter of 2010, Residential Strategies said Thursday. There were 5,173 new home starts in the quarter, and for the first time since 2007, starts outpaced sales, the Dallas real estate research firm said. "The confluence of solid area job growth, ultra-low mortgage rates, tight existing home inventory and improving buyer confidence is propelling the DFW housing market forward with a solid recovery," said partner Ted Wilson. On an annual basis, the third-quarter starts equated to 16,431 starts for the year, which is just short of the rate seen during 2010's second quarter, when the government's homebuyer incentive program was in effect. That  tax-driven activity was not sustainable, Wilson said, and "meeting that previous interim high with organic growth represents a milestone in the recovery process."

Builders ended the quarter with 8,921 homes for sale or under construction, with 2,759 in the Tarrant area and 6,162 in the Dallas area. Both are up from a year earlier, although only narrowly in Tarrant. Builders are also whittling down the supply of vacant lots, the company said, ending the quarter with 57,787, or a 42-month supply. That's still much higher than the 24-month supply that's considered healthy, but about 15,000 of those lots are considered unusable by builders, Residential Strategies said.

-- Jim Fuquay


Federal Reserve Bank in Dallas says state's housing recovery to continue this year

 If job growth stays strong in Texas through the rest of the year, the recovery of the state’s housing market should continue this year as well, the Federal Reserve Bank of Dallas says in a report issued today.

"Home sales and construction have bounced back from recessionary levels, and apartment leasing remains robust thanks to solid employment and population gains," the Dallas Fed said.

Texas homeownership rate has inched up to 64.7 percent, one percentage point higher since the housing market bottomed out in the first quarter of 2011, the report said. The gain indicates a willingness of residents to buy a house. Sales began improving in the second half of 2011, the report said.

In North Texas, sales were flat in 2011 when compared to 2010, when sales were buoyed by a federal tax credit to homebuyers.

Through July, existing home sales rose nearly 20 percent from the same period of 2011, the report said.

"This activity is consistent with 2003-04 levels, before the national housing boom," the report said.

Lack of inventory is the factor most impacting sales and prices, the Dallas Fed said.

"Texas inventories of existing single-family homes are a 5.5 months of supply at the current sales pace. Inventories below about 6.5 months of supply are historically consistent with rising home prices," the report said.

Fewer Fort Worth-Arlington borrowers underwater on mortgages, CoreLogic says

Fort Worth-Arlington homeowners are among the declining numbers of those falling into underwater on their mortgages, CoreLogic said today.

Locally, 8.2 percent, or 30,927, of all residential properties with a mortgage were in negative equity at the end of the second quarter in June, compared to 11.3 percent, or 43,626 properties, at the end of the first quarter in March. An additional 5.3 percent, or 20,015 residential properties, were in near negative equity for second quarter compared to 6.5 percent, or 25,170, in first quarter.

Negative equity, often referred to as underwater or upside down, means that borrowers owe more on their mortgages than their homes are worth. Near negative equity is when borrowers have less than 5 percent equity in their home.

Nationwide, 10.8 million, or 22.3 percent, of all residential properties with a mortgage were in negative equity at the end of the second quarter, which is down from 11.4 million properties, or 23.7 percent, at the end of the first quarter.

An additional 2.3 million borrowers had near-negative equity, at the end of the second quarter. About 600,000 borrowers, though, reached positive equity at the end of the second quarter of 2012, bringing the total to 1.3 million for the first half of the year, CoreLogic said.

In Texas, 8.8 percent of borrowers were underwater and another 4.5 percent were in near negative equity, CoreLogic said.

Rising home prices, lower levels of inventory, and declining REO sale shares contributed to the decline in the number of borrowers underwater, said Mark Fleming, CoreLogic’s chief economist.

If home prices rise another 5 percent, an additional 2 million borrowers nationwide would be above water, said Anand Nallathambi, CoreLogic’s CEO.

_ Sandra Baker


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