June 2009

Dallas Home Prices On the Rise!

The latest Case-Shiller data was released this morning, and it contains some pretty decent news, as these things go. First off, while housing prices nationwide continue to decline (much as they?ve done every month since July of 2006), the decline in April was a scant 0.6%--as opposed to a 2.2% drop in March. This is, as the article notes, seen as evidence that the housing market may be starting to turn.

But the better news pertains to Dallas, where prices rose by 1.7% between March and April?the largest increase (i.e., the best result) of all markets surveyed by Case-Shiller. We now have some positive data that does not require spin, shading, or interpretation?prices in the Metroplex are up. Make use of this if you?re dealing with people who are concerned about the direction of the market. We could still see some challenging times in the months ahead, but for now, we have some good news.

Source: Kelly Milligan, Chicago Title

TDHCA Releases Two Downpayment-Assistance Programs

Texas homebuyers who qualify for the federal first-time buyer tax credit have two new programs from the Texas Department of Housing and Community Affairs that enable them to turn that credit into cash for a downpayment.

- The 90-Day Down Payment Assistance Program enables buyers to receive 5% of the first-lien mortgage amount up to $7,000 for downpayment or closing costs as a 90-day no-interest loan.

- The Mortgage Advantage Program works in conjunction with the 2009 Texas Mortgage Credit Program and the Texas First Time Homebuyer Program. Eligible buyers could receive 5% of the first lien mortgage amount up to $6,000 for downpayment or closing costs as a 120-day no-interest loan.

Both programs require buyers be eligible for the federal first-time buyer credit, complete homebuyer education, and file an amended 2008 federal tax return. Funds are available on a first-come, first-served basis for qualifying purchases made before Dec. 1, 2009.

Contact Gina Branch, a Certified Texas Affordable Housing Specialist, at 214-705-2470 or gina@thebranchteam.com for all the details.

Home Maintenance Tip - Your Washer and Dryer

Your washer and dryer are designed to be simple to maintain, and there are a few things you can do that will prolong the life of the machines and reduce service calls.

- Avoid overloading the washer - an overloaded washer strains the motor and transmission, shortening their lives.

- Once a month, remove and clean intake screens where water-supply hoses enter the washing machine, and check water-supply hoses for splits, cracks, or bulges.

- Once a year, disconnect your dryer from the vent hose and wall, and thoroughly vacuum and clean the lint pipe to improve your drying efficiency and remove potentially flammable lint buildup.

- Once a year disconnect the washer and dryer to clean underneath and check for any small leaks or hidden maintenance problems.

Source: Old Republic Home Protection

Homebuilders Decry TRCC?s Demise

The Texas Residential Construction Commission, in place since 2003, has been allowed to sunset by the 81st Legislature, leaving the residential homebuilding industry largely unregulated ? and homebuilders scrambling to protect themselves against lawsuits.

The TRCC was not designed to be a regulatory agency or a consumer protection board, according to a report the Sunset Commission published earlier this year. But over the years, that?s the role the commission has assumed.

That being said, the TRCC?s method of registering ? not licensing ? homebuilders and contractors, hasn?t had the teeth of other states? regulatory agencies. And the state inspection process, which homeowners have been required to navigate before taking a builder to court over a defect or warranty issue, has been lengthy and sometimes difficult to move through.

Click here to read the entire story.

Source: Dallas Business Journal - Katherine Cromer Brock, Staff Writer

There's an App for That?

Gina and Tom Branch are pleased to announce the release of DFW Home Search. This application is your gateway to the North Texas MLS with a mobile optimized MLS search. Search results includes photos and details for all active listings in the North Texas MLS.

The DFW Home Search application is available for the iPhone and the iPod Touch. The most recent update is now available for download in the iTunes App Store.

Click here to go to the iTunes App Store.

Source: Tom Branch

Report: Dallas Homes are Among Most Undervalued in U.S.

Dallas-Fort Worth has some of the most undervalued homes in the country, according to a new report.

But don't expect that finding to cause a jump in prices.

Home prices in the Dallas area are almost 32 percent undervalued, according to the latest measure by IHS Global Insight. The same study shows that prices here have remained virtually unchanged over the year ending with first quarter 2009.

The Dallas area is one of a handful of Texas housing markets the Massachusetts-based research firm considers to be among the most undervalued in the country.

"What it means when it is undervalued is the market could handle price increases," said Jeannine Cataldi, Global Insight's senior economist and one of the...

Click here to read the entire article

Source: Steve Brown, The Dallas Morning News