Blog entries tagged economy

Single Family Homes Stayed Positive Again in June

Daphne Hager — Fri, 06 Aug 2010 12:32:31 +0100

According to the Houston Business Journal, Houston single-family home sales once again stayed positive in June, making it the fourth month in a row of good news.

In even more positive real estate news, the sales of single-family homes across the Houston-area market rose 2.9 percent this June, compared to June 2009, which also follows notable increases of 11.3 percent in March, 27.8 percent in April and 18.2 percent in May, according to the latest monthly data provided by the Houston Association of Realtors. Sales volume grew in all single-family home price segments with the exception of the $150,000 to $250,000 price range. The leading increase took place with homes priced at $500,000 and over. The June sales of all single family property types together climbed 4.1 percent on a year-over-year basis.

The average price of a single-family, now $222,767 is up by 0.9 percent since June 2009, creating an overall outcome that has sales prices reaching the highest level since August 2009; now is the time to sell and move into a Friendswood Development Community!

Source: Houston Business Journal

Reinventing the Rules on Saving Money and Establishing a Financial Footing

Daphne Hager — Sat, 24 Jul 2010 02:09:13 +0100

With everyone scrambling to re-establish their financial security amidst the recent recession, many of the conventional wisdoms our parents have followed are changing, according to the experts. Here’s a look at the 2010 version of a few previously followed assumptions regarding our financial safety nets.

Remember when your father told you to keep three months’ worth of living expenses in an easily accessible emergency savings account? Well, here’s the expert take on the new rule: stash at least six months’ worth! With the increased chance of job loss, extended average lengths of unemployment, and the disappearing availability of credit, it is becoming essential that you keep more cash in a separate FDIC-insured savings account.

The days of calling your credit-card company and negotiating a lower interest rate to help lower payments is over. In fact, avoid picking up the phone to call them for any reason! The big reason here is that credit card companies are taking this “customer initiated call” to review your credit worthiness and in many cases will actually raise your interest rate or reduce your credit limit. "So if you still want to make that call, review your credit report [www.freecreditreport.com] thoroughly to catch anything they might find," says Maureen P. Kelly, a certified financial planner. “If there are potential issues, like late or missed payments, or if your credit score is lower than the last time you checked it, ask yourself if a lower rate is worth the possibility of a lower credit line.”

Just because your current mortgage balance is greater than the value of your property, don’t rule out refinancing. Then new rule of thumb is to go ahead with a refinance if the amount owed doesn’t exceed 5% of the home’s market value. Since the government recently put into place the Making Home Affordable program, aimed at helping Fannie Mae or Freddie Mac homeowners with declining property values.

The moral of this story? Financial stability has a new meaning for many Americans, but with little tweaking of the old rules and the invention of a few new ones, homeowners can regain their footing and financial security in no time!

Reconstruction of the American Dream

Daphne Hager — Thu, 17 Jun 2010 00:59:38 +0100

Lenders are finally starting to extend credit again, and sensible families capable of producing reasonable down payments are, for the most part, finally getting the green-light to purchase a new home. With interest rates at an all-time low, the time is once again right to buy! With so many buyers still in a state of shell shock, here are a few things we should all learn from the recent housing bubble as we wade back into the purchasing process:

Make a long term housing commitment.

This is not the time for a real estate “flip”. There's still plenty of shell shock in the housing market and no one knows for sure when prices will spring back, so if you're planning to buy a home this year, plan on living there for the long haul (or at least 10 years).

Put aside a real down payment.

Many people had opted to make small down payments in previous years to avoid tying up all their equity in a mortgage. But as the market begins to show signs of stabilizing, the return will be evident in the form of higher equity, lower interest and payments, and a higher probability of a future refinance to reduce interest.

Don’t borrow more than you can afford.

No matter what the lender says you can finance. And if you don’t believe me, check out the current foreclosure rates. In layman’s terms - live within your budget. And, follow the three C's of old-school lending - credit, capacity and collateral. Remember the safe mortgage on a home should be no more than three times your annual family income.

Your housing market is the only one of its kind.

National housing trends are irrelevant to you and your unique community, so make sure that you understands your market's distinctive characteristics, including the areas job market, neighborhood foreclosure data, and the availability of newly built homes in your desired neighborhood.

By learning from the lending practices of our past we can begin making smart housing decisions in the future and rebuild the stability of the American real estate market.

Houston is Still a Strong Housing Market

Daphne Hager — Wed, 09 Jun 2010 00:03:07 +0100

According to a new top performing major markets report from Truckee, California-based Clear Capital Inc., “the Houston-Baytown-Sugar Land metropolitan area's housing market has had some tough competition in May, but managed to only drop a few slots.”

With a minute quarterly price drop, the Houston area falls from the No. 2 slot. But, the real estate valuation firm reported in its Home Data Index that the Houston-Baytown-Sugar Land metropolitan area ranked No.5 in May, with their quarterly price improvement of 2.7 percent. And, year-over-year the Houston-Baytown-Sugar Land metropolitan area price gains for May totaled 7.6 percent.

In March, Clear Capital reported that housing prices in Houston rose 1.8 percent in the first quarter of 2010 compared with the 2009 fourth quarter.

Houston was not the only Texas market to shine, as the Dallas area earned No. 1 status with a quarterly price gain of 3.4 percent. Other areas to make the list included San Diego, Pittsburgh and San Francisco.

Clear Capital provides real estate data to financial services companies.

Lowest Mortgage Rates of the Year

Daphne Hager — Fri, 04 Jun 2010 21:13:53 +0100

In response to the current uncertainty over European Debt, U.S. borrowers can now find the lowest mortgage rates year-to-date.

According to Freddie Mac, “mortgage rates fell to their lowest level of the year last week as yields on U.S. government securities fell, since fixed mortgage rates tend to follow the yield of 10-year Treasury notes.”

With the average 30-year fixed rate falling 4.84 percent from 4.93 percent a week earlier, Freddie Mac goes on to say it was the lowest rate since mid-December, when the average rate was about 4.81 percent.

Economists are predicting that these lower rates may help offset the fallout from the expired new homebuyer tax credit that is expected to hit at the end of June.

In short, although the time to claim a tax credit has passed, it may still prove to be a good time to buy a new home and lock in these lower interest rates that could save you even more than $8000 over the life of your mortgage!

High-End Segment Boosts Houston Real Estate

Greg Rivera — Wed, 10 Mar 2010 03:07:14 +0100

Houston Business Journal reported in late February on the Houston Association of Realtors’ comments on the first month of 2010. Apparently sales of homes priced at $500,000 and higher displayed dramatic gains in January. In addition, the median price rose 11.9 percent, marking nine consecutive months of median price increases in the Houston area.

According to Margie Dorrance, HAR chair and principal at Keller Williams Realty Metropolitan, “Several overlapping factors influenced the Houston housing market as the new year began. These include both the first-time homebuyer tax credit and the expanded credit for existing homeowners, which may have prompted more listing activity. Strong sales activity in the higher-end single-family home segment also contributed to an overall higher average sales price for the Houston market.” Dorrance also noted HAR anticipates Houston pricing to reflect a robust real estate market as the tax credit deadline on April 30th approaches and the busy spring hom-buying season approaches.

This boost from the high end signals a stimulation to the Houston economy and real estate market that is expected to escalate in the coming months.

Read the article from the Houston Business Journal. High-end segment boosts Houston’s real estate market

Texas Adds 50,000 Jobs in the Fourth Quarter

Greg Rivera — Wed, 17 Feb 2010 23:39:16 +0100

Keeping with the trend of a stabilizing and recovering economy, Texas is in the lead with one of the lowest unemployment rates in the nation, having an additional 50,000 new jobs added in the last quarter.

According to a study by SigmaBleyzer, Texas is one of the 10 largest states that can boast having the lowest unemployment rate. Despite losing 24,000 jobs in construction, trade, transportation and hospitality, Texas actually added 50,000 new jobs during the last quarter.

It is not only a decrease in unemployment that makes many hopeful; there are also continuing signs of recovery in the housing market, as well as the fact that Texas has one of the fastest growing populations in the country. This steady population growth will continue to keep the housing demand stable and long-term. It is no surprise then that approximately 27% of all new privately owned housing properties throughout the 20 largest cities in the U.S. are located in the Houston and Dallas areas, according to the U.S. Census Bureau.

Not only does Houston have a stable and sustained housing market, but their export activity is on the rise and Texas continues to be the largest exporter for the eighth year in a row. According to SigmaBleyzer, a private equity firm based in Houston, high oil prices and improving foreign demand for high-tech manufacturing are increasing, thus export activity is recovering. Unlike many other regions, when exports were on the decline nationally by 21%, Texas exports had only declined by 18%.

Houstonians can look to the future with hope, knowing they are in a city of stability and strength. Even in the midst of an economic downturn, things are looking up and can turn around.

Source: Houston.bizjournals.com

Gov. Rick Perry Acknowledges Houston's Strong Economic Environment

Greg Rivera — Wed, 17 Feb 2010 23:30:58 +0100

Governor Rick Perry was encouraging and hopeful as he gave a speech at the North Houston Economic Outlook Annual Symposium on Wednesday, as he called Houston “a city that gets more attractive every year.” His speech recognized Houston’s strong economic environment and he urged Houstonians to continue in their hard work and commitment.

“Texas leads the nation in so many positive categories, from Fortune 500 companies to job creation,” Perry said, “we owe it to our citizens to continue our economic success by adhering to our proven fiscal disciplines.”

Texas is a leader. This was a point that Perry emphasized as he spoke about the Lone Star State and it’s strong economy. By that leadership Texas remains the top exporting state in the nation for the eighth straight year with more than $163 billion in exports for 2009. The exporting industries shipped mostly to Mexico, Canada, China, the Netherlands and Korea with goods mostly in the areas of computers and electronics, chemicals, machinery, petroleum and coal, and transportation equipment.

Perry acknowledged the hard work of Texans and the disciplined leadership at the state level that enables Houstonians to compete for jobs, investment and business, all contributing to Houston’s success. He noted the accolades Houston has received including the 2009 Label of ‘Best City to Get Ahead’ by Forbes and the name of ‘the Number One Metropolitan Area’ by Site Selection Magazine.

But it’s not just “Best Place” recognitions that make Houston a great city. The reality is there are facts, hard statistics showing how Houston, and Texas as a whole, fares among the nation. According to Perry, “In October and November of 2009, Texas recorded the largest over-the-month increases in employment of any state in the country.” He also shared that “as of the latest report, we still have the lowest unemployment rate of the nation’s ten largest states; a rate that has stayed about two points below the national average for a while.” “Texas is the only top 10 state that has more jobs today than before things started heading south about three years ago and we produced more private sector jobs than any other state over the last 10 years,” he concluded.

With such a strong economic environment, leadership among the nation in many areas including exports, and a steady housing market, Houston will continue to stay in the lead.

To read Perry’s speech please visit http://governor.state.tx.us/news/

Texas Economy First to Recover

Greg Rivera — Sat, 23 Jan 2010 05:08:30 +0100

Chronicle analyst and writer Schuyler Dixon asserted that Texas "will be 'last in, first out' among states battling the recession," in an article published on January 17th at Chron.com.

Ray Perryman, economist and head of Perryman Group, cited the reasons for Texas' already rapidly developing recovery included advantages such as weather, stable home prices, and a political climate friendly for companies seeking new business frontiers.

Texas' job losses represented only 4 percent of national numbers, despite Texas' rank at 8 percent when impacting the U.S. economy. These numbers infer that Texas suffered only about half of the job loss that might be expected. For the past two months, we have even been enjoying a moderate job gain, which is something Perryman expects to continue.

Laila Assanie, an associate economist without eh Federal Reserve Bank in Dallas, noted along with Perryman that other positives for the Texas economic sector are a recent bump in oil prices and retail's weathering the holiday season well.

To read the entire article, visit http://www.chron.com/disp/story.mpl/front/6820385.html.

Houston Area Ranked as the 8th Fastest Recovering City

Greg Rivera — Thu, 10 Dec 2009 22:24:53 +0100

The recession swept over us and left many states feeling the financial blow, but the Best in Texas know where they can rest in peace – in their own Lone Star State. If you’re looking for a great place to live, with stability, abundant resources and excellent education, look no further than the Houston area in Texas.

Houston was ranked No. 8 in a recent issue of Forbes Magazine which determined and listed America’s fastest recovering cities from the recession. These cities, the 100 largest Metropolitan Statistical areas according to the U.S. office of Management and Budget, were ranked based on their unemployment rate, the size of their economy, foreclosures, home prices and home sales rates.

That Houston ranked towards the top of the list should come as no surprise to area residents who have seen the stability of the area’s housing market – a major indicator of the economy for cities across the U.S. In fact, the Houston area was ranked #1 for home price in the Forbes study. Housing prices didn’t rise to a level that couldn’t be sustained; therefore the housing market didn’t crash as hard as other cities around the nation.

Another major factor helping cities weather the recession is having diversified industries. While Houston relies heavily on oil, it has diversified its energy industry to include refining and chemicals manufacturing as well. While it may not be possible to avoid the recession entirely, these factors have definitely helped protect Texas, and as things start to turn around and look up, Houston will be one of those cities that remains a stable and welcoming place to be.

Source: www.forbes.com

Houston a Hotbed for Clean-Tech Green Jobs

Sat, 05 Dec 2009 08:07:30 +0100

Clean-tech and "green collar" jobs, or occupations that promote the wellness of the environment through the use of energy efficient and "clean" technology, are a topic growing in popularity and awareness in not only the U.S., but the global world. This global concern is one that greatly affects those involved in the energy industry, and inherently Houston.

Houston-based companies like Exxon Mobil, Shell, and Kinder Morgan are all taking these concerns seriously as they compete to be the most innovative and efficient in providing what today's concerned consumers expect: clean, green technology & renewable energy.

The Clean Edge, a green-industry research firm composed a list of the best metropolitan areas for clean-tech job activity, and Texas made the list twice, with the Houston/Galveston/Brazoria area at number 15.

Right now, the U.S. economy is creating approximately 1.3 million new "green collar" jobs a year (Challenger Gray & Christmas http://www.challengergray.com/), and by 2030, the number of U.S. jobs related to energy efficiency and conservation will hit 40 million (American Solar Energy Society http://www.ases.org). This progress will inherently create more opportunities for Houstonians to get involved through their work and contribute to the greater good.

Source: http://money.cnn.com/2009/10/26/news/economy/green.jobs.fortune/index.htm

Recession Loses Grip; More Hopefuls for the Houston Economy

Greg Rivera — Sat, 05 Dec 2009 03:59:34 +0100

Forbes.com reported the latest unemployment numbers are a sign that the recession is receding, and that December may be the first month of job growth in two years! Some economists had expected the rate to stay at 10.2%, but happy Houstonians and Americans witnessed a drop to 10% - a significant surprise.

In addition, the Bureau of Labor statistics revised down their previous estimates for the months of September and October, claiming unemployment during that period was not as bad as previously noted.

Other hopeful statistics:

-The average workweek for production and nonsupervisory workers rose by 0.2 hours to 33.2 hours. This signals an increase in hiring and demand for labor.

-The manufacturing workweek rose by 0.3 hours to 40.4 hours. Forbes called this a sign that even manufacturing employers will have to increase hiring soon.

-There were increases in health and education employment.

-Companies are continuing to look to Houston and Texas as a whole to transfer or add locations.

These numbers signal a very positive note for the Houston economy, as when the rest of the country is doing well, consumption rises and the need for Houston's fortés grows with it.

Houston residents are placed in one of the most opportune vantage points in the country, with hopes and ambitions placed toward likely attainable goals of growth and success!

Source: http://www.forbes.com/2009/12/04/unemployment-jobs-economy-business-beltway-jobs.html

Home Buyer Tax Credit Extended

Cheryl Boe — Fri, 30 Oct 2009 00:02:55 +0100

The Home Buyer Tax Credit has been extended. Senators agreed to extend the tax credit which provides up to $8,000 to first-time buyers to April 30, 2010.

The program was initially set to expire November 30, and is credited for stimulating the nation’s housing industry. However, the Commerce Department reports that after seeing a decline in new-home sales, some industry experts blamed consumer uncertainty about the tax credit.

Senators agreed to extend the existing tax credit for first-time homebuyers while offering a reduced credit of up to $6,500 to repeat buyers who have owned their current homes for at least five years. The tax credits will be available to home buyers who sign sales agreements by the end of April. They would have 60 days or until June 30 to close on their new homes, according to a summary of the legislation being circulated among lawmakers.

Houston Property Sales Show Expected Strength in September Compared to the Month of Hurricane Ike

Cheryl Boe — Sat, 24 Oct 2009 20:28:56 +0100

Year-over-year single-family home sales soar 32 percent and median price edges up further

Hurricane Ike sidelined Houston’s real estate business for several weeks after tearing through the region in September 2008, so it comes as no surprise that property sales one year later surged into positive territory. According to the latest monthly data compiled by the Houston Association of REALTORS® (HAR), September volume of single-family home sales across the greater Houston area rose 32.0 percent compared to September 2008. Total property sales climbed 30.4 percent in September on a year-over-year basis. The increases come on the heels of gradual improvements to the local housing market resulting from an influx of first-time home buyers who have taken advantage of the federal government’s $8,000 tax credit that expires at midnight on November 30.

At $156,200, the September single-family home median price—the figure at which half of the homes sold for more and half sold for less—edged up 0.2 percent from one year earlier, representing the fifth straight monthly increase in median price. The average price of a single-family home in Houston dipped 1.6 percent last month to $205,925 compared to September 2008.

Foreclosure property sales continued to slow in September, making up 18.6 percent of all single-family home sales in the Houston area compared to 19.3 percent in September 2008 and the 12-month peak of 34.0 percent in January of this year. The median price of September foreclosure sales reported in the Multiple Listing Service (MLS) declined 1.0 percent from $88,950 to $88,000 on a year-over-year basis.

Sales of all property types in Houston for August totaled 5,654, up 30.4 percent compared to September 2008. Total dollar volume for properties sold during the month was $1.1 billion versus $877 million one year earlier, representing an increase of 25.7 percent.

“It is wonderful to see such a positive monthly report for the Houston real estate market, but stacking these numbers up against a month in which Hurricane Ike devastated the local real estate industry and many other businesses is a bit unfair,” said Vicki Fullerton, HAR chair and broker of record at RE/MAX of The Woodlands & Spring. “Nonetheless, we had recently begun to see indicators suggesting that we are working our way out of the market downturn and we expect to see continued improvement.”

September Monthly Market Comparison
The month of September brought Houston’s overall housing market positive results when all listing categories are compared to September of 2008. Total property sales, total dollar volume and median single-family home sales prices were all up on a year-over-year basis while average single-family home sales prices dipped.  

The number of available properties, or active listings, at the end of September fell 9.2 percent from September 2008 to 45,520. That is 503 less active listings than one month earlier, in August 2009, and considered an indicator of balanced housing inventory levels. 

September’s month-end pending sales—those listings expected to close within the next 30 days—totaled 3,650, which was 41.3 percent higher than last year. Because this compares to the month in which Hurricane Ike interrupted many Houston real estate transactions, it’s hard to determine if this figure portends improving sales for October. The months inventory of single-family homes for September came in at 6.2 months, down from 6.4 months one year earlier, and remains healthier than the national months inventory of single-family homes of 8.5 months, reported by the National Association of REALTORS®.

Single-Family Homes Update
At $156,200, the median sales price for single-family homes rose for the fifth consecutive month, up 0.2 percent from September 2008. That represents the highest median price ever recorded in a September in Houston. The national single-family median price reported by NAR is $177,500, illustrating the continued higher value and lower cost of living that consumers enjoy in the Houston market. The average price of single-family homes in September was $205,925, slipping 1.6 percent from one year earlier. That represents the second highest average price ever recorded in a September in Houston.

September sales of single-family homes in Houston totaled 4,792, up 32.0 percent from September 2008. This effectively ends 24 consecutive months of declining sales volume.

HAR also reports existing home statistics for the single-family home segment of the real estate market. In September 2009, existing single-family home sales totaled 4,074, a 35.6 percent increase from September 2008. At $149,000, the median sales price for existing homes in the Houston area was flat compared to last year. The average sales price of $192,487 for the month slid 2.7 percent from its September 2008 level.

Townhouse/Condo Update
The number of townhouses and condominiums sold in September rose compared to one year earlier. In the greater Houston area, 472 units were sold last month versus 392 properties in September 2008, translating to a 20.4 percent boost in year-over-year sales.

The median price of a townhouse/condominium edged down 0.8 percent year-over-year to $126,000. The average price dipped 2.1 percent to $157,776 from September 2008 to September 2009.

Lease Property Update
Demand for single-family home rentals rose 3.5 percent in September compared to a year earlier. Year-over-year townhouse/condominium rentals increased 2.2 percent.

Houston Real Estate Milestones in September

Single-family homes sales rose 32.0 percent, ending 24 consecutive months of declining volume;
The median price of a single-family home rose for the fifth straight month to the highest level ever recorded in a September ($156,200);
The average price of a single-family home reached the second highest level ever recorded in a September ($205,925);
Month’s inventory of single-family homes dropped from 6.4 to 6.2 months compared to the national average of 8.5 months.

The computerized Multiple Listing Service of the Houston Association of Realtors® includes residential properties and new homes listed by 23,000 Realtors throughout Harris, Fort Bend and Montgomery counties, as well as parts of Brazoria, Galveston, Waller and Wharton counties. Residential home sales statistics as well as listing information for more than 53,000 properties may be found on the Internet at http://www.har.com.

The information published and disseminated to the HAR Multiple Listing Services is communicated verbatim, without change by Multiple Listing Services, as filed by MLS participants.

The MLS does not verify the information provided and disclaims any responsibility for its accuracy. All data is preliminary and subject to change. Monthly sales figures reported since November 1998 includes a statistical estimation to account for late entries. Twelve-month totals may vary from actual end-of-year figures. (Single-family detached homes were broken out separately in monthly figures beginning February 1988.)

Founded in 1918, the Houston Association of Realtors® (HAR) is a 23,000-member organization of real estate professionals engaged in every aspect of the industry, including residential and commercial sales and leasing, appraisal, property management and counseling. It is the largest individual membership trade association in Houston, as well as the second largest local association/board of Realtors® in the United States.

Early Voting Begins TODAY, Monday, October 19th

Cheryl Boe — Tue, 20 Oct 2009 04:08:16 +0100

Early Voting begins, TODAY, Monday, October 19 in the Texas Constitutional Amendments Election. Several measures have been endorsed by the Texas Association of REALTORS which represent significant appraisal reform and protection of private property rights.

The Houston Association of Realtors asks that you please cast your vote FOR Propositions 2, 3, 5, 9 and 11. Early voting begins October 19 and ends October 30. Election day is November 3. Contact your county voter registrar’s office for early Voting locations in your community.
Propositions 2, 3, and 5 have fallen victim to a malicious and deliberate misinformation campaign which is meant to prey on the fears of uninformed voters in hopes that they will not actually read the proposals. Here is what they do:

Proposition 2: Homeowners in Texas are well aware of astronomical increases in appraised values. These increases can be made ever worse when chief appraisers choose to bypass taxing a property as homestead, and base their taxes on the “highest and best use” of the property. Proposition 2 protects homeowners, who happen live in or near commercial areas, by mandating that their residence be appraised only as a residence, regardless of what the highest and best use of the property might be.

Proposition 3: Current law requires that standards and procedures for the appraisal of property to originate in the county were the tax is imposed. As a result property owners are often victimized by a hodgepodge of inconsistent rules and standards throughout the state. This constitutional amendment corrects this problem by simply requiring an appraisal district to follow standard appraisal methods and procedures.

Proposition 5: Appraisal review boards have the responsibility to resolve disputes between property owners and county appraisal districts when the taxable value of a property is being challenged. The property owner is always best served when the review boards are comprised of members who understand the issues and complexities of property valuations. Some rural counties have difficulty finding board members to meet these standards. This constitutional amendment will simply give these counties the option to pool together their qualified applicants to better ensure the property owner that their appraisal appeal is being handled professionally and timely.

Proposition 11: Both the U.S. and the Texas Constitution authorize the power of eminent domain. This power allows a governmental entity to take private property as long as it is for a “public use” and the owner is adequately compensated. This amendment would narrow the scope under which private property could be taken by eminent domain. It essentially would eliminate the taking of private property for either private economic development (e.g., a shopping mall) or to boost tax revenues. It also provides that the power of eminent domain could be granted only by a two-thirds vote of the Texas Legislature.

If you need additional background materials to share with other Texas REALTORS® and consumers, you can access a layman’s explanation.

Houston: One of the Country's Top Places to Start a Small Business

Cheryl Boe — Wed, 14 Oct 2009 02:32:15 +0100

A growing economy, affordable workers and a solid housing market have all contributed to Houston’s latest ranking as one of the county’s top large metropolitan areas to start a small business.

In a recently release article in Fortune Small Business, Houston was ranked No. 4 in the top 50 metro areas that are considered the “top cities to launch a small business” and are described as having “all of the features entrepreneurs need to thrive.”

In fact, Texas is the only state to have two cities listed in the top 10 of the 50 rankings – Austin came in at No. 8.

Fortune credits Houston’s low taxes, dominant oil industry and its evolution over the past decade. The city’s government is regarded for its aggressiveness in curbing pollution and diversifying the economy and its commitment to improving public transportation. Fortune also notes The Texas Emerging Technology Fund, an early-stage venture fund created by the Texas legislature, which allocated $180 million for research grants in the last two years, targeting the energy industry as well as the fast-growing aerospace, information technology, nanotechnology, biotech and medical sectors.

Houston was again recognized as having the world’s largest medical center and the nation’s top rated cancer hospital and heralded for its achieving the status of becoming the largest municipal purchasing green power in the country, according to the Environmental Protection Agency.

Houston continues to be recognized for its stability and strength, having added 500,000 new jobs over the past five years. Houston was also acknowledged in the recent Fortune article for its ability to endure the national recession. The future remains bright for Houston, with the Greater Houston Partnership forecasting an additional 600,000 jobs by the end of 2015.

Snider Tire, Michelin Opened New Tire Retreading Plant In Houston

Daphne Hager — Sat, 12 Sep 2009 12:27:16 +0100

More business has just come to Houston, creating job opportunities for Houstonians across the city and its communities. Due to an increase in demand, a new tire retreading plant has recently opened in Houston by Snider Tire, Inc. and Michelin Retread Technologies.

The new plant is located at 603 Northpark Central Drive near George Bush Intercontinental Airport, and will supply four of Texas' Snider commercial locations in Conroe, Dallas/Prairie, Beaumont, and Houston.

John Snider, president of Snider Tire, had this to say: "We have seen an increase in demand from trucking fleets for emergency roadside service and Michelin Retread Technologies tire products." He also added, "[the] new facility will ensure that we can meet the demand with additional production, as well as timely retread delivery to our commercial locations in Texas."

This new plant will cut delivery time to these locations by over 20 percent, according to Snider Tire. This will ensure more efficient operations, lower costs,and more jobs for people in the Houston area. It should also provide a nice boost to the automotive industry within Houston.

Source: Houston Biz Journals

Greater Houston Convention Visitors Bureau Thriving In Today's Economy

Daphne Hager — Thu, 20 Aug 2009 05:00:00 +0100

While many businesses may be struggling, the Greater Houston Convention Visitors Bureau (GHCVB) is very much alive and kicking. This was the positive message and outlook shown at August 18th's gathering at the George R. Brown Convention Center in Houston, Texas.

At George R. Brown, they gave attention to several notable bookings in Houston, including the 2012 AAU Junior Olympics, the NCAA Final Four in 2016, and the National Rifle Association's annual meeting set for 2013. The GHCVB has already booked a whopping total of 468,000 room nights for its upcoming years, which is 72% of its goal.

With no intention of settling, the organization also noted its programs to promote the local film industry; GHCVB will also add foreign consulates. This has, in fact, already begun, as consulates from Rwanda and Estonia established themselves in Houston. In an effort to help forward local meetings, the GHCVB is also partnering with the Greater Houston Hotel and Lodging Association.

With all of the past and upcoming visitors and action, Houston appears to have taken a lead as "the place to be" for event

For more information on the GHCVB visit their website at VisitHoustonTexas.com.

Source: Houston Biz Journals

November 30th Approaches; First Time Home Credit Still Available

Daphne Hager — Mon, 17 Aug 2009 05:00:00 +0100

The exciting opportunity for First Time Home Buyers may soon no longer be available, but those considering buying a home for the first time should make a decision before November if they want to receive the tax credit of up to $8,000. In order to be eligible for the credit, a home must be purchased before December 1, 2009.

That being said, we recommend first-time home buyers start the purchasing process no later than early November, as there may be hiccups involving insurance, closing, loan processing, and seller expectations.

If you are still interested in taking the credit, here are a few things to consider to help your decision along the way:

Any home purchased as the taxpayer’s principal residence and located in the United States qualifies. For a home that you construct, the purchase date is considered to be the first date you occupy the home.
If you made an eligible purchase in 2008, you claim the first-time homebuyer credit on your 2008 tax return. For an eligible purchase in 2009, you can choose to claim the credit on either your 2008 or 2009 income tax return.

You can not take credit if: your income exceeds the phase-out range, you buy your home from a close relative, you do not use the home as a primary residence, you sell your home before the end of the year, you are a nonresident alien, you are or were eligible to claim the District of Columbia first-time homebuyer credit, your home financing is from tax-exempt mortgage revenue bonds, you owned a principal residence at any time during the three years prior to the date of purchase.

You can stay up-to-date on Firs-Time homebuyer news as the deadline approaches by connecting via these networks:
Facebook
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Praise for Houston Home Prices

Melissa Burnham — Thu, 02 Jul 2009 05:00:00 +0100

According to the real estate forecaster Local Market Monitor, the latest Home Price Forecast has officially listed the Houston-Sugar Land-Baytown metropolitan area as expected to hold some of the strongest home prices in the nation over the next 12 months.

“These are markets that did not have a large boost in home prices over the last few years and therefore, even though the economy is doing poorly, no adjustment in prices has been necessary,” said Ingo Winzer, president of Local Market Monitor. “Steady economic growth and price appreciation have helped these markets remain stable.”

Because of Houston’s past stability in this area of the economy, turmoil is expected to be less profound than in other areas across the nation. This will create numerous opportunities for city- and state-wide growth in both the housing and employment sectors.

Not only has Houston been praised, but the Fort Worth-Arlington, McAllen-Edinburg-Mission, Dallas-Plano-Irving and San Antonio metropolitan areas have also been selected for the Top 10 List of featured top performing markets.

Source: Houston Business Journal