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March 2008

There are 5 blog entries for March 2008.

New Jobs, Low Unemployment and Home Price Increases a Good Sign for Austin Texas Real Estate Market?

Sunday, March 30th, 2008 at 4:56pm. 2,425 Views

According to the Texas Workforce Commission, the Austin Texas unemployment rate decreased from 3.9% in January to 3.6% in February.  This represents a decrease of 2,700 unemployed people in Austin.   Additionally, there were 16,900 more people employed in Austin in February 2008 compared to 2007. 

Although the number of homes sold in Austin has decreased significantly in 2008 compared to 2007, home values have continued to increase, new jobs have continued to be created, and unemployment has remained low.   While Austin has dealt with some of the pains of the national housing woes in terms of a reduction in the number of homes sold this year compared to last, the economic fundamentals still show strength that should provide some relief to homeowner

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A bright spot on the horizon for Austin residential real estate?

Monday, March 24th, 2008 at 9:46am. 1,774 Views

Since January 1st of this year (2008) 1,813 homes have sold and 884 homes have been withdrawn from the market in Austin Texas, a 28% decline and 42% increase respectively from the same period last year.  This reflects a weaker Austin Texas residential real estate market in 2008 compared to 2007.  With that said, the median price for homes sold during the same period in 2007 was $120 per square foot with an average 57 days on the market.  During the same period in 2008 the median home prices have risen slightly by 2.4% to $123 per square foot with an average of 69 days on the market.  Although this increase in Austin home value’s shows a slight improvement from the previous year, the improvement falls well short of making up for the decreased number of

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The Mueller Development in Austin Texas

Wednesday, March 5th, 2008 at 7:02pm. 2,396 Views

When the Robert Mueller Municipal airport closed down in 1999, plans began to be laid for one of the most ambitious building projects Austin has ever seen. All told there was 711 acres of prime real estate up for grabs, and the city knew that what happened to the land would be hugely important for the city's future.

Fortunately for the city, the plans that are now coming to fruition are a model of the ideal kind of development of urban space in this new millennium. Commercial and residential space are well apportioned, with enough shop space for interesting businesses to spring up, but not so much that it will feel like living in the middle of the downtown.

Construction of much needed public works, such as the Dell Children’s Medical Center of

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More Buyers Simply Choosing to Default on their Home Mortgage

Wednesday, March 5th, 2008 at 10:22am. 1,745 Views

As mortgage rates from subprime loans are beginning to reset and interest rates in general are beginning to increase due to the credit crunch, home owners are beginning to default in greater and greater numbers.  Many are simply abandoning attempts to pay back the money, and are simply letting their credit rating absorb the damage, as opposed to their day-to-day financial well-being. 

Indeed, while defaulting on a home loan is one of the worst things you can do to your credit score, being forced to declare bankruptcy from insurmountable levels of debt is considerably worse.  Furthermore, the overall effect bankruptcy can have on a person's life can be considerably worse than defaulting on a home loan, as attempts to pay off the debt for years and years

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2008 Austin Texas Real Estate Home Sales Still Slow

Sunday, March 2nd, 2008 at 9:48pm. 1,771 Views

Since January 1st of this year 1,214 homes have sold and 342 homes have been withdrawn from the market in Austin, a 32% decline and 47% increase respectively from the same period last year.  With that said, the median price for homes sold during the same period in 2007 was $120 per square foot with an average 58 days on the market.  During the same period in 2008 the median home prices have risen slightly by 2.6% to $122 per square foot with an average of 69 days on the market. 

So sales continue to be slow and listing prices have remained high.  The home builders continue to price their homes competitively.  Although I remain strongly optimistic about the future value of the homes in Austin, it looks like we are going to have to endure a slow

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