Coastal Bend MLS 2010 2nd Qtr Stats

The Second Quarter Coastal Bend Housing Sales Statistics are in and it is obvious from the numbers that the tax credit had an effect on the market. Statistics in April were up significantly from 2009 and they were down again in June. So what that means is that consumers did take advantage of the tax credit and either entered the housing market for the first time, or purchased a move-up home. That is certainly good news.

When you take a look at the figures it's easy to see that April 2010 closed sales were up significantly from April 2009 with 371 sales compare to 288, up 28 percent May figures also reflect an increase in sales of 12.74 percent with 354 Sales in May 2010. As for June, statistics reflect sales dropped in 2010 to 360 as compared to 396 in June of 2009.

The data also reflects that April was up in every category including average sales price, median sales price and total dollar volume.

With the apparent ups and downs, the overall good news is that the average numbers in each category were up. So on balance in Corpus Christi and the surrounding areas via our Coastal Bend MLS statistics the second quarter looked positive over all in the housing market.

Coastal Bend MLS 2010 1st Qtr Stats

The Coastal Bend Multiple Listing Service Statistics for the first quarter of 2010 are no surprise. For all practical purposes the first quarter shows the Corpus Christi housing market is status quo. There is, however, one bright spot: March is up just a bit and the hope is that trend will continue.

The statistics show, as predicted by NAR Chief Economist Lawrence Yun last month when he spoke here, that the real estate market will start moving in the coming months, but it will not be at a fast clip, but rather at a slower more methodical pace.

The number of closed sales for the first three months of 2009 stand at 730. That compares to 717 for the first quarter of 2010, down 1.78 percent.

The median average sales price for the first quarter of 2009 was $127,331. That compares to $129,416 for the first quarter of this year, up 1.64 percent.

Craig's List Scam Comes to Local Real Estate Market

News from CCAR - Monday Memo: "Have you been searching Craig's List and found one of your listings - rentals in particular- offered for some ridiculously low price with your name attached to it, but with a different number and e-mail?

Well several Realtors in our market have had that specific experience. How it works is scam artists pull your listings, place them on Craig's list with the fake numbers and then talk to the potential renter and get them to send them money for a rental which will never happen.

So you might want to scan Craig's list and make sure none of your rentals are there. We have also reported this to the Caller Times and the local television stations as well as Craig's List. So keep an eye out and beware!"

Fourth Quarter Housing Stats - Up From Last Year

December Closed Sales Bring Numbers Up For the Last Quarter of 2009


For the year, our sales figues are definitely down, but it is certainly positive that we ended 2009 with an improvement in the 4th quarter over the 4th quarter of 2008. Below are the year end Housing stats compareds.

Where to Go For Tax Info...Square Footage and Assessed Value

News from CCAR - Monday Memo: "Tax information, Square Footage and Assessed Values - Where and How to Find It

Did you know that there are several ways to find Tax Information from the five most used County Appraisal Districts?
Here is how to look for Square Footage Source and correct Tax ID to use when listing is entered in MLS:

Nueces County
Call: 36...
On location they have computers you can access: 201 N. Chaparral, Corpus Christi, Texas 78401
Website: http://www.ncadistrict.com/


San Patricio County
Call: 361-364- 5402
On location: 1146 E. Market St - PO Box 938, Sinton, TX 78387-0938
Website: http://www.sanpatriciocad.org/

Jim Wells County
Call: (361... ext.12
On location: 1600 East Main Street, Suite #100, Alice, Texas 78332
For a Copy of an Appraisal Card they charge 10¢ per page. The card needs to be picked up in person by the agent because their office does not take credit card payments.

Live Oak County
Call: 36...On location: 205 Bowie, Texas 78022-9998
For a copy of an Appraisal Card they charge $1 per page. They can fax it or email it to agent per request.

Kleberg County
Call: (3...On location: 502 E. Kleberg St., P. O. Box 1027, Kingsville, TX 78364-1027
Website: http://www.klebergcad.org/search_appr.php"

U.S. Treasury Dept. Revises Short Sale Guidelines to Assist Homeowners

SHORT SALE GUIDELINES REVISED

WASHINGTON (Associated Press) - Guidelines for short sales to help homeowners who need to sell their houses but cannot secure contracts at a high enough price to pay off their mortgages have been revised by the Treasury Department.

The plan was created to aid homeowners whose income or debt is too low to qualify them for a loan modification under the Making Home Affordable program. The plan establishes timetables, a standard process and documents, and cash incentives for participation.

The new guidelines require the following:

Property be the homeowner's primary residence;

homeowner be delinquent on the mortgage or likely to default; loan was made before Jan.1 this year and is less than $729,750 and borrowers' total monthly mortgage payment exceeds 31 percent of their before-tax income.

The guidelines are expected to reduce paperwork by requiring mortgage companies to use the financial and hardship documents submitted by borrowers seeking a loan modification. To speed up the approval process, mortgage companies will have to approve short-sale terms, including the minimum listing price, before the house is put on the market. Mortgage companies will be required to offer the program as of April 5, 2010.

Sharing Fees With Attorneys - Is It Permissible?

News from CCAR - Monday Memo: "An attorney told me that her client attended an open house for one of my listings and wanted to make an offer on the property. The attorney told me she was preparing an offer for her client and insisted that I pay her the same fees I had offered to cooperating brokers in the MLS. The attorney does not have a broker's license. Can I pay the attorney the coop fee if this offer is accepted by my client?

The answer is NO. The following explains why.

The Texas Real Estate License Act (Texas Occupations Code, Section 1101.652(b)(11)) provides that a broker can lose his license for paying a fee to anyone not licensed as a real estate broker or salesperson in Texas or any other state for compensation for services as a real estate agent. While the attorney is exempt from regulation under the Texas Real Estate License Act, you are not; you would face disciplinary action for violating the act.

Certainly, the attorney is permitted to represent clients in real estate transactions by virtue of her license to practice law. It does not follow that you can pay that attorney the coop fee for her representation of her client. The attorney can and should seek compensation for her services from her client."