Tuesday, October 28, 2008

New Case Shiller Data Shows only Slight Change for DFW

Posted on Tuesday, October 28, 2008 at 05:27PM by Bill Webb 1 Comment The latest data from the Case-Shiller report on home prices shows that while home prices in the 20 largest markets continues to decline, the Dallas market has shown a slow down in the rate of decline and is in fact up for the year to date. The Dallas market continues to be one of the most stable markets in the country. The Dallas market enjoys a 2.3% job growth rate which is well above last year's U.S growth rate of 1.5% . The Dallas area leads the nation along with other Texas cities. The job growth rate would appear to be strong for the remainder of 2008 and into 2009. Dallas new home starts are down 34.8%. This represents a concerted effort by builders to keep inventories at low levels when compared to years past. This will continue to support the re-sale market in the area. When looking at existing home sales it is important to break the Dallas metroplex into it's smaller community parts. When we do this we see that there can be a wide swing in home sales from north to south or east to west. That is why this blog continues to focus on the communities to the north of Dallas in particular. The DFW foreclosure rate is also low at 1.4%. Again, you must look at particular communities in order to get a true picture of how the foreclosure rate is affecting the area. The pink elephant that is in the room with us is the U.S economy. Many consumers are frozen because of the media's portrait of an economy where credit is unattainable. This is not the case at all. Frankly, it is no harder to obtain a mortgage today than it was two months ago. If you are a borrower with good credit, a job, and have some money for a down payment then you can obtain a mortgage at historically low interest rates. With home prices on the lower end when compared to recent years, it is an excellent time to make a purchase or to move up into a larger home. If you have specific questions about your personal situation please contact me. I will be more than happy to help with the decision making process.

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