economic and market watch report - keller williams...

Economic and Market Watch Report

2nd Quarter, 2009

*Click on a County to view economic and real estate information at the county and zip code level

© 2009 North Texas Real Estate Information Systems, Inc. andNATIONAL ASSOCIATION OF REALTORS®

Reproduction, reprinting, or retransmission in any form is prohibited without writtenpermission.

North Texas Real Estate Information Systems, Inc.

Index

North Texas Real Estate Information Systems, Inc. (NTREIS) is a real estate information and technology solution provider serving the real estate community in a coverage area exceeding 16,000 square miles in North Texas, including the Dallas Fort Worth Metropolitan Area.

NTREIS provides information management services to over 16,000 MLS subscribers of its 18 shareholder REALTOR Associations, including over 3,000 real estate offices.

In addition to its information management platform; NTREIS researches, develops and delivers various technology products and services through strategic alliances, utilizing a sales and distribution network which includes its shareholder REALTOR Associations.

Economic and Market Watch Report

Local ReportTexas

1 Bosque County .............................................................................................................2 Callahan County ..........................................................................................................3 Cherokee County .........................................................................................................4 Coleman County ..........................................................................................................5 Collin County ...............................................................................................................7 Comanche County .......................................................................................................8 Cooke County ...............................................................................................................9 Dallas County ...............................................................................................................

12 Delta County ................................................................................................................13 Denton County .............................................................................................................15 Eastland County ..........................................................................................................16 Ellis County ..................................................................................................................18 Erath County ...............................................................................................................19 Fannin County .............................................................................................................21 Fisher County ...............................................................................................................22 Franklin County ..........................................................................................................23 Freestone County .........................................................................................................24 Grayson County ...........................................................................................................26 Hamilton County .........................................................................................................27 Haskell County .............................................................................................................28 Henderson County .......................................................................................................29 Hill County ...................................................................................................................30 Hood County ................................................................................................................31 Hopkins County ...........................................................................................................32 Hunt County .................................................................................................................34 Jack County .................................................................................................................35 Johnson County ...........................................................................................................

37 Jones County ................................................................................................................38 Kaufman County .........................................................................................................39 Lamar County ..............................................................................................................40 Limestone County ........................................................................................................41 Montague County ........................................................................................................42 Navarro County ...........................................................................................................43 Nolan County ...............................................................................................................44 Palo Pinto County ........................................................................................................45 Parker County .............................................................................................................47 Rains County ................................................................................................................48 Red River County ........................................................................................................49 Rockwall County .........................................................................................................50 Smith County ...............................................................................................................52 Somervell County ........................................................................................................53 Stephens County ..........................................................................................................54 Tarrant County ............................................................................................................57 Taylor County ..............................................................................................................59 Upshur County .............................................................................................................60 Van Zandt County .......................................................................................................61 Wise County .................................................................................................................63 Wood County ...............................................................................................................64 Young County ..............................................................................................................

65 Others ...........................................................................................................................

66Trends ...............................................................................................................................................67Chief Economist's Commentary* ...................................................................................................69Economic Monitor* .........................................................................................................................

*Reprinted from Real Estate Outlook: Market Trends and Insights. ©2009 NATIONAL ASSOCIATION OF REALTORS ®.Used with permission. Reproduction, reprinting, or retransmission of this article in any form (electronic media included) is prohibited without permission. For subscription information please call 1-800-874-6500.

Local Report

Bosque County, TX

1 2 3 4 5 Seller's Market

Buyer's Market

Employment increased by 210 jobs in Bosque County during April and May. However, the number of job seekers also increased. The combined effect of these two trends was an increase in the average monthly unemployment rate from 6.7% for the first quarter to 7% in the first two months of the second quarter. The solid job growth may provide home sales, while historically low mortgage rates boost affordability.

Labor Market :

Housing Market :

(Forecast)Q1' 09 Q2' 09 Q3' 09

$215,900Average Price $93,600

144# Homes on the Market * 177

5# Homes Sold ** 14

NA# New Homes Built *** NA ***

214Avg # of Days on Market 113 * Available as of Jun. 30, 2009.

*** During the first two months of 2nd quarter. ** May not add to total of zip codes.

Zip Code Average Price Price Change***

Total #Homes Sold

(Quarter)

% Change in #Homes Sold

***

Average Dayson Market

% of Asking Price(Sold/

List Price)

Data by Zip Codes for Q2 2009

76634 $128,300 78.69% 7 16.67% 93.6%16976649 $97,500 N/A 1 N/A 92.9%2776652 $91,500 -56.22% 1 0.00% 83.2%2776665 $34,000 -78.40% 1 -50.00% 98.8%16076671 $47,000 -66.43% 2 100.00% 97.4%4876689 $63,500 N/A 1 N/A 100.8%4776690 $31,000 N/A 1 N/A 100.0%51

1

*** % Change of current quarter compared to the same quarter to year ago.

Local Report

Callahan County, TX


Buyer's Market

Employment increased by 69 jobs in Callahan County during April and May. However, the number of job seekers also increased. The combined effect of these two trends was an increase in the average monthly unemployment rate from 4.8% for the first quarter to 5.3% in the first two months of the second quarter. The solid job growth may provide home sales, while historically low mortgage rates boost affordability.

Labor Market :

Housing Market :

(Forecast)Q1' 09 Q2' 09 Q3' 09



14# Homes Sold ** 35





Total #Homes Sold

(Quarter)


***



List Price)


76443 $80,800 N/A 4 N/A 94.1%11579504 $159,100 100.13% 3 -25.00% 92.4%15079510 $117,700 -1.75% 26 85.71% 96.9%131

OTHER $155,000 0.19% 2 -33.33% 97.1%135

2


Local Report

Cherokee County, TX


Buyer's Market

Employment increased by 513 jobs in Cherokee County during April and May. However, the number of job seekers also increased. The combined effect of these two trends was an increase in the average monthly unemployment rate from 8.1% for the first quarter to 8.2% in the first two months of the second quarter. The solid job growth may provide home sales, while historically low mortgage rates boost affordability.

Labor Market :

Housing Market :

(Forecast)Q1' 09 Q2' 09 Q3' 09

NAAverage Price $1,055,000

NA# Homes on the Market * 10

NA# Homes Sold ** 1


NAAvg # of Days on Market 421 * Available as of Jun. 30, 2009.



Total #Homes Sold

(Quarter)


***



List Price)


75766 $1,055,000 104.85% 1 0.00% 84.4%421

3


Local Report

Coleman County, TX


Buyer's Market

Employment increased by 86 jobs in Coleman County during April and May. However, the number of job seekers also increased. The combined effect of these two trends was an increase in the average monthly unemployment rate from 6.1% for the first quarter to 6.3% in the first two months of the second quarter. The solid job growth may provide home sales, while historically low mortgage rates boost affordability.

Labor Market :

Housing Market :

(Forecast)Q1' 09 Q2' 09 Q3' 09

NAAverage Price $64,000


NA# Homes Sold ** 1





Total #Homes Sold

(Quarter)


***



List Price)


76834 $64,000 146.15% 1 0.00% 91.6%320

4


Local Report

Collin County, TX


Buyer's Market

Employment increased by 2,817 jobs in Collin County during April and May. However, the number of job seekers also increased. The combined effect of these two trends was an increase in the average monthly unemployment rate from 6.6% for the first quarter to 6.7% in the first two months of the second quarter. The solid job growth may provide home sales, while historically low mortgage rates boost affordability.

Labor Market :

Housing Market :

(Forecast)Q1' 09 Q2' 09 Q3' 09


6,054# Homes on the Market * 7,646

2,038# Homes Sold ** 2,957

506# New Homes Built *** 475 ***




Total #Homes Sold

(Quarter)


***



List Price)


75002 $204,900 -1.21% 246 -16.04% 97.4%6275009 $191,800 -13.25% 37 15.63% 97.3%9075013 $312,400 -8.17% 162 -22.12% 95.3%9275023 $177,500 -0.34% 141 -31.88% 98.1%4075024 $295,700 5.46% 117 -7.14% 95.5%10975025 $238,500 -5.81% 186 -15.07% 96.9%5475034 $409,200 5.98% 84 -57.79% 95.3%10975035 $227,200 3.04% 280 -5.08% 97.2%66

5


Local Report

Collin County, TX


Total #Homes Sold

(Quarter)


***



List Price)


75069 $211,400 7.26% 86 -20.37% 95.8%8475070 $228,800 -1.80% 399 -9.73% 96.4%7675071 $223,400 4.20% 163 -19.70% 97.2%8975074 $155,000 -8.12% 92 -31.85% 97.9%6475075 $179,400 -4.42% 93 -13.89% 97.6%5675078 $368,800 6.22% 65 -13.33% 95.1%11875093 $402,900 -16.41% 134 -24.72% 95.8%6375094 $278,100 -6.65% 79 -20.20% 94.5%8775098 $169,800 7.67% 184 -14.81% 96.4%8575166 $207,200 16.60% 15 15.38% 96.5%8975173 $162,900 4.49% 15 -28.57% 97.4%7675252 $275,000 -4.98% 77 2.67% 96.3%8475287 $280,900 -21.29% 49 -12.50% 95.7%5775407 $107,900 -10.60% 52 -8.77% 95.3%6675409 $128,200 1.83% 42 -30.00% 97.6%10375424 $120,000 105.13% 2 -50.00% 86.1%4075442 $99,800 69.44% 10 11.11% 98.1%12075454 $207,900 -7.02% 26 -13.33% 94.6%141

OTHER $221,500 -7.01% 121 -23.90% 96.5%72

6


Local Report

Comanche County, TX


Buyer's Market

In the first two months of the second quarter, 243 jobs were added to the payrolls of Comanche County. As a result of these new jobs, the average monthly unemployment rate fell from 5.4% during the first quarter to 5.1% for April and May. This steady job creation may help to maintain demand for home purchases. Favorable mortgage rates should support this trend.

Labor Market :

Housing Market :

(Forecast)Q1' 09 Q2' 09 Q3' 09



6# Homes Sold ** 12





Total #Homes Sold

(Quarter)


***



List Price)


76442 $105,000 -3.67% 8 -11.11% 91.4%15576444 $283,800 283.51% 2 0.00% 95.5%21476455 $480,000 N/A 1 N/A 91.9%202

OTHER $75,000 66.67% 1 0.00% 60.0%122

7


Local Report

Cooke County, TX


Buyer's Market

Employment increased by 537 jobs in Cooke County during April and May. However, the number of job seekers also increased. The combined effect of these two trends was an increase in the average monthly unemployment rate from 5.3% for the first quarter to 5.5% in the first two months of the second quarter. The solid job growth may provide home sales, while historically low mortgage rates boost affordability.

Labor Market :

Housing Market :

(Forecast)Q1' 09 Q2' 09 Q3' 09








Total #Homes Sold

(Quarter)


***



List Price)


76240 $175,400 17.64% 49 -33.78% 94.1%15776272 $220,000 -4.31% 3 -72.73% 99.5%49

OTHER $235,100 24.72% 6 -14.29% 92.3%137

8


Local Report

Dallas County, TX


Buyer's Market

In the first two months of the second quarter, 8,030 jobs were added to the payrolls of Dallas County. As a result of these new jobs, the average monthly unemployment rate fell from 7.4% during the first quarter to 7.2% for April and May. This steady job creation may help to maintain demand for home purchases. Favorable mortgage rates should support this trend.

Labor Market :

Housing Market :

(Forecast)Q1' 09 Q2' 09 Q3' 09



3,704# Homes Sold ** 5,284





Total #Homes Sold

(Quarter)


***



List Price)


75001 $211,100 -14.43% 23 -41.03% 96.4%8775006 $146,300 3.39% 86 -36.30% 97.4%7175019 $292,100 -9.76% 156 -26.76% 98.0%4475038 $353,500 42.20% 37 -9.76% 94.9%9575039 $335,900 2.19% 16 -36.00% 92.2%10075040 $103,100 -4.98% 149 -8.02% 96.8%5975041 $93,800 5.87% 50 -28.57% 96.5%6975042 $89,600 -4.98% 55 -33.73% 96.4%7775043 $117,900 4.15% 147 -9.26% 97.2%73

9


Local Report

Dallas County, TX


Total #Homes Sold

(Quarter)


***



List Price)


75044 $181,600 0.94% 123 -8.89% 96.0%6975048 $158,100 -8.93% 55 -1.79% 98.1%6975050 $73,700 -30.14% 36 -29.41% 95.3%8375051 $86,800 4.70% 60 -6.25% 99.1%8675052 $119,300 -7.45% 161 -14.81% 97.1%8175054 $189,000 -13.50% 2 0.00% 99.0%26875060 $99,100 -17.83% 66 -35.29% 96.1%6975061 $109,000 -4.97% 62 -12.68% 94.7%7575062 $126,900 -2.46% 82 -28.70% 95.3%8475063 $260,200 -1.74% 102 -28.17% 97.0%7475080 $172,100 -5.18% 108 -19.40% 98.2%4375081 $153,200 -4.07% 86 -15.69% 96.7%6275082 $182,300 -13.89% 3 -57.14% 95.2%4575088 $143,300 -0.49% 59 -30.59% 96.4%8975089 $142,000 -7.43% 119 -26.99% 97.5%7775104 $137,400 0.66% 157 -24.52% 97.0%8075115 $125,100 -7.47% 188 -22.95% 96.8%9075116 $94,100 8.54% 43 -6.52% 94.0%10775134 $82,500 -6.46% 60 -28.57% 97.4%10675137 $105,700 -1.21% 51 -28.17% 95.8%8075141 $35,400 -36.90% 4 100.00% 99.0%2275146 $84,900 -12.56% 66 -1.49% 95.5%8275149 $75,700 -10.73% 141 -20.34% 98.3%6375150 $83,100 -2.12% 100 -35.48% 98.3%7675159 $77,700 -22.14% 35 -16.67% 95.8%10975172 $85,500 -29.10% 1 0.00% 100.0%6375180 $65,400 -18.25% 36 -38.98% 96.6%7875181 $128,000 -6.36% 81 -22.12% 98.4%6575182 $321,900 -7.84% 11 -54.17% 94.5%10275201 $314,400 -35.49% 32 23.08% 96.2%7975202 $174,000 -18.96% 4 -33.33% 98.0%3575203 $50,500 -50.25% 8 0.00% 92.3%3675204 $243,200 -6.28% 80 -19.19% 95.7%9475205 $974,900 -1.12% 74 -47.14% 96.2%10475206 $277,100 -5.62% 125 0.00% 95.7%8875208 $246,100 12.89% 50 -38.27% 96.6%85

10


Local Report

Dallas County, TX


Total #Homes Sold

(Quarter)


***



List Price)


75209 $531,500 0.93% 60 -35.48% 96.3%8775211 $96,900 7.43% 59 -11.94% 96.0%6575212 $88,600 -5.44% 13 -13.33% 95.7%11575214 $383,600 -1.64% 170 -18.27% 96.2%7975215 $94,100 28.03% 10 -28.57% 96.2%11775216 $47,500 -4.81% 34 -38.18% 96.2%8075217 $55,000 -5.50% 134 -11.26% 97.4%5175218 $234,200 -4.84% 100 -7.41% 96.7%5875219 $314,700 11.64% 119 -17.36% 97.6%11075220 $240,700 -36.66% 51 -27.14% 91.7%8075223 $211,700 -1.44% 14 -53.33% 95.6%5575224 $87,700 -6.00% 33 -47.62% 96.8%7675225 $1,035,300 -16.69% 78 -26.42% 94.3%11175226 $246,000 -26.41% 1 -50.00% 100.8%28475227 $71,000 -18.48% 73 -33.64% 93.9%8675228 $112,300 -0.71% 128 -10.49% 97.2%6275229 $404,800 -11.31% 100 5.26% 96.9%8075230 $569,100 -8.08% 115 -1.71% 95.1%10175231 $199,800 -8.81% 35 -23.91% 96.5%7175232 $65,100 -2.40% 55 -5.17% 97.8%8875233 $96,100 -4.09% 20 -4.76% 98.1%6275234 $141,200 -20.32% 63 -12.50% 95.3%5575235 $139,600 22.67% 24 60.00% 94.9%7275236 $154,500 34.58% 15 -21.05% 97.4%12475237 $79,500 -25.28% 17 21.43% 97.4%9075238 $239,700 -1.80% 90 -29.69% 96.7%5375240 $180,600 -27.06% 26 0.00% 94.3%7075241 $55,100 -11.56% 56 -23.29% 97.4%5475243 $182,100 11.31% 78 -21.21% 96.8%7475244 $280,400 -16.02% 40 -21.57% 96.9%16175246 $114,900 -43.40% 2 -33.33% 102.6%8175248 $266,700 -13.52% 114 -16.79% 96.5%6175249 $113,900 10.37% 43 -12.24% 99.1%9675253 $79,700 -14.21% 21 -41.67% 93.9%9675254 $206,400 -23.95% 37 -15.91% 98.1%80

OTHER $130,400 -22.43% 66 -41.07% 96.9%81

11


Local Report

Delta County, TX


Buyer's Market

In the first two months of the second quarter, 17 jobs were added to the payrolls of Delta County. As a result of these new jobs, the average monthly unemployment rate fell from 7.2% during the first quarter to 7% for April and May. This steady job creation may help to maintain demand for home purchases. Favorable mortgage rates should support this trend.

Labor Market :

Housing Market :

(Forecast)Q1' 09 Q2' 09 Q3' 09



2# Homes Sold ** 12





Total #Homes Sold

(Quarter)


***



List Price)


75432 $75,400 -20.96% 11 22.22% 91.4%11375469 $54,000 92.86% 1 0.00% 80.0%109

12


Local Report

Denton County, TX


Buyer's Market

A total of 2,402 jobs were created during April and May. The new jobs in Denton County were offset by a proportional increase in the number of job seekers. The net result was no change in the average monthly unemployment rate for the first two months of the second quarter from the 6.4% rate of the first quarter. The new jobs should help demand. Coupled with historically low mortgage rates, these two patterns should help to keep the market moving.

Labor Market :

Housing Market :

(Forecast)Q1' 09 Q2' 09 Q3' 09



1,471# Homes Sold ** 2,408





Total #Homes Sold

(Quarter)


***



List Price)


75007 $176,300 -0.62% 137 -18.93% 98.3%5775010 $247,200 -2.02% 68 -16.05% 97.0%6575022 $417,200 9.16% 92 -10.68% 96.4%5975028 $242,300 -3.39% 203 -4.69% 97.7%5875034 $312,600 -5.93% 293 -8.15% 96.3%7775056 $208,600 -7.90% 198 -8.33% 96.3%7975057 $139,100 -13.44% 15 50.00% 96.9%8575065 $150,500 -8.34% 34 -33.33% 97.2%90

13


Local Report

Denton County, TX


Total #Homes Sold

(Quarter)


***



List Price)


75067 $152,200 3.47% 145 -32.56% 98.0%6675068 $162,700 6.62% 195 -11.36% 97.7%7475077 $230,700 -1.62% 134 -26.37% 97.1%6176201 $119,700 6.88% 18 -45.45% 97.3%3476205 $155,400 -9.44% 31 6.90% 96.6%9676207 $144,400 -3.28% 39 -4.88% 98.0%8976208 $180,000 -5.41% 50 -26.47% 96.5%9376209 $121,500 7.05% 61 -18.67% 97.0%11276210 $172,500 -3.79% 187 -5.08% 97.7%6876226 $315,300 -8.50% 101 -15.83% 95.9%7976227 $145,900 2.39% 112 -9.68% 97.9%7176247 $132,400 -7.99% 56 9.80% 96.7%6476249 $122,100 -22.48% 17 -46.88% 98.1%7276258 $156,200 0.26% 9 -43.75% 90.0%9876259 $159,700 27.15% 18 -5.26% 97.1%4976262 $231,400 -11.54% 69 -17.86% 95.1%8576266 $156,700 22.81% 41 -19.61% 94.5%143

OTHER $236,200 -19.30% 85 -14.14% 97.3%64

14


Local Report

Eastland County, TX


Buyer's Market

Employment increased by 130 jobs in Eastland County during April and May. However, the number of job seekers also increased. The combined effect of these two trends was an increase in the average monthly unemployment rate from 6.2% for the first quarter to 6.8% in the first two months of the second quarter. The solid job growth may provide home sales, while historically low mortgage rates boost affordability.

Labor Market :

Housing Market :

(Forecast)Q1' 09 Q2' 09 Q3' 09








Total #Homes Sold

(Quarter)


***



List Price)


76435 $57,500 -87.19% 1 0.00% 79.3%13376437 $25,000 -53.79% 1 0.00% 83.3%1076448 $124,500 13.28% 13 -27.78% 88.8%5576470 $77,500 11.03% 2 -33.33% 92.3%204

15


Local Report

Ellis County, TX


Buyer's Market

In the first two months of the second quarter, 490 jobs were added to the payrolls of Ellis County. As a result of these new jobs, the average monthly unemployment rate fell from 7% during the first quarter to 6.9% for April and May. This steady job creation may help to maintain demand for home purchases. Favorable mortgage rates should support this trend.

Labor Market :

Housing Market :

(Forecast)Q1' 09 Q2' 09 Q3' 09


995# Homes on the Market * 1,234






Total #Homes Sold

(Quarter)


***



List Price)


75101 $40,000 -33.33% 1 0.00% 72.7%075119 $120,000 1.10% 28 -50.00% 95.7%12175125 $84,900 25.59% 8 60.00% 98.4%5975152 $84,600 -4.51% 8 0.00% 93.6%6975154 $148,500 -4.81% 71 -27.55% 97.4%11475165 $141,500 -4.13% 92 -14.02% 95.8%8375167 $216,900 8.40% 20 -16.67% 95.5%11476064 $375,000 68.69% 1 -66.67% 94.0%13876065 $186,800 0.97% 105 -16.00% 97.4%99

16


Local Report

Ellis County, TX


Total #Homes Sold

(Quarter)


***



List Price)


76651 $225,200 169.06% 4 -50.00% 118.7%10576670 $230,000 283.33% 1 0.00% 93.9%366

OTHER $211,200 10.11% 7 -50.00% 97.7%40

17


Local Report

Erath County, TX


Buyer's Market

Employment increased by 581 jobs in Erath County during April and May. However, the number of job seekers also increased. The combined effect of these two trends was an increase in the average monthly unemployment rate from 5.1% for the first quarter to 5.2% in the first two months of the second quarter. The solid job growth may provide home sales, while historically low mortgage rates boost affordability.

Labor Market :

Housing Market :

(Forecast)Q1' 09 Q2' 09 Q3' 09








Total #Homes Sold

(Quarter)


***



List Price)


76401 $121,100 -8.05% 49 -39.51% 94.6%9476433 $227,300 -5.49% 3 0.00% 89.4%5176446 $112,100 22.92% 9 125.00% 81.2%124

OTHER $45,000 -79.32% 1 -83.33% 90.0%24

18


Local Report

Fannin County, TX


Buyer's Market

In the first two months of the second quarter, 111 jobs were added to the payrolls of Fannin County. As a result of these new jobs, the average monthly unemployment rate fell from 7.8% during the first quarter to 7.5% for April and May. This steady job creation may help to maintain demand for home purchases. Favorable mortgage rates should support this trend.

Labor Market :

Housing Market :

(Forecast)Q1' 09 Q2' 09 Q3' 09








Total #Homes Sold

(Quarter)


***



List Price)


75413 $27,000 N/A 1 N/A 90.3%3575418 $97,400 -20.81% 25 -30.56% 95.1%7675438 $78,900 108.73% 3 200.00% 85.6%5375439 $72,000 -40.50% 1 -50.00% 90.0%14775446 $80,000 -32.83% 2 -50.00% 88.9%20575447 $82,500 N/A 2 N/A 94.4%2375452 $182,000 101.33% 9 -18.18% 96.9%8375476 $95,500 30.82% 1 -50.00% 95.5%075479 $86,000 -17.31% 3 0.00% 98.5%108

19


Local Report

Fannin County, TX


Total #Homes Sold

(Quarter)


***



List Price)


75488 $273,000 115.98% 1 -66.67% 94.1%16875490 $142,300 18.78% 3 -66.67% 98.5%56

OTHER $106,200 103.06% 3 200.00% 97.0%35

20


Local Report

Fisher County, TX


Buyer's Market

Employment increased by 53 jobs in Fisher County during April and May. However, the number of job seekers also increased. The combined effect of these two trends was an increase in the average monthly unemployment rate from 5.1% for the first quarter to 5.4% in the first two months of the second quarter. The solid job growth may provide home sales, while historically low mortgage rates boost affordability.

Labor Market :

Housing Market :

(Forecast)Q1' 09 Q2' 09 Q3' 09



1# Homes Sold ** 1





Total #Homes Sold

(Quarter)


***



List Price)


79543 $39,600 N/A 1 N/A 111.3%10

21


Local Report

Franklin County, TX


Buyer's Market

A total of 81 jobs were created during April and May. The new jobs in Franklin County were offset by a proportional increase in the number of job seekers. The net result was no change in the average monthly unemployment rate for the first two months of the second quarter from the 5.6% rate of the first quarter. The new jobs should help demand. Coupled with historically low mortgage rates, these two patterns should help to keep the market moving.

Labor Market :

Housing Market :

(Forecast)Q1' 09 Q2' 09 Q3' 09



1# Homes Sold ** 5





Total #Homes Sold

(Quarter)


***



List Price)


OTHER $207,000 338.56% 5 66.67% 89.2%182

22


Local Report

Freestone County, TX


Buyer's Market

A total of 209 jobs were created during April and May. The new jobs in Freestone County were offset by a proportional increase in the number of job seekers. The net result was no change in the average monthly unemployment rate for the first two months of the second quarter from the 5% rate of the first quarter. The new jobs should help demand. Coupled with historically low mortgage rates, these two patterns should help to keep the market moving.

Labor Market :

Housing Market :

(Forecast)Q1' 09 Q2' 09 Q3' 09








Total #Homes Sold

(Quarter)


***



List Price)


75840 $101,600 -14.19% 13 44.44% 94.4%8475848 $60,000 N/A 1 N/A 95.2%4975859 $274,400 88.46% 3 -57.14% 93.8%16875860 $81,200 -27.04% 5 25.00% 94.0%9176693 $236,600 37.96% 1 0.00% 102.9%103

OTHER $85,000 77.08% 2 100.00% 92.4%109

23


Local Report

Grayson County, TX


Buyer's Market

In the first two months of the second quarter, 411 jobs were added to the payrolls of Grayson County. As a result of these new jobs, the average monthly unemployment rate fell from 7.4% during the first quarter to 7.2% for April and May. This steady job creation may help to maintain demand for home purchases. Favorable mortgage rates should support this trend.

Labor Market :

Housing Market :

(Forecast)Q1' 09 Q2' 09 Q3' 09








Total #Homes Sold

(Quarter)


***



List Price)


75020 $102,900 -26.18% 61 -19.74% 94.2%12375021 $90,000 -20.98% 9 -25.00% 93.8%15075058 $188,100 13.72% 6 -50.00% 91.7%9775076 $134,600 -22.82% 25 -26.47% 92.5%15475090 $105,100 -4.19% 40 -35.48% 95.9%13575092 $137,800 8.50% 57 -25.97% 95.2%11075414 $197,000 110.70% 5 0.00% 96.8%24575459 $124,700 -7.08% 8 -46.67% 93.1%20575489 $110,000 12.24% 3 -50.00% 95.8%144

24


Local Report

Grayson County, TX


Total #Homes Sold

(Quarter)


***



List Price)


75491 $79,100 -16.21% 7 -36.36% 94.3%8275495 $176,400 1.79% 17 -22.73% 92.0%12776233 $80,900 20.57% 5 -28.57% 99.0%8476245 $69,400 -33.33% 7 16.67% 94.9%26276264 $55,000 -74.75% 1 -66.67% 91.8%2476268 $45,300 N/A 1 N/A 107.8%1076271 $161,000 69.83% 3 200.00% 97.0%10176273 $120,300 -26.96% 16 45.45% 95.6%57

OTHER $47,600 -78.84% 1 0.00% 89.9%11

25


Local Report

Hamilton County, TX


Buyer's Market

Employment increased by 138 jobs in Hamilton County during April and May. However, the number of job seekers also increased. The combined effect of these two trends was an increase in the average monthly unemployment rate from 4.3% for the first quarter to 4.7% in the first two months of the second quarter. The solid job growth may provide home sales, while historically low mortgage rates boost affordability.

Labor Market :

Housing Market :

(Forecast)Q1' 09 Q2' 09 Q3' 09



2# Homes Sold ** 6





Total #Homes Sold

(Quarter)


***



List Price)


76457 $528,600 343.83% 5 -50.00% 105.5%12776531 $117,200 136.29% 1 -50.00% 93.7%41

26


Local Report

Haskell County, TX


Buyer's Market

A total of 87 jobs were created during April and May. The new jobs in Haskell County were offset by a proportional increase in the number of job seekers. The net result was no change in the average monthly unemployment rate for the first two months of the second quarter from the 4.8% rate of the first quarter. The new jobs should help demand. Coupled with historically low mortgage rates, these two patterns should help to keep the market moving.

Labor Market :

Housing Market :

(Forecast)Q1' 09 Q2' 09 Q3' 09


2# Homes on the Market * NA

2# Homes Sold ** 2





Total #Homes Sold

(Quarter)


***



List Price)


79544 $191,000 N/A 1 N/A 100.0%85OTHER $46,000 N/A 1 N/A 102.2%39

27


Local Report

Henderson County, TX


Buyer's Market

In the first two months of the second quarter, 662 jobs were added to the payrolls of Henderson County. As a result of these new jobs, the average monthly unemployment rate fell from 7.3% during the first quarter to 6.9% for April and May. This steady job creation may help to maintain demand for home purchases. Favorable mortgage rates should support this trend.

Labor Market :

Housing Market :

(Forecast)Q1' 09 Q2' 09 Q3' 09








Total #Homes Sold

(Quarter)


***



List Price)


75124 $277,800 183.47% 3 -25.00% 91.2%16475148 $327,700 460.17% 9 350.00% 95.9%12075156 $227,300 65.31% 22 -45.00% 95.6%13175163 $98,900 -56.01% 4 100.00% 90.2%3475751 $149,400 -25.97% 13 -7.14% 95.0%13275752 $180,300 -69.98% 6 50.00% 77.4%12975770 $186,500 -38.65% 1 -83.33% 95.6%2075778 $176,900 -69.76% 1 0.00% 98.6%147

OTHER $118,100 -39.71% 11 -38.89% 93.5%93

28


Local Report

Hill County, TX


Buyer's Market

In the first two months of the second quarter, 474 jobs were added to the payrolls of Hill County. As a result of these new jobs, the average monthly unemployment rate fell from 6.9% during the first quarter to 6.8% for April and May. This steady job creation may help to maintain demand for home purchases. Favorable mortgage rates should support this trend.

Labor Market :

Housing Market :

(Forecast)Q1' 09 Q2' 09 Q3' 09








Total #Homes Sold

(Quarter)


***



List Price)


76055 $108,000 36.54% 1 -66.67% 100.0%10276621 $151,300 N/A 2 N/A 106.1%9676627 $62,000 -39.57% 1 -66.67% 87.9%8576631 $40,000 -75.76% 1 0.00% 91.5%38076636 $93,500 -77.72% 1 -80.00% 85.0%7476645 $86,100 -19.98% 15 -25.00% 98.2%8376648 $71,800 46.53% 3 -25.00% 85.3%4176692 $147,300 7.83% 23 -34.29% 93.1%149

OTHER $81,000 -29.75% 2 0.00% 95.0%126

29


Local Report

Hood County, TX


Buyer's Market

Employment increased by 546 jobs in Hood County during April and May. However, the number of job seekers also increased. The combined effect of these two trends was an increase in the average monthly unemployment rate from 5.9% for the first quarter to 6.1% in the first two months of the second quarter. The solid job growth may provide home sales, while historically low mortgage rates boost affordability.

Labor Market :

Housing Market :

(Forecast)Q1' 09 Q2' 09 Q3' 09








Total #Homes Sold

(Quarter)


***



List Price)


76048 $195,200 -19.47% 64 -37.86% 94.4%9176049 $210,400 5.68% 111 -26.00% 96.3%11376476 $98,000 -38.25% 4 0.00% 94.2%41

30


Local Report

Hopkins County, TX


Buyer's Market

In the first two months of the second quarter, 470 jobs were added to the payrolls of Hopkins County. As a result of these new jobs, the average monthly unemployment rate fell from 5.2% during the first quarter to 5.1% for April and May. This steady job creation may help to maintain demand for home purchases. Favorable mortgage rates should support this trend.

Labor Market :

Housing Market :

(Forecast)Q1' 09 Q2' 09 Q3' 09








Total #Homes Sold

(Quarter)


***



List Price)


75420 $120,700 -10.26% 3 50.00% 98.2%15475431 $305,000 358.65% 1 -50.00% 93.8%53075433 $135,000 4.17% 3 50.00% 98.0%14975437 $750,000 451.47% 1 -66.67% 89.8%18675478 $190,000 N/A 2 N/A 95.0%2475482 $123,100 -0.16% 49 -3.92% 92.2%83

OTHER $135,000 72.41% 2 -33.33% 86.0%73

31


Local Report

Hunt County, TX


Buyer's Market

In the first two months of the second quarter, 266 jobs were added to the payrolls of Hunt County. As a result of these new jobs, the average monthly unemployment rate fell from 7% during the first quarter to 6.8% for April and May. This steady job creation may help to maintain demand for home purchases. Favorable mortgage rates should support this trend.

Labor Market :

Housing Market :

(Forecast)Q1' 09 Q2' 09 Q3' 09








Total #Homes Sold

(Quarter)


***



List Price)


75135 $109,600 -14.24% 22 29.41% 93.6%7975401 $80,900 23.70% 24 20.00% 90.7%10975402 $107,300 -15.97% 41 -6.82% 95.3%9875422 $56,000 -60.03% 3 -62.50% 84.9%4475423 $52,000 -63.99% 2 0.00% 91.3%27775428 $72,100 -23.13% 6 -57.14% 93.5%12875453 $110,300 -6.68% 7 40.00% 96.1%9275458 $125,000 N/A 1 N/A 89.3%12875474 $86,400 -30.43% 31 -22.50% 91.9%104

32


Local Report

Hunt County, TX


Total #Homes Sold

(Quarter)


***



List Price)


75496 $90,000 4.77% 2 -60.00% 95.7%86OTHER $145,700 -5.63% 23 -28.13% 95.9%99

33


Local Report

Jack County, TX


Buyer's Market

Employment increased by 72 jobs in Jack County during April and May. However, the number of job seekers also increased. The combined effect of these two trends was an increase in the average monthly unemployment rate from 4.9% for the first quarter to 5.7% in the first two months of the second quarter. The solid job growth may provide home sales, while historically low mortgage rates boost affordability.

Labor Market :

Housing Market :

(Forecast)Q1' 09 Q2' 09 Q3' 09



1# Homes Sold ** 3





Total #Homes Sold

(Quarter)


***



List Price)


76458 $71,100 -92.06% 2 -33.33% 83.7%93OTHER $62,000 -6.34% 1 0.00% 91.2%79

34


Local Report

Johnson County, TX


Buyer's Market

Employment increased by 612 jobs in Johnson County during April and May. However, the number of job seekers also increased. The combined effect of these two trends was an increase in the average monthly unemployment rate from 6.7% for the first quarter to 7.3% in the first two months of the second quarter. The solid job growth may provide home sales, while historically low mortgage rates boost affordability.

Labor Market :

Housing Market :

(Forecast)Q1' 09 Q2' 09 Q3' 09








Total #Homes Sold

(Quarter)


***



List Price)


76009 $96,700 9.14% 40 -16.67% 96.1%10076028 $149,100 -5.57% 112 -30.86% 95.9%8876031 $121,400 6.68% 25 -10.71% 94.9%13376033 $133,800 14.46% 70 -29.29% 96.8%9576044 $188,100 21.91% 8 14.29% 97.5%5376050 $121,600 -35.97% 10 -9.09% 93.9%10876058 $67,900 -41.62% 45 -4.26% 94.1%8276059 $74,600 -15.61% 13 225.00% 98.5%108

35


Local Report

Johnson County, TX


Total #Homes Sold

(Quarter)


***



List Price)


76061 $32,000 N/A 1 N/A 80.2%14676084 $71,100 13.94% 13 -7.14% 95.1%76

OTHER $129,900 -23.95% 9 -55.00% 101.9%143

36


Local Report

Jones County, TX


Buyer's Market

In the first two months of the second quarter, 74 jobs were added to the payrolls of Jones County. As a result of these new jobs, the average monthly unemployment rate fell from 6.9% during the first quarter to 6.6% for April and May. This steady job creation may help to maintain demand for home purchases. Favorable mortgage rates should support this trend.

Labor Market :

Housing Market :

(Forecast)Q1' 09 Q2' 09 Q3' 09








Total #Homes Sold

(Quarter)


***



List Price)


79501 $99,600 -0.30% 4 0.00% 94.3%4679520 $40,000 -41.94% 1 -90.00% 80.8%3779525 $131,700 57.54% 5 -16.67% 97.4%8779553 $65,000 N/A 2 N/A 96.4%169

OTHER $110,900 -20.44% 7 16.67% 100.3%73

37


Local Report

Kaufman County, TX


Buyer's Market

In the first two months of the second quarter, 319 jobs were added to the payrolls of Kaufman County. As a result of these new jobs, the average monthly unemployment rate fell from 7.4% during the first quarter to 7.2% for April and May. This steady job creation may help to maintain demand for home purchases. Favorable mortgage rates should support this trend.

Labor Market :

Housing Market :

(Forecast)Q1' 09 Q2' 09 Q3' 09








Total #Homes Sold

(Quarter)


***



List Price)


75114 $76,200 -30.16% 14 7.69% 94.9%9775126 $142,700 -8.23% 151 0.00% 98.3%7675142 $88,000 -6.98% 33 -34.00% 93.4%9175143 $91,500 -12.52% 10 -33.33% 93.4%7175147 $54,700 -47.10% 4 -60.00% 91.2%8275158 $171,300 22.97% 4 -50.00% 93.2%16775160 $109,900 -11.66% 50 -19.35% 94.6%11775161 $80,100 -48.36% 9 -40.00% 94.6%61

OTHER $212,500 1.09% 2 -66.67% 96.8%77

38


Local Report

Lamar County, TX


Buyer's Market

In the first two months of the second quarter, 480 jobs were added to the payrolls of Lamar County. As a result of these new jobs, the average monthly unemployment rate fell from 7% during the first quarter to 6.5% for April and May. This steady job creation may help to maintain demand for home purchases. Favorable mortgage rates should support this trend.

Labor Market :

Housing Market :

(Forecast)Q1' 09 Q2' 09 Q3' 09








Total #Homes Sold

(Quarter)


***



List Price)


75411 $90,500 N/A 1 N/A 95.4%13575416 $235,000 203.23% 1 0.00% 96.0%18475435 $100,000 N/A 1 N/A 71.7%26575460 $102,800 16.16% 15 -6.25% 96.3%14475462 $159,300 -8.71% 11 -35.29% 85.9%7475468 $380,000 199.21% 1 0.00% 96.2%775473 $129,200 -33.44% 3 -40.00% 96.4%143

39


Local Report

Limestone County, TX


Buyer's Market

In the first two months of the second quarter, 286 jobs were added to the payrolls of Limestone County. As a result of these new jobs, the average monthly unemployment rate fell from 5.6% during the first quarter to 5.3% for April and May. This steady job creation may help to maintain demand for home purchases. Favorable mortgage rates should support this trend.

Labor Market :

Housing Market :

(Forecast)Q1' 09 Q2' 09 Q3' 09



1# Homes Sold ** 3





Total #Homes Sold

(Quarter)


***



List Price)


76667 $102,000 55.02% 1 -66.67% 110.3%21OTHER $50,300 N/A 2 N/A 70.8%138

40


Local Report

Montague County, TX


Buyer's Market

Employment increased by 330 jobs in Montague County during April and May. However, the number of job seekers also increased. The combined effect of these two trends was an increase in the average monthly unemployment rate from 5.4% for the first quarter to 6.3% in the first two months of the second quarter. The solid job growth may provide home sales, while historically low mortgage rates boost affordability.

Labor Market :

Housing Market :

(Forecast)Q1' 09 Q2' 09 Q3' 09

$1,272,400Average Price $143,700


4# Homes Sold ** 16





Total #Homes Sold

(Quarter)


***



List Price)


76230 $162,500 88.30% 6 -33.33% 92.7%8576239 $242,300 -54.71% 2 100.00% 97.6%16976255 $119,000 -1.65% 5 25.00% 90.9%19076265 $81,700 -31.34% 3 0.00% 95.5%213

41


Local Report

Navarro County, TX


Buyer's Market

In the first two months of the second quarter, 142 jobs were added to the payrolls of Navarro County. As a result of these new jobs, the average monthly unemployment rate fell from 7.2% during the first quarter to 7% for April and May. This steady job creation may help to maintain demand for home purchases. Favorable mortgage rates should support this trend.

Labor Market :

Housing Market :

(Forecast)Q1' 09 Q2' 09 Q3' 09








Total #Homes Sold

(Quarter)


***



List Price)


75102 $37,500 -86.58% 1 0.00% 98.7%1475109 $146,900 -5.47% 6 -57.14% 94.3%12175110 $100,100 -7.57% 47 -26.56% 95.7%9175144 $106,300 -60.35% 2 -75.00% 92.6%3475153 $289,300 152.66% 2 0.00% 93.3%22575155 $118,500 43.64% 2 -50.00% 83.2%7576626 $62,800 -15.14% 2 -33.33% 101.2%15976639 $40,000 N/A 1 N/A 69.6%6976641 $84,500 -2.09% 2 -50.00% 102.5%66

42


Local Report

Nolan County, TX


Buyer's Market

Employment increased by 190 jobs in Nolan County during April and May. However, the number of job seekers also increased. The combined effect of these two trends was an increase in the average monthly unemployment rate from 5.5% for the first quarter to 5.6% in the first two months of the second quarter. The solid job growth may provide home sales, while historically low mortgage rates boost affordability.

Labor Market :

Housing Market :

(Forecast)Q1' 09 Q2' 09 Q3' 09

NAAverage Price $48,000


NA# Homes Sold ** 2





Total #Homes Sold

(Quarter)


***



List Price)


79545 $64,000 N/A 1 N/A 91.4%3279556 $32,000 -52.59% 1 -80.00% 88.9%126

43


Local Report

Palo Pinto County, TX


Buyer's Market

Employment increased by 210 jobs in Palo Pinto County during April and May. However, the number of job seekers also increased. The combined effect of these two trends was an increase in the average monthly unemployment rate from 6.4% for the first quarter to 6.7% in the first two months of the second quarter. The solid job growth may provide home sales, while historically low mortgage rates boost affordability.

Labor Market :

Housing Market :

(Forecast)Q1' 09 Q2' 09 Q3' 09








Total #Homes Sold

(Quarter)


***



List Price)


76067 $90,800 -29.01% 26 -3.70% 91.7%8876449 $508,100 19.24% 19 0.00% 91.5%18776453 $86,300 -38.75% 2 -33.33% 91.0%14576472 $62,600 N/A 2 N/A 87.2%5176475 $546,700 -37.90% 6 20.00% 87.9%18976484 $50,100 -74.24% 1 -80.00% 111.5%63

OTHER $462,500 -23.94% 2 -75.00% 85.6%306

44


Local Report

Parker County, TX


Buyer's Market

Employment increased by 444 jobs in Parker County during April and May. However, the number of job seekers also increased. The combined effect of these two trends was an increase in the average monthly unemployment rate from 6.4% for the first quarter to 6.9% in the first two months of the second quarter. The solid job growth may provide home sales, while historically low mortgage rates boost affordability.

Labor Market :

Housing Market :

(Forecast)Q1' 09 Q2' 09 Q3' 09








Total #Homes Sold

(Quarter)


***



List Price)


76008 $258,300 -6.14% 39 -53.01% 96.0%8676066 $41,100 -75.82% 2 100.00% 102.8%16476082 $101,500 -14.71% 48 -18.64% 96.7%8476085 $153,800 -5.35% 34 -2.86% 96.6%8976086 $121,400 4.12% 54 -31.65% 96.7%7776087 $202,900 -7.35% 80 -22.33% 96.9%9176088 $198,600 6.43% 20 -37.50% 98.1%14176487 $209,500 25.45% 3 -57.14% 98.6%93

45


Local Report

Parker County, TX


Total #Homes Sold

(Quarter)


***



List Price)


OTHER $226,500 1.48% 46 35.29% 96.6%95

46


Local Report

Rains County, TX


Buyer's Market

A total of 6 jobs were created during April and May. The new jobs in Rains County were offset by a proportional increase in the number of job seekers. The net result was no change in the average monthly unemployment rate for the first two months of the second quarter from the 6.8% rate of the first quarter. The new jobs should help demand. Coupled with historically low mortgage rates, these two patterns should help to keep the market moving.

Labor Market :

Housing Market :

(Forecast)Q1' 09 Q2' 09 Q3' 09








Total #Homes Sold

(Quarter)


***



List Price)


75440 $195,700 8.30% 9 -10.00% 95.5%6375472 $92,400 -19.09% 4 -71.43% 89.1%236

OTHER $41,700 -81.26% 1 -50.00% 92.7%80

47


Local Report

Red River County, TX


Buyer's Market

In the first two months of the second quarter, 62 jobs were added to the payrolls of Red River County. As a result of these new jobs, the average monthly unemployment rate fell from 8.2% during the first quarter to 8% for April and May. This steady job creation may help to maintain demand for home purchases. Favorable mortgage rates should support this trend.

Labor Market :

Housing Market :

(Forecast)Q1' 09 Q2' 09 Q3' 09



3# Homes Sold ** 3





Total #Homes Sold

(Quarter)


***



List Price)


75412 $472,300 N/A 1 N/A 82.2%38975426 $132,000 6.02% 1 -75.00% 88.3%2475436 $95,000 19.20% 1 -50.00% 102.7%31

48


Local Report

Rockwall County, TX


Buyer's Market

In the first two months of the second quarter, 263 jobs were added to the payrolls of Rockwall County. As a result of these new jobs, the average monthly unemployment rate fell from 6.5% during the first quarter to 6.3% for April and May. This steady job creation may help to maintain demand for home purchases. Favorable mortgage rates should support this trend.

Labor Market :

Housing Market :

(Forecast)Q1' 09 Q2' 09 Q3' 09








Total #Homes Sold

(Quarter)


***



List Price)


75032 $266,200 -10.34% 109 -26.35% 94.9%9475087 $188,600 -6.82% 119 11.21% 96.4%9075132 $151,400 -18.82% 4 -33.33% 98.5%4675189 $143,500 4.36% 53 -19.70% 97.5%86

OTHER $158,400 15.87% 24 20.00% 99.3%58

49


Local Report

Smith County, TX


Buyer's Market

A total of 1,126 jobs were created during April and May. The new jobs in Smith County were offset by a proportional increase in the number of job seekers. The net result was no change in the average monthly unemployment rate for the first two months of the second quarter from the 6.7% rate of the first quarter. The new jobs should help demand. Coupled with historically low mortgage rates, these two patterns should help to keep the market moving.

Labor Market :

Housing Market :

(Forecast)Q1' 09 Q2' 09 Q3' 09








Total #Homes Sold

(Quarter)


***



List Price)


75701 $64,900 -45.23% 3 50.00% 89.6%9275702 $76,000 7.80% 2 0.00% 93.8%19775703 $98,000 -76.09% 1 -75.00% 98.5%8475704 $201,500 N/A 1 N/A 100.8%7975707 $335,700 N/A 2 N/A 95.2%4675709 $140,600 18.15% 1 0.00% 100.8%13275750 $235,000 -31.63% 1 -75.00% 95.9%5275757 $152,500 N/A 2 N/A 94.9%142

50


Local Report

Smith County, TX


Total #Homes Sold

(Quarter)


***



List Price)


75771 $156,700 -18.98% 17 -26.09% 96.9%10275791 $120,300 -49.88% 2 100.00% 96.7%74

OTHER $800,000 515.38% 1 0.00% 100.0%360

51


Local Report

Somervell County, TX


Buyer's Market

Employment increased by 89 jobs in Somervell County during April and May. However, the number of job seekers also increased. The combined effect of these two trends was an increase in the average monthly unemployment rate from 5.8% for the first quarter to 6.2% in the first two months of the second quarter. The solid job growth may provide home sales, while historically low mortgage rates boost affordability.

Labor Market :

Housing Market :

(Forecast)Q1' 09 Q2' 09 Q3' 09








Total #Homes Sold

(Quarter)


***



List Price)


76043 $157,100 -19.02% 9 -55.00% 91.9%8376070 $180,000 N/A 1 N/A 90.5%5676077 $164,000 -24.91% 1 -50.00% 100.0%151

OTHER $356,900 239.90% 2 100.00% 94.8%76

52


Local Report

Stephens County, TX


Buyer's Market

Employment increased by 129 jobs in Stephens County during April and May. However, the number of job seekers also increased. The combined effect of these two trends was an increase in the average monthly unemployment rate from 5.2% for the first quarter to 5.6% in the first two months of the second quarter. The solid job growth may provide home sales, while historically low mortgage rates boost affordability.

Labor Market :

Housing Market :

(Forecast)Q1' 09 Q2' 09 Q3' 09



3# Homes Sold ** 5





Total #Homes Sold

(Quarter)


***



List Price)


76424 $99,300 -13.43% 3 -72.73% 94.4%159OTHER $153,900 -67.60% 2 100.00% 88.8%420

53


Local Report

Tarrant County, TX


Buyer's Market

In the first two months of the second quarter, 7,397 jobs were added to the payrolls of Tarrant County. As a result of these new jobs, the average monthly unemployment rate fell from 6.9% during the first quarter to 6.8% for April and May. This steady job creation may help to maintain demand for home purchases. Favorable mortgage rates should support this trend.

Labor Market :

Housing Market :

(Forecast)Q1' 09 Q2' 09 Q3' 09



3,313# Homes Sold ** 4,806





Total #Homes Sold

(Quarter)


***



List Price)


76001 $143,300 -10.38% 101 -27.86% 98.1%6076002 $138,100 -2.26% 133 -26.52% 98.9%6976006 $194,300 15.24% 27 -34.15% 95.2%9776010 $63,300 -2.91% 64 -17.95% 94.8%9076011 $95,700 -19.78% 16 -42.86% 94.5%9576012 $158,700 -18.11% 66 -8.33% 96.6%7376013 $148,500 9.68% 59 -38.54% 96.1%8576014 $80,200 -2.20% 39 -41.79% 97.8%9276015 $111,200 2.68% 32 -8.57% 95.7%85

54


Local Report

Tarrant County, TX


Total #Homes Sold

(Quarter)


***



List Price)


76016 $171,100 3.51% 105 -18.60% 95.8%7576017 $130,700 -8.92% 131 -25.57% 97.2%6376018 $103,500 -1.71% 77 -31.86% 98.5%6476019 $115,000 N/A 1 N/A 100.0%1276020 $142,600 -0.70% 41 -44.59% 95.0%9176021 $181,800 1.39% 105 -30.00% 97.2%5576022 $122,100 -0.57% 27 -22.86% 98.5%6176034 $473,700 -2.47% 90 -28.00% 97.1%8076036 $117,500 -17.77% 58 -33.33% 96.8%8276039 $169,700 6.39% 61 -32.22% 96.6%5576040 $141,700 -8.05% 59 5.36% 96.3%8276051 $259,800 5.74% 108 -43.16% 96.5%5976052 $193,400 0.10% 68 -40.87% 96.0%8476053 $112,000 -11.95% 64 -23.81% 97.7%4976054 $191,300 -2.00% 30 -46.43% 97.4%4276060 $203,400 -19.45% 22 57.14% 95.0%8976063 $185,000 -6.71% 220 -19.41% 96.8%7176092 $600,300 -3.30% 110 -27.63% 96.5%10276102 $304,800 37.61% 6 -62.50% 93.2%16676103 $71,100 -7.78% 39 -2.50% 95.6%12076104 $123,400 94.03% 15 25.00% 95.0%15776105 $35,400 -32.05% 20 66.67% 95.1%9676106 $63,200 0.32% 21 -19.23% 93.9%7576107 $246,300 -10.34% 79 -28.18% 94.5%9376108 $119,400 8.35% 121 -11.68% 97.1%8876109 $341,100 -4.43% 90 1.12% 95.6%7376110 $206,400 -6.18% 48 -26.15% 95.4%8576111 $76,200 -7.19% 32 -15.79% 97.0%6076112 $106,500 12.34% 74 -32.73% 97.9%8176114 $72,800 -35.52% 56 9.80% 97.1%8176115 $56,100 -10.67% 13 -13.33% 97.1%6176116 $183,200 -3.07% 98 -11.71% 95.6%6676117 $73,000 -8.29% 40 -36.51% 97.7%5176118 $133,800 11.13% 45 -31.82% 98.7%8476119 $51,400 -2.65% 30 -26.83% 97.9%7276120 $125,000 -1.19% 36 -10.00% 97.4%56

55


Local Report

Tarrant County, TX


Total #Homes Sold

(Quarter)


***



List Price)


76123 $130,300 -1.14% 118 -23.38% 97.8%8476126 $203,900 15.72% 58 -31.76% 94.4%10376131 $137,300 -0.44% 111 -33.53% 97.6%7976132 $251,900 -29.14% 48 -31.43% 94.1%8876133 $102,200 -1.73% 137 -16.46% 97.8%7476134 $88,000 -1.12% 56 -32.53% 98.0%11076135 $107,500 -27.76% 51 -22.73% 97.7%5876137 $129,700 -1.82% 169 -26.20% 98.4%6776140 $77,000 -17.74% 65 -37.50% 96.9%8476148 $98,000 -3.26% 86 -9.47% 96.8%4976164 $70,300 1.01% 6 -25.00% 101.2%6676177 $152,100 -1.62% 15 -37.50% 99.0%4276179 $167,600 -3.07% 197 -28.10% 97.6%9276180 $182,200 0.66% 167 -19.32% 97.1%7376248 $224,100 -0.44% 478 -18.98% 96.9%80

OTHER $217,900 -9.47% 267 -18.60% 96.3%103

56


Local Report

Taylor County, TX


Buyer's Market

In the first two months of the second quarter, 642 jobs were added to the payrolls of Taylor County. As a result of these new jobs, the average monthly unemployment rate fell from 4.9% during the first quarter to 4.8% for April and May. This steady job creation may help to maintain demand for home purchases. Favorable mortgage rates should support this trend.

Labor Market :

Housing Market :

(Forecast)Q1' 09 Q2' 09 Q3' 09








Total #Homes Sold

(Quarter)


***



List Price)


79508 $151,700 21.36% 2 0.00% 96.4%5479530 $947,700 N/A 1 N/A 135.6%4179536 $99,500 30.58% 4 -55.56% 96.2%4279541 $80,000 -62.62% 1 0.00% 91.4%13079562 $224,000 28.15% 17 -5.56% 98.1%8379601 $114,400 -10.20% 30 -37.50% 95.5%7879602 $146,700 -8.43% 105 6.06% 97.7%8779603 $75,400 -5.63% 56 -34.12% 97.1%7479605 $108,300 12.11% 90 -23.73% 94.6%59

57


Local Report

Taylor County, TX


Total #Homes Sold

(Quarter)


***



List Price)


79606 $178,000 11.39% 105 -11.76% 95.2%71

58


Local Report

Upshur County, TX


Buyer's Market

Employment increased by 80 jobs in Upshur County during April and May. However, the number of job seekers also increased. The combined effect of these two trends was an increase in the average monthly unemployment rate from 6.3% for the first quarter to 7% in the first two months of the second quarter. The solid job growth may provide home sales, while historically low mortgage rates boost affordability.

Labor Market :

Housing Market :

(Forecast)Q1' 09 Q2' 09 Q3' 09



3# Homes Sold ** 1





Total #Homes Sold

(Quarter)


***



List Price)


75755 $345,000 -19.20% 1 0.00% 95.8%16

59


Local Report

Van Zandt County, TX


Buyer's Market

Employment increased by 634 jobs in Van Zandt County during April and May. However, the number of job seekers also increased. The combined effect of these two trends was an increase in the average monthly unemployment rate from 5.9% for the first quarter to 6.1% in the first two months of the second quarter. The solid job growth may provide home sales, while historically low mortgage rates boost affordability.

Labor Market :

Housing Market :

(Forecast)Q1' 09 Q2' 09 Q3' 09








Total #Homes Sold

(Quarter)


***



List Price)


75103 $136,500 4.12% 26 4.00% 95.6%11775117 $257,200 85.44% 8 14.29% 90.4%19375140 $88,500 -8.10% 4 -69.23% 94.7%17275169 $103,600 -22.74% 22 -26.67% 93.5%10375754 $133,000 -42.27% 2 -66.67% 92.0%4275790 $160,600 1.84% 5 66.67% 91.8%138

OTHER $82,000 -15.98% 3 -50.00% 94.6%65

60


Local Report

Wise County, TX


Buyer's Market

Employment increased by 233 jobs in Wise County during April and May. However, the number of job seekers also increased. The combined effect of these two trends was an increase in the average monthly unemployment rate from 6.9% for the first quarter to 7.9% in the first two months of the second quarter. The solid job growth may provide home sales, while historically low mortgage rates boost affordability.

Labor Market :

Housing Market :

(Forecast)Q1' 09 Q2' 09 Q3' 09








Total #Homes Sold

(Quarter)


***



List Price)


76023 $95,100 -46.18% 3 -57.14% 95.2%18276071 $133,300 13.25% 5 -16.67% 96.2%11576073 $159,900 -15.40% 6 -50.00% 93.2%5576078 $129,300 7.75% 21 -16.00% 90.9%9176225 $112,000 -19.71% 1 -92.86% 94.5%3776234 $185,400 -5.60% 30 -38.78% 96.3%13476426 $138,900 -9.51% 25 -30.56% 93.3%11076431 $145,000 -6.99% 1 -87.50% 100.0%32

61


Local Report

Wise County, TX


Total #Homes Sold

(Quarter)


***



List Price)


OTHER $114,500 -46.24% 12 9.09% 91.0%94

62


Local Report

Wood County, TX


Buyer's Market

In the first two months of the second quarter, 448 jobs were added to the payrolls of Wood County. As a result of these new jobs, the average monthly unemployment rate fell from 7% during the first quarter to 6.9% for April and May. This steady job creation may help to maintain demand for home purchases. Favorable mortgage rates should support this trend.

Labor Market :

Housing Market :

(Forecast)Q1' 09 Q2' 09 Q3' 09








Total #Homes Sold

(Quarter)


***



List Price)


75410 $250,300 -42.62% 3 -50.00% 95.4%11475494 $118,700 5.04% 11 -8.33% 93.1%18575497 $146,000 -38.37% 1 -75.00% 94.3%19575765 $482,500 286.93% 1 -75.00% 60.3%23175773 $133,300 -31.25% 13 -7.14% 95.2%10575783 $113,000 -39.25% 4 -66.67% 90.0%147

63


Local Report

Young County, TX


Buyer's Market

Employment increased by 305 jobs in Young County during April and May. However, the number of job seekers also increased. The combined effect of these two trends was an increase in the average monthly unemployment rate from 5.4% for the first quarter to 5.7% in the first two months of the second quarter. The solid job growth may provide home sales, while historically low mortgage rates boost affordability.

Labor Market :

Housing Market :

(Forecast)Q1' 09 Q2' 09 Q3' 09



5# Homes Sold ** 6





Total #Homes Sold

(Quarter)


***



List Price)


76450 $109,600 -27.27% 6 20.00% 95.5%125

64


Local Report

Others


Total #Homes Sold

(Quarter)


***



List Price)


74728 $99,300 N/A 5 N/A 92.6%19674764 $73,500 N/A 1 N/A 83.1%4375455 $256,800 -21.97% 2 -50.00% 95.1%13675501 $37,600 -9.62% 5 0.00% 86.1%12775503 $45,300 -35.19% 2 100.00% 85.7%4575551 $62,000 37.78% 1 0.00% 103.3%1075567 $126,700 283.94% 1 0.00% 94.6%1375571 $215,000 53.57% 1 0.00% 78.2%7875636 $33,500 N/A 1 N/A 90.3%875686 $57,500 N/A 2 N/A 77.8%11375956 $68,500 N/A 1 N/A 94.0%2276539 $29,600 -59.00% 1 0.00% 74.0%9176705 $46,000 N/A 1 N/A 98.1%4076712 $100,800 N/A 1 N/A 100.0%12776801 $32,900 -42.58% 3 -40.00% 89.6%2976802 $94,500 98.95% 1 -50.00% 96.5%15276856 $70,500 N/A 2 N/A 96.9%4076933 $31,100 N/A 1 N/A 76.2%12276945 $28,900 -24.15% 1 0.00% 96.7%4977334 $42,500 N/A 1 N/A 100.0%2477340 $109,900 -31.95% 2 0.00% 86.2%3579529 $149,900 N/A 1 N/A 93.7%34179549 $77,000 79.07% 3 50.00% 88.8%5279761 $110,000 N/A 1 N/A 97.8%17

65


You’ve Got to Fall Before You Can Pick Yourself Up By Ken Fears Manager, Regional Economics The national housing market peaked in 2006, but some local markets peaked before this period, while others were still on the upswing through 2007. Today, most markets are in decline as a result of the economic recession, problems in the mortgage markets and a hangover from the subprime mess. Critical to a recovery is eliminating the perception of the local market as being in decline and crucial to this change is defining the “bottom” in the market covered by North Texas Real Estate Information Systems. Nationally, the median price peaked in the third quarter of 2005. Since then, it has fallen 23.5%. Over the last 12 months, the median home price has fallen 15.7%. Thus, 60.4% of the national price decline took place in the last 12 months ending in June of this year. Sales have followed suit. After peaking in the third quarter of 2005, the quarterly sales volume declined 34.5%, but only 3.6% in the 12 month period ending in June. The bulk of the decline in sales, 92.9%, occurred prior to the large price declines of the last 12 months. This pattern makes sense. After years of a strong sellers’ market, sellers were reluctant to recognize the change in affordability as mortgage rates began to creep up in the middle of 2005. As financing and demand dried up, sellers were forced to re‐evaluate their asking prices in an environment of excess supply and economic pessimism. The delay to re‐price exacerbated the price correction.

$ 0

$ 5 0 ,0 0 0

$ 1 0 0 ,0 0 0

$ 1 5 0 ,0 0 0

$ 2 0 0 ,0 0 0

$ 2 5 0 ,0 0 0

200 5Q1

200 5Q3

200 6Q 1

20 06Q 3

20 07Q 1

20 07Q 3

20 08Q 1

20 08Q 3

2 009Q1

2 ,0 0 0

3 ,0 0 0

4 ,0 0 0

5 ,0 0 0

6 ,0 0 0

7 ,0 0 0

8 ,0 0 0

N ati on a l M e dia n P r ice (Pin k ) an d S a le Vo lu m e (B l ue)

Locally, the housing market reached its peak price in the second quarter of 2007 with an average price of $205,304. Today, 8 quarters later, the average price stands at $190,520, a peak‐to‐date decline of 7.2%. Over the last twelve months the average price has fallen $10,998 which accounts for roughly 74.4% of the total peak‐to‐date price decline. Sales are down 31.7% since their peak in the second quarter of 2007 through the second quarter of 2009. Over the last 12 months, sales have fallen 21.0%, making it too early to tell if the seasonally‐adjusted pattern of local decline is over. Nationally, neither sales nor prices appear to have clearly defined a bottom, yet. When that process is done, consumers are more likely to gain the confidence that they need to get in the market. 66

Commentary

67

“Appraising” the Situationby Lawrence Yun, NAR Chief Economist

As I write this, we are about to celebrate the 4th of July – Independence Day. What started as arevolt against unfair taxes became a revolution against an imperial government intruding intothe lives and business activities of colonial citizens. Tea tax, stamp tax, burdensomeregulations and rules that impede the free flow of goods and trade. Thank goodness we areblessed to live in the land of the free.

Of course, for many households and businesses today, independence is tempered by thecurrent economic environment. We have seen improvement in our economy, but we need tosee more – especially in the real estate sector. Let first take a look at the latest developments.

The latest residential housing market figures do indeed give me some hope. Existing-homesales rose 2.4 percent in May. May’s increase follows a rise in re-sales in April as well. That’sthe first back-to-back monthly increase in existing-home sales since September of 2005.Pending sales also rose. And while May’s pending home sales index of 90.7 represented amere 0.1 percent from the previous month’s (upwardly revised) reading of 90.6, it was 6.7percent higher than the index in May 2008. Indeed, May’s pending home sales index was thefourth consecutive monthly gain since October of 2004. Housing affordability continues athistorically high levels as well. NAR's Housing Affordability Index in May was 171.6. While thatis off from April’s revised reading of 178.8, the index last May was 129.8. And remember thatApril’s index was the highest reading ever recorded since NAR began tracking housingaffordability in 1970.

So what’s holding back our “independence” from the current recession and a true housingrecovery? First and foremost – jobs. June’s employment figures showed that employers cut467,000 payroll jobs during the month – a much larger number than most analysts expected.And the good news that May’s job cuts were smaller than originally estimated (322,000 ratherthan 345,000) was offset by revised April employment figures which showed 15,000 morelayoffs than originally thought. The national unemployment rate rose to 9.5 percent – that’s thehighest level in 26 years. It’s likely that the unemployment rate will surely breach the double-digit threshold before it starts to trend back down in 2010.

But another factor which seems to be impeding a housing recovery is new appraisal rules andthey could be impacting the time it takes from contract to closing. There is a growing lag timebetween the pending home sales and closed sales. Traditionally, sales close one to twomonths after a contract is signed.In the past month, we’ve heard from a number of REAL TORS® that the appraisal process istaking longer.

The appraisal issue is a bit complicated. For instance, distressed homes often are selling for20 percent less than normal homes in the same area. (In May, distressed propertiesaccounted for almost a third of all existing-home sales.) But some appraisals don’t distinguishbetween traditional homes and distressed properties.

68

Commentary

In many cases appraisers from outside the area are being used. They are hired by large,national lenders, perhaps with little knowledge about a local real estate market. The intentionsof the new appraisal rules were to improve accuracy by removing undue pressure for inflationvaluations. But the pendulum may have swung too far in the other direction, leading tounintended negative consequences, including consumers paying higher fees, and appraisersreceiving lower compensation.

Another consequence is a “lower quality” of appraisals – many appraisers themselves (andREALTORS® as well) have indicated to me that they’ve seen lower quality of appraisalsbecause those appraisals do not take into consideration unique housing features. The result ofall of these “unintended consequences” from the new appraisal rules: the housing marketrecovery being unnecessarily delayed.

(More details about the new appraisal rules, current legislation under consideration andNAR’s efforts on this issue are available at www.realtor.org. The Association also has a“blog” on which you can share your concern and latest experiences with the new appraisalrules.)

All real estate is local and appraisals should be done by an expert with local expertise. Speedyclarification of the appraisal rules could smooth a housing market recovery and support theoverall economy. NAR is currently conducting a study to assess the degree to which newappraisal rules are imp acting home sales. And NAR is working with policymakers to ensurethat appraisals are conducted so that home buyers and sellers can conduct their transactionswith REALTORS® in a cost-effective and time-efficient manner.

So let’s declare a bit more of our independence – and freedom from restrictive rules that areholding back a vigorous housing recovery. Only when that happens will we be free from thereins – and the reign – of our recession.

Mortgage Rates remain at historic lows. The average rate on a 30-yearfixed mortgage loan was 5.42% in June. While an increase from May’saverage rate of 4.86%, it is well below the 6.32% average in June of 2008.As the economy begins to turn the corner, look for mortgage rates to inchupward although remaining well below 6% for the foreseeable future.

Existing Home Sales r2.4% in May to a seasonally adjusted annual rateof 4.77 million units. The inventory of existing homes available for sale fellto 3.80 million units – a 9.6 month supply at the current sales pace. Thenational median sales price for an existing home was $173,000 in May, a16.8% decline from the price registered a year ago.

New Home Sales slipped in May, posting a seasonally adjusted annualizedrate of 342,000 units. The pace is 0.6% off the revised April level of344,000 units, and 32.8% below the level registered in May of 2008. Newhome inventory continued to decline, with 292,000 units available for sale atthe end of May – a 10.2 month supply at the current sales rate.Housing Starts rose in May to a seasonally adjusted annualized rate of532,000 units – a 17.2% increase from April’s level, but 45.2% off the levelin May of 2008. Single-family starts increased 7.5% from the previousmonth. Building permits – generally a reliable indicator of future starts –also rose in May – by 4.0% – but were still 47.0% down from their level ayear ago.

Employment The job market continues to hold back any meaningful“quick start” to the economic recovery. Employers cut 467,000 payrolls inJune. Businesses will continue to hold back on hiring until the creditmarkets loosen up and they are convinced that the economy is moving inthe right direction.

Economic Growth GDP growth in the first quarter declined 5.5%(SAAR) – slightly better than earlier estimates. This is the third and finalestimate of GDP based on more complete data. Among the factors“raising” the GDP figure was the level of imports which droppedsignificantly more than earlier estimated. Consumer spending increased1.4% – the highest it has been in almost two years.

Housing Affordability continues to be at historic highs. NAR’s housingaffordability index (HAI) in May posted a reading of 171.6 – down fromApril’s record-setting level of 178.8, but well above the 129.8 indexregistered in May of 2008. Affordability has been consistently above the170.0 mark since the beginning of the year.

Economic Monitor

This table reflects data available throughJuly 3rd of 2009.

June 09 5.42%May 09 4.86%June 08 6.32%

Could spike ifinflationappears

Monthly IndicatorForecastRecent

Statistics

Likely DirectionOver the Next

Six Months

May 09 4,770Apr 09 4,660May 08 4,950

Momentum buildingand broadening tomore geographicregions

Very few spechome sales

Recovery takinghold only from2010

Tough job marketin 2009

Sluggish rebound

Very high already

Notes: All rate are seasonally adjusted. New home sales, existing home sales, and housing starts are shown in thousands. Employment growth is shown asmonth-to-month change in thousands. Inflation is shown as the month-to-month change in the Consumer Price Index. Sources: NAR, Bureau of theCensus, Bureau of Labor Statistics, Freddie Mac, and the Mortgage Bankers Association

69

June 09 -467May 09 -32212-monthtotal: -5,664

2009:I -5.5%2008:IV -6.3%2008:I -1.0%

May 09 342Apr 09 344May 08 509

May 09 532Apr 09 454May 08 971

May 09 171.6Apr 09 178.8May 08 129.8

economic and market watch report - keller williams...

Documents