Home Prices Dropping ? Not In Texas !

By
Real Estate Agent with New Home Hunters of Fort Worth and Tarrant County

This evening I read another one of those panic articles on real estate.  The headline of course blared on and on about home prices dropping "all across the United States."

The article was from the Reuters News Wire.  It even had a nice pretty map along with the article.

As I read the cities from the nice, pretty map... I saw Los Angeles with a decline of 11.9 %, San Diego with a 13.4 % decline, Las Vegas with a 13.2 % decline, San Francisco with an 8.6 % decline, Denver with a 3.1 % decline, Chicago with a 3.9 % decline, New York declined 4.8 %, Boston declined 3.0 %, and Miami declined 15.1 %.

That was it.  That was what Reuters was blowing their trumpet about.  Texas was untouched.  No declines, no bad news, no weeping and gnashing of teeth, no end-of-the-world.

So why then... are so many buyers afraid of the market ?

It's that doggone broad paint brush that the national media paints this negativity with.   Maybe more like a paint roller.  Nah... it's really more like they are using a power paint sprayer.

Why wasn't there any news about the markets across the country that are HOT ?  I guess HOT markets are bad for TV ratings.  Perhaps HOT market news is bad for selling newspapers ?

Well... all you folks at MSNBC, you guys at FOX, you clowns at CNN, you know-it-alls at CNBC.  Texas is FINE !  Texas is ALIVE !  And... Texas is KICKING !

Please... all you national media types.  Take your silly negative news paint brush and go somewhere else and play !

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Location:
Texas Tarrant County Fort Worth
Tags:
negative market news
hot texas market

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Rainmaker
313,313
Tom Burris
Texas Mortgage Dallas Mortgage FHA
Service First Mortgage NMLS# 335055

Ryan/Karen

When the appraiser checks off that the home is in a declining market, then the 5% applies.

If you feel that this is in error, maybe get a second opinion from another appraiser. Because a few foreclosures in the area do not make an area 'declining;. So the appraiser could have made a mistake.

Regardless, if the appraiser does NOT deem it declining, the lender still can using alternate valuation tools.

Karen, good idea on flipping this to FHA.
Ryan, ask your loan officer about this. Otherwise, you may have to get a second opinion from another lender. Said lender can ask the new appraiser up front whether this is deemed a declining market.
I seriously doubt that it is. I know that area. Unless that whole neighborhood is owned by investors and they are all rentals, values should hold there.

Good Luck!!

Let me know if I can help in any way!

February 27, 2008 10:30 AM
Anonymous #39
Anonymous
Ryan

Thanks for the comments.  My realtor and I did our own research that showed the area is not declining, and the lender agreed.  They went back to the appraiser and asked him to change the designation, which he didn't do.  The lender then ordered a new appraisal and agreed to pay for it, so I'm not out the extra money there.  If the new appraisal comes back as flagged in a declining market, then I already have a different lender lined up...

-Ryan

February 27, 2008 04:56 PM
Rainmaker
995,711
Karen Anne Stone
Fort Worth Real Estate
New Home Hunters of Fort Worth and Tarrant County
Hi Ryan: I am glad things seem to be working out for you.  I hope some of my suggestions were of some help to you.  Plano is a great city.  I lived there for awhile when I first moved to Texas.  Take care...
February 27, 2008 05:29 PM
Rainer
15,208
Joe Davis
Indiana Commercial Realty
Everything is bigger in Texas..... including house prices!  Good for you!
February 27, 2008 05:37 PM
Rainmaker
995,711
Karen Anne Stone
Fort Worth Real Estate
New Home Hunters of Fort Worth and Tarrant County
Hi Joe:  One of the great things about Texas is... although our prices are somewhere between steady to having gradual growth... perhaps averaging from 2% to 5% a year, our home prices are very reasonable.  A family can still get a nice-sized home... and still not be "house poor."
February 27, 2008 05:49 PM
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Rainmaker
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Karen Anne Stone

Fort Worth Real Estate
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Additional Information

The Real Estate Market in Fort Worth and Tarrant County offers such a great value to both "first time" and "move up" buyers. Karen Anne's blog gives you up-to-date market news, and features many of the great homes available at great prices !