Florida Real Estate

Real Property for Auction JANUARY 2006 AUCTIONS CORNER LOT - ONLINE AUCTION 124 Sterling Street, Brooklyn, New York 11225 On-line Auction Starts: Monday, January 9, 2006 at 8:00 a.m. EST On-line Auction Ends: Wednesday, January 11, 2006 at 3:00 p.m. EST Total Site Area: 2,575 ± sq. ft. Description: 25 feet x 103 feet corner lot at the intersection of Sterling St. and Bedford Avenue in Brooklyn, NY. For complete details on this property click on the photo or CLICK HERE SINGLE FAMILY HOME 708 Kuhlman Road, Houston, Texas 77024 Auction: Tuesday, January 17, 2006 Auction Starts: 12:00 noon Total Living Space: 6,291 ± sq. ft. Description: Two level home with 5 bedrooms, 5 baths, 3 fireplaces, and a 3-car garage. Separate unfinished guest house with kitchen, family room, 3 bedrooms, and 2 baths. For complete details on this property click on the photo or CLICK HERE VACANT LAND - ONLINE AUCTION Ambrosia Street, Padre Island, No 3, Lot 4, Blk 71, Corpus Christi, Teaxas 78418 On-line Auction Starts: Tuesday, January 17, 2006 at 8:00 a.m. EST On-line Auction Ends: Thursday, January 19, 2006 at 3:00 p.m. EST Total Site Area: 12,379 ± sq. ft. Description: Located on Padre Island near the Gulf of Mexico. For complete details on this property click on the photo or CLICK HERE CONDOMINIUM 14514 Cabana East, Unit 306, Padre Island, Corpus Christi, Texas 78418 Auction: Friday, January 20, 2006 Auction Starts: 12:00 noon Total Living Space: 1,303 ± sq. ft. Description: Two level condominium with 3 bedrooms, 2 baths, and rooftop deck. For complete details on this property click on the photo or CLICK HERE SINGLE FAMILY HOME ON 11.6 ACRES AND 7.158 ACRES OF LAND 105 L Anderson Road, Auburn, Kentucky 42206 Auction: Tuesday, January 24, 2006 Auction Starts: 12:00 noon Total Living Space: (Revised 12/20/05) 2,141 ± sq. ft. Description: Log home with 3 bedrooms, 1.25 baths, 2 fireplaces, and a one-car garage on 11.6 arces. Adjoining tract of 7.158 acres of land. Properties will be sold separately, then combined for Buyers Option. For complete details on this property click on the photo or CLICK HERE SINGLE FAMILY HOME 1311 S. Monte Cristo Way, Las Vegas, Nevada 89117 Auction: Friday, January 27, 2006 Auction Starts: 12:00 noon Total Living Space: 3,583 ± sq. ft. Description: Two level home with 4 bedrooms, 3.5 baths, and 3-car garage For complete details on this property click on the photo or CLICK HERE SINGLE FAMILY HOME 736 South 153rd Circle, Omaha, Nebraska 68154 Auction: Tuesday, January 31, 2006 Auction Starts: 12:00 noon Total Living Space: 2,359 ± sq. ft. Description: Two level home with 5 bedrooms, 2.5 baths, fireplace, and a 2-car garage. For complete details on this property click on the photo or CLICK HERE FEBRUARY 2006 AUCTIONS SINGLE FAMILY HOME 6408 Jersey Lane, Arlington, Texas 76018 Auction: Wednesday, February 1, 2006 Auction Starts: 12:00 noon Total Living Space: 4,047 ± sq. ft. Description: Two level home with 6 bedrooms, 2.5 baths, and a 2-car garage. For complete details on this property click on the photo or CLICK HERE SINGLE FAMILY HOME 6611 Wagner Way, San Antonio, Texas 78256 Auction: Thursday, February 2, 2006 Auction Starts: 12:00 noon Total Living Space: 4,851 ± sq. ft. Description: Three level home with 4 bedrooms, 4.5 baths, 2 fireplaces, inground pool, and a 2-car garage. For complete details on this property click on the photo or CLICK HERE COMING SOON SINGLE FAMILY HOME 477 Lee Street, Strasburg, Virginia Auction: Coming soon Total Living Space: 2,016 ± sq. ft. Description: 3 bedrooms, 1.5 baths Further details on this property coming soon... 0.31 ACRE OF LAND 65 Circle Road, Staten Island, New York 10304 Auction: Coming soon Total Site Area: 0.31 ± Acre (13,361 ± sq. ft.) Description: Located in Todt Hill area of Staten Island. Adjacent to property being auctioned on Benedict Road. Further details on this property coming soon... 1.15 ACRES OF LAND 51 Benedict Road, Staten Island, New York 10304 Auction: Coming soon Total Site Area: 1.15 ± Acres (45,348 ± sq. ft.) Description: Located in Todt Hill area of Staten Island. Adjacent to property being auctioned on Circle Road. Further details on this property coming soon... SINGLE FAMILY HOME 2670 Moores Mill Road, Spencer, Virginia Auction: Coming soon Total Living Space: 1,571 ± sq. ft. Description: 3 bedrooms, 2 full baths. Located on 9 ± acres on the North Mayo River with scenic views. Further details on this property coming soon... SINGLE FAMILY HOME Located in La Habra Heights, California Auction: Coming soon Total Living Space: 2,253 ± sq. ft. Description: One level home with 4 bedrooms, 2 baths, 2-car garage and swimming pool Further details on this property coming soon... SINGLE FAMILY HOME Located in Rio Rico, Arizona Auction: Coming soon Total Living Space: 1,425 ± sq. ft. Description: One level home with 3 bedrooms, 2 baths, and 2-car garage Further details on this property coming soon... SINGLE FAMILY HOME Located in Longwood, Florida Auction: Coming soon Total Living Space: 2,721 ± sq. ft. Description: Two level home with 4 bedrooms, 3 baths, fireplace, 2-car garage, and inground pool in screened enclosure. Further details on this property coming soon... SINGLE FAMILY HOME Located in Hollywood, Florida Auction: Coming soon Total Living Space: 4,912 ± sq. ft. Description: Two level home with 6 bedrooms, 5 baths, 2-car garage, inground pool and spa, seawall and wood dock on ocean access canal. Further details on this property coming soon... SINGLE FAMILY HOME Located in Heathrow, Florida Auction: Coming soon Total Living Space: 3,157 ± sq. ft. Description: 1.5 level home with 4 bedrooms, 3 baths, bonus room, 3-car garage, and inground pool in screened enclosure. Further details on this property coming soon... SINGLE FAMILY HOME Located in Miami, Florida Auction: Coming soon Total Living Space: 4,185 ± sq. ft. Description: One level home with 6 bedrooms, 4.5 baths, 2-car garage, guest house, and inground pool. Further details on this property coming soon... SINGLE FAMILY HOME Located in Homestead, Florida Auction: Coming soon Total Living Space: 2,312 ± sq. ft. Description: One level home with 4 bedrooms, 4 baths, and guest house on 2 ± acres. Further details on this property coming soon... SINGLE FAMILY HOME Located in Homestead, Florida Auction: Coming soon Total Living Space: 1,930 ± sq. ft. Description: Two level home with 3 bedrooms, 2 baths, kitchen and living area on both levels, one-car garage and carport, and 2 horse barns on 2.5 ± acres. Further details on this property coming soon... SINGLE FAMILY HOME Located in Winston-Salem, North Carolina Auction: Coming soon Total Living Space: 1,338 ± sq. ft. Description: One level home with 2 bedrooms, 1 bath, carport, unfinished basement, and small barn on 2.9 ± acres. Further details on this property coming soon... COMMERCIAL VACANT LAND 3514 Boudinot Avenue, Cincinnati, Ohio 45211 Auction: Coming soon Total Site Area: 7,012 ± sq. ft. Description: 55 ft. x 127.50 ft. commercial lot zoned B-4 General Business. The site is located along the east side of Boudinot Avenue just south of the Harrison Avenue intersection, and sits between a commercial building and a multi-family dwelling. Further details on this property coming soon... AUCTIONS ARE OPEN TO THE PUBLIC. YOU DO NOT NEED A REAL ESTATE BROKER TO BID. If you would like to receive an e-mail notification when the auction date has been scheduled for these coming soon properties, please click here to register online for the free e-mail notification service .

Real Estate Investment

REALTOR.com: Real estate listings & homes for sale Welcome, Visitor! Sign Up to: Save Searches Save Listings Sign Up Now! Already a member? Sign In Homebuying Tools Find a Lender Find a Mover Market Conditions Neighborhood Tour Real Estate 101 Buyers Sellers For REALTORS® Resource Center News REALTOR.org Search the Web Select a Top Search: Bad Credit Contractors Homeowner's Insurance Debt Consolidation Interior Design Mortgage Rates Loan Types Rates Points 30-yr fixed 5.74% 0.37 15-yr fixed 5.38% 0.28 ARM 3/1, 30Yrs 4.87% 0.26 Updated: 12/29/2005 11:27:14 AM Check Local Rates Search our national directory of mortgage brokers and lenders. Find a Home Over 2.5 million listings for sale! State/Province AB AK AL AR AZ BC CA CO CT DC DE FL GA GU HI IA ID IL IN KS KY LA MA MB MD ME MI MO MN MS MT NC ND NE NH NJ NM NV NY OH OK ON OR PA PR RI SC SD TN TX UT VI VT VA WA WI WV WY - OR - Minimum Price $0 $500 $1,000 $1,400 $2,000 $5,000 $10,000 $20,000 $30,000 $40,000 $45,000 $50,000 $55,000 $60,000 $70,000 $75,000 $100,000 $125,000 $150,000 $175,000 $200,000 $225,000 $250,000 $275,000 $300,000 $325,000 $350,000 $400,000 $450,000 $500,000 $550,000 $600,000 $650,000 $700,000 $750,000 $800,000 $850,000 $900,000 $1,000,000 $1,250,000 $1,500,000 $1,750,000 $2,000,000 $2,250,000 $2,500,000 $2,750,000 $3,000,000 $3,500,000 $4,000,000 $4,500,000 $5,000,000 $6,000,000 $8,000,000 $10,000,000 to Maximum Price $1,000 $1,400 $2,000 $5,000 $10,000 $20,000 $30,000 $40,000 $45,000 $50,000 $55,000 $60,000 $70,000 $75,000 $100,000 $125,000 $150,000 $175,000 $200,000 $225,000 $250,000 $275,000 $300,000 $325,000 $350,000 $400,000 $450,000 $500,000 $550,000 $600,000 $650,000 $700,000 $750,000 $800,000 $850,000 $900,000 $1,000,000 $1,250,000 $1,500,000 $1,750,000 $2,000,000 $2,250,000 $2,500,000 $2,750,000 $3,000,000 $3,500,000 $4,000,000 $4,500,000 $5,000,000 $6,000,000 $8,000,000 $10,000,000 no maximum Beds 1+ Beds 2+ Beds 3+ Beds 4+ Beds 5+ Beds Baths 1+ Baths 1.5+ Baths 2+ Baths 2.5+ Baths 3+ Baths 3.5+ Baths 4+ Baths More Search Options Map Search Hurricane Relief Find or offer immediately available temporary housing to assist Hurricane victims: HurricaneHousing.net Relief.WelcomeWagon.com -- Find a REALTOR State/Province Alabama Alaska Alberta Arizona Arkansas British Columbia California Colorado Connecticut Delaware District Of Columbia Florida Georgia Guam Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Manitoba Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Ontario Oregon Pennsylvania Puerto Rico Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Virgin Islands Virginia Washington West Virginia Wisconsin Wyoming From the National Association of REALTORS ® Join REALTORS® in supporting hurricane victims Why Use a REALTOR® With a GRI? Make the most of every moment with FamilyTime, an interactive DVD celebrating the family. Visit REALTOR® Magazine Online Read current NAR Press Releases For REALTORS ® REALTORS Relief Effort exceeds $5.2 million for Hurricane victims, donate now... Enter the Business Success Zone at REALTOR.org! Find out how REALTOR.com can help you secure more listings, sell homes for more and promote yourself and your brand NEW name for NAR member benefits offeringsthe REALTOR Benefits(sm) Program. Learn about the practical, everyday solutions for your professional and personal life! Reach new levels of success with NAR partner, The Pacific Institute! About the National Association of REALTORS ® Representing Home Owners State & Local Associations Real Estate Specialty Organizations Find an Appraiser Find a Commercial Property International Real Estate Search in popular metros: Atlanta | Austin | Boston | Chicago | Dallas | Denver | Houston | Las Vegas | Long Island | Los Angeles | Memphis | Miami | New York City | Orange County | Palm Beach | Phoenix | Sacramento | San Diego | Seattle Site Map | Corporate News & Info | Contact Us | Advertise With Us | Join our staff Terms of Use and PrivacyPolicy . 1995- NATIONAL ASSOCIATION OF REALTORS and Homestore, Inc. All rights reserved. Equal Housing Opportunity REALTOR.com is the official site of the National Association of REALTORS and is operated by Homestore, Inc. REALTOR -- A Registered collective membership mark that identifies a real estate professional who is a member of the National Association of REALTORS and subscribes to its strict Code of Ethics. Inquiries regarding the Code of Ethics should be directed to the board in which a REALTOR holds membership.

home equity lines of

Home Equity Lending Gaps in Texas The Texas Economy March 2003 "Texans need and deserve the right to take out home equity lines of credit.This simple change will pump $741 million back to Texas homeowners." -- Carole Keeton Strayhorn, Texas Comptroller Home Equity Lending Gaps in Texas The number of Texans with home equity loans has more than doubled since 1997 when changes in the Texas constitution made it easier for Texans to borrow against the equity they have in their homes. [1] Yet, Texans are still not taking as many home equity loans as residents in other states. In the traditional home equity lending market—the segment that involves a lump-sum payout of equity to be repaid over a set term—Texans seem to have caught up with the rest of the nation. Indeed, the estimated 6.4 percent of Texas home-owners with traditional home equity loans in 2001 is not only up considerably from 2.5 in 1997 but may well be higher than the average for the other 49 states of 5.7 percent (Figure 1). [2] This most likely reflects the fact that one portion of the home equity loan market—the home equity line of credit market—remains unavailable to Texans. An estimated $12.7 billion in higher-cost, non-tax-deductible loans that currently exist could be supplanted if home equity lines of credit were available and Texans used these financial options at the same rate as other consumers in the country. By taking advantage of a substantially untapped resource, Texas consumers could save $741 million annually using home equity lines of credit instead of other loans. These savings could be pumped into the Texas economy through lower interest rates and additional federal income tax deductions. The gains would be realized in the Texas economy if existing loans were merely paid off by homeowners through home equity lines of credit. This need not expand homeowners’ overall debt burden. Home Equity Lending in Texas For more than 160 years, access to the home equity that owners had built up in their residences was largely untapped. As a direct result of the Panic of 1837, Texas prohibited the forced sale of homesteads for all but a very limited number of reasons. When Texas became a state, these protections became part of the state constitution and effectively barred foreclosing on a person’s residence for reasons other than non-payment of taxes, the original mortgage or a home improvement loan. These same provisions also effectively barred tapping into home equity for purposes other than home improvement. But on November 4, 1997, Texas voters approved a constitutional amendment allowing more leeway in home equity lending and for reverse mortgages. [3] These loans became available to Texans in 1998, but some technical issues limited the availability of home equity loans for homesteads larger than one acre and from reverse mortgages. Subsequent amendments addressed these legal concerns. [4] Changes in the Texas Constitution expanded the conditions under which homeowners could obtain a traditional home equity loan. These closed-end loans extend for a specified length of time and generally require repayment of interest and principal in equal monthly installments. Interest rates on these loans are ordinarily fixed for the life of the loan. Growth in Home Equity Lending in Texas Since changing the Texas constitution to allow wider use of home equity loans, Texans have steadily increased their reliance on these loans. According to American Housing Survey (AHS) data on nine Texas metropolitan areas that cover 68 percent of Texas’ owner-occupied homes, only 2.5 percent of Texas homeowners had any form of home equity loan in 1997, substantially less than the 14.5 percent for all U.S. homeowners outside of Texas that same year. By 1999, the proportion of Texas homeowners with a home equity loan had risen to 4.5 percent. While this represents nearly a doubling of home equity loan usage in just two years, this was still slightly less than the estimated 5 percent rate for home equity loan usage in the nation and substantially less than the 12.9 percent estimated by the AHS that year for both home equity loans and lines of credit. By 2001, the proportion of Texas households with home equity loans had reached 6.4 percent. At this level, the usage in Texas actually exceeded the usage rate of fixed-term closed-end loans in the U.S., indicating that Texans may have reached the saturation point with traditional home equity loans. These loans typically are written for a set amount to be repaid in equal installments over a specified time, just like a traditional mortgage. Based on a survey conducted for the Comptroller of Public Accounts of home equity lenders in Texas, from 1998 to 2000, the amount of the average home equity loan was about $36,750. In 2001 and 2002, the average home equity loan jumped to more than $47,000. [5] Closing the Gap Although Texans’ reliance on home equity loans has grown substantially since the passage of the constitutional amendment, further gains may be unlikely. Other states’ average usage of 14 percent in 2001 included both traditional home equity loans and home equity lines of credit, financial instruments not now available to Texas homeowners. The possibility that the usage rate of traditional home equity loans in Texas exceeded the usage rate of similar loans in the nation probably indicates that without the home equity line of credit option, more homeowners are opting for the fixed term loans—their only other choice. During much of the 1990s, about 8 percent of U.S. homeowners had a home equity line of credit whereas about 5 percent of homeowners had a traditional loan. [6] In 2001, AHS data indicated an estimated 8.4 percent of homeowners had a home equity line of credit (HELOC) and 5.7 percent had traditional home equity loans. This newer form of home equity lending has become the preferred choice by homeowners in other states. A HELOC is a revolving account that permits borrowing from time to time, at the account holder’s discretion, up to a set credit limit. HELOCs also typically have more flexible repayment schedules than traditional home equity loans and have a variable interest rate. Most consumers think home equity lines of credit are more convenient than traditional home equity loans. While about 40 percent of consumers cited the tax advantages of both types of home equity credit as an important consideration, 43 percent of HELOC users cited convenience of use as an advantage, compared with only 1 percent of those using the traditional home equity loans. [7] Many of the major lenders in Texas make HELOC loans to homeowners in other states. Their experiences underscore how attractive this option is to consumers. Figure 2 presents the percentage of the amount of home equity loans and lines of credit written in Georgia, Florida and California by three major Texas lenders. [8] About 88 percent of the consumers in these states choose HELOCs compared with about 12 percent choosing traditional home equity loans. Potential Economic Impact of HELOCs in Texas One approach to examining what expanded home equity lending might mean in Texas is to estimate what consumers would save if they had access to HELOCs. Three issues are crucial when estimating this impact: what savings could be expected from lower interest costs; how much would HELOCs lower federal income tax bills; and how large total borrowing might become. Underlying this assessment is the assumption that if Texans had access to HELOCs the total home equity usage in Texas would approach the U.S. average. This implies that consumer use of both home equity lines of credit and traditional loans would reach about 14 percent, 7.6 percentage points up from the 2001 level, which was 6.4 and consisted of only traditional home equity loans. The true economic value of HELOCs to consumers lies in low interest rates and as a deduction from federal income taxes. For example, recent data from February 2003 show that the average interest rate on credit card debt is 13.8 percent, the rate for new auto loans is 5.8 percent and on home equity lines of credit, 4.4 percent. [9] This implies that on a $1,000 loan, annual credit card interest charges would be $138 whereas these charges would amount to only $44 for the home equity line of credit. On $1,000 in outstanding credit card debt, conversion of this debt to a HELOC would save $94 in interest payments annually. But even this neglects the fact that HELOC interest costs are deductible from federal income taxes, whereas credit card interest charges are not deductible. Although each individual’s exact marginal tax rate paid depends on adjusted gross income, the National Bureau of Economic Research estimates that, on average, in 1999 interest deductions reduced income taxes 24.5 cents per dollar of interest paid. [10] This implies that, on average, the $44 in HELOC interest payments would generate an estimated $10.78 in federal income tax savings so that the total consumer savings per $1,000 in credit card debt replaced by HELOC would be $104.78 annually. Savings from other loans would be less dramatic. Based on current rates, car loans would cost $58 in interest charges per $1,000 borrowed, or only $14 more than HELOC. But tacking on the deductibility of HELOC raises this savings to $24.78 annually per $1,000 borrowed. The loans likely to be displaced by HELOC would be a mixture of credit card loans and other consumer loans such as car loans. According to Federal Reserve loan data, consumer debt nationwide at the end of 2002 was divided into $738.9 billion in revolving loans, of which credit card debt is a large part, and $1,017.9 billion in non-revolving loans. [11] Assuming Texas consumers have a similar debt profile, about 42 percent of Texas consumer debt would be in revolving credit and 58 percent in non-revolving. Based on these shares, the average consumer would save an estimated $58.38 in interest and tax payments per $1,000 owed by switching from other consumer credit sources to HELOC. [12] How much Texans could save depends on the volume of consumer loans displaced. Using 2001 commercial bank data to update national figures indicates that the traditional home equity loan market in the U.S. reached $352.7 billion, up from $267 billion in 1997. Considering Texas’ share of home equity loans and the average per loan value, Texans account for an estimated 8.4 percent of the U.S. market for traditional home equity loans. Based on this percentage and assuming that Texans would use both traditional and HELOC loans at the national rate, Texas consumers would exchange $12.7 billion in existing loans for HELOC. In doing so, Texas homeowners would save $741 million in interest charges and federal income taxes annually. This would be a modest level of savings. The Federal Reserve Board estimates that households spend about 8 percent of their disposable personal income servicing the debt on revolving loans. [13] The $741 million annual savings from increased use of HELOCs would be about 1.7 percent of the annual amount Texans spend on debt service for revolving loans. [14] Home Equity Delinquencies If Texas consumers relied more on home equity lines of credit and followed national trends, loan delinquencies would likely fall. Based on American Bankers Association data (Table 1), Texas averages fewer loan delinquencies for closed-end home equity loans than consumers at the national level. Loan delinquencies did rise in Texas from 1999 to 2001, but dropped off in 2002. Table 1: Texas Home Equity Delinquency Rates Compared to All Other States Home Equity Delinquency Rates and All States First Mortgage Delinquency Rates* Closed-End** Home Equity Loans(1) Home Equity Lines of Credit(1) All States - First Mortgages(2) Texas All States All States Conventional FHA VA 2002 0.99% 1.30% 0.59% 3.06% 11.55% 7.87% 2001 1.17 1.28 0.73 2.96 10.78 7.67 2000 0.88 1.20 0.75 2.50 9.10 6.80 1999 0.77 1.26 0.62 2.60 8.60 6.80 * Delinquency Rates are based on the number of Loans Past Due 30 Days or More as a Percentage of Loans Outstanding. ** "Closed End" includes home equity and second mortgages (but not home improvement). SOURCES (1)Home equity delinquency rates obtained from "Consumer Credit Delinquency Bulletin" published quarterly by American Bankers Association. (2)First mortgage delinquency rates obtained from "U.S. Census Bureau, Statistical Abstract of the United States, 2001" and Mortgage Bankers Association of America "Quarterly Delinquency Surveys." But nationwide, loan delinquencies for lines of credit are slightly more than half the rates seen for closed end home equity loans. Based on this pattern, a shift towards using home equity lines of credit from traditional home equity loans should lower overall home equity delinquency rates. Compared with first mortgages, the delinquency rates for both home equity loans and lines of credit are substantially lower. Summary The use of home equity loans in Texas has risen dramatically following constitutional changes in Texas in 1997. Use of closed-end traditional home equity loans in Texas exceeds nationwide use. The fact that home equity lines of credit are not available in Texas contributes to a higher reliance on traditional home equity loans. But the strong consumer preference expressed for HELOCs in other states and consumer preference for their ease of use may indicate that continued expansion of lower interest, tax deductible home equity financing by consumers in Texas may slow without access to these loans. If Texans were to use home equity financing only up to the national average through HELOCs, lower interest payments and lower federal taxes would save Texas consumers $741 million. Making HELOCs available to Texas consumers would require passing another constitutional amendment and legislation proposing such amendments will likely be introduced during the current legislative session. If the nature of consumer safeguards and other requirements on lending institutions in Texas making HELOC loans were significantly more restrictive than national practices, interest rates on these loans in Texas could be higher than national rates, and the economic impacts less. Data Collection While banking and finance are two of the most heavily regulated industries, this level of scrutiny does not always result in the availability of detailed information. Since 1987, banks and finance companies have reported home equity lines of credit under receivables on quarterly Call Reports and since 1991 have also separately reported their holdings of traditional closed-end home equity loans. Mutual savings banks also report these data on Federal Reserve Board Call Reports. Other segments of the financial industry report this information to varying degrees. Savings and loan associations and federal saving banks report credit line receivables on Call Reports, but they do not separate home equity loans from first mortgages. Since June 1996, finance companies have reported commercial and residential mortgages separately but do not distinguish between loans under lines of credit and traditional loans. Credit union data is available on both types of home equity debt from the Credit Union National Association. At the national level, some data track the degree to which consumers utilize the various home equity loan alternatives. Every two years the Federal Reserve Board surveys consumers’ use of credit. This data, while instructive on overall trends and the use of home equity loans and lines of credit, does not contain information about practices in particular states. Moreover, much of the state-specific data collected from financial institutions is available primarily for the location of the financial institution involved, and not where the loan was made. Where this data are available, coverage by type of financing (home equity loan versus line of credit) is limited. The Texas-specific data in this analysis is derived largely from two sources. First, the U.S. Bureau of the Census surveys about 60,000 Americans every two years about housing conditions. This survey includes questions about the usage of home equity loans, but only the most recent survey, from 2001, elicits responses on traditional home equity loans separately from home equity lines of credit. Because this survey is national, there is only partial coverage of Texas. Specifically, publicly available data from the survey identifies only responses coming from nine metropolitan areas in Texas. Although the sample does contain responses from non-metropolitan areas, these are not identified by state. The Census survey covers about 68.2 percent of the Texas population. The second source of data is internal surveys of lending activity conducted by lending institutions doing business in Texas. These institutions cover more than 10 percent of the Texas market for commercial financial institutions and financial companies. These data are used to identify the potential to expand home equity lending in Texas if lines of credit became available. Endnotes [1] In 1997 and before, availability of home equity loans in Texas was limited to home improvement loans, loans to pay outstanding taxes and loans allowing one spouse to “buy out” another in the case of divorce. Such loans were typically known as a second lien against the property. Homeowners could not secure a loan backed by the equity in their home and use the proceeds of the loan for purposes other than those specified in law. Outside of Texas, using home equity loan proceeds for whatever purpose and even the more flexible home equity line of credit (a revolving line of credit secured by home equity) have been widely available for years. [2] The tentative nature of this statement stems from what seems to be respondent confusion to the American Housing Survey (AHS). In the 2001 AHS, 14 Texas households identified themselves as having a home equity line of credit in 2001. Since these lines of credit currently cannot be offered in Texas, the most likely explanation for this is that these respondents misunderstood the “line of credit” option in the survey as describing the “draw down” feature of a home improvement loan during construction when, in fact, these instances were almost certainly traditional “closed end” loans. Placing these responses in that category indicates that 6.4 percent of the homeowners in the survey in Texas had a closed-end home equity loan as compared to only 5.7 percent in states outside of Texas. [3] House Joint Resolution 31 (HJR 31) passed by the 1997 Legislature that, upon passage, became effective January 1, 1998. [4] On November 2, 1999, Texas voters approved constitutional amendments proposed by the 1999 Legislature to address these problems, Senate Joint Resolutions 12 and 22 (SJR 12 and 22). [5] Data submitted by lenders in early 2003. For number and amount of loans in Texas, the survey included five large Texas lenders. [6] Glenn B. Canner, Thomas A. Durkin and Charles A. Luckett, “Recent Developments in Home Equity Lending,” Federal Reserve Bulletin, April 1998, p. 243. [7] Canner, Durkin and Luckett, pp. 241- 251. [8] From data submitted by lenders. Together these three lenders serve more than 10 percent of the commercial banking market in Texas. [9] These rates and those of HELOCs are from http://www.bankrate.com/ on February 18, 2003. The credit card rate is for a standard card (not gold or platinum) at a fixed annual rate. The auto loan figure refers to a 48-month loan for a new car. The HELOC rate is for a $10,000 or minimum amount. [10] http://www.nber.org/~taxsim/mrates/mrates2.html , February 20, 2003. [11] Federal Reserve Board Statistical Release, G.19, Consumer Credit, February 7, 2003. http://www.federalreserve.gov/releases/g19/current/ . [12] This is a fairly conservative assessment on two points. First it assumes that consumers would replace current borrowing in proportion to the amount borrowed of each type without consideration of the interest rates charged for each type of borrowing. A more rational approach would be to replace all of the most costly borrowing first. Secondly, new car financing rates are among the lowest cost loans available and this probably underestimates the interest costs of non-revolving loans. [13] http://www.federalreserve.gov/releases/housedebt/default.htm , February 19,2003. [14] Disposable personal income in Texas is estimated to be $535.2 billion in 2001. Carole Keeton Strayhorn Texas Comptroller of Public Accounts Window on State Government Contact Us Privacy and Security Policy

Real Estate Prices

Home price increases may have flattened - Nov. 15, 2005 Web CNN/Money Home News Markets Technology Commentary Personal Finance Autos Real Estate Real Estate Buying & Selling SAVE | EMAIL | PRINT | SUBSCRIBE TO MONEY | Outlook sours for real estate Many indicators point to a major slowdown in home prices. November 15, 2005: 5:47 PM EST By Les Christie, CNN/Money staff writer Most overvalued markets The real estate markets most vulnerable in a housing bust Metro market Median home price Percent overvalued Naples, FL $489,875 79.35% Santa Barbara, CA $609,999 73.69% Merced, CA $256,348 71.71% Salinas, CA $539,273 70.49% Stockton, CA $307,849 68.66% Medford, OR $246,245 64.78% Port St. Lucie, FL $210,727 64.17% Riverside, CA $291,170 62.92% Modesto, CA $287,030 62.77% Madera, CA $256,417 60.39% Source:National City NEW YORK (CNN/Money) - Did homeowners who sold in September get out just in time? The latest report on third-quarter home prices, released Tuesday by the National Association of Realtors, showed continued strength. But increasingly there are signs that prices have plateaued. Of 147 markets tracked , 69 had gains from a year ago of more than 10 percent -- only six metro areas experienced declines. But from the second quarter to the third quarter, the national median home price rose to $215,900, up just 3.8 percent. That contrasts with a 10.4 percent jump in the prior quarter. And more and more leading indicators are pointing to a slowdown. In Boston, real-estate investor Matthew Martinez reports recently having spoken to five condo converters. "They all said the party was over," Martinez said. In Florida, Elena Filipa, vice president of the Corcoron Group in West Palm, said "We've leveled off. I would say prices will go up this year, but not as fast as they have." None of this surprises the many economists who have been waiting for a downturn. Richard DeKaser, chief economist for mortgage banker National City, has been reluctant to call the top, but thinks it has finally passed. "We're coming down the other side of the mountain," said DeKaser. The signs include: Builder pessimism The builders DeKaser surveys are less optimistic than they were even a few months ago. Separately, one leading builder, Pennsylvania-based Toll Brothers, announced last week that expected demand for 2006 would be down, resulting in moderating price increases and fewer sales. New-home sales declining DeKaser also notes that the number of new homes sold have fallen sharply since peaking in July at an annual rate of 1.3 million units. DeKaser calls new-home sales (rather than existing-home sales) the canary in the coal mine. "Developers tend to be more sensitive to market conditions," he said. They have cash flow issues, payrolls, and loans that put more pressure on them to sell. Ordinary home sellers are often more selective than developers, even taking properties off the market if they don't get the price they want. Developers have to drop prices to move inventory. Inventories rising Supplies of new homes are way up, to nearly 500,000 units, from 350,000 a few months ago. "That's an all-time high for new homes," says DeKaser. The higher the inventory, the more likely prices will fall. Sell times are up Houses are sitting on the market longer. New homes now take about 4.1 months to sell and existing homes 4.7; both figures are up substantially. What to expect In a recent survey, NAR members say they predict home prices to rise only 5 percent in the next 12 months. Nearly half of the realtors predict prices will rise less than five percent and 6.4 percent actually expect prices to fall. "You can't expect double-digit price increases to go on forever," said Walter Molony, spokesman for NAR. "We're seeing a market in transition in which there'll be an easing of price increases in the future." While DeKaser expects a slowdown, he predicts an "orderly transition" for the most part, with some exceptions. "There will be busts in some markets," he said. "Mostly, we'll come out of it unscathed." For the most part, DeKaser doesn't envision losses on that scale. He thinks home prices will decline 1.7 percent during the fourth quarter of 2005 and stay almost flat all the way through 2007. But history shows that some over-valued markets could fare much worse. Molony points out that the most severe drops in real-estate prices are usually triggered by an underlying economic crisis. After oil prices went into a six-year decline in the late 1970s, housing prices in oil cities experienced steep drops. In Oklahoma City, prices plummeted 26 percent in real dollars from 1983 to 1988. With inflation, the "real" loss was more than 40 percent. Houses in many oil patch cities are worth less in real dollars than they cost more than 20 years ago. How to protect yourself It may already be too late to cash out at the top, which some residents of hot markets have already done. About 500,000 California residents moved out of state since 2001, according to economy.com, many to take advantage of lower housing prices elsewhere. But houses are not really investments in the same way stocks or bonds are. As an investment, timing the market is touchy -- miscalculate and it can cost you. If, for example, you cashed out a year ago in Los Angeles, expecting to buy back in at a lower price, you'd have to spend nearly 23 percent more for a similar house this year. Add closing and moving costs and commissions and it could cost 30 percent more to get back into the market. Cashing out just doesn't make sense except for retirees or others in a position to relocate or downsize. People looking to buy right now should shop carefully. Look at a number of homes, try not to fall in love, and be realistic about prices. Don't be afraid to bid low. The days of multiple bids may be over for a while. With interest rates rising, try to get into a fixed-rate loan. Adjustable rate loans could adjust to a much higher level when they come due, making monthly bills much costlier. ARMs rates are so close to fixed at this point, it costs little extra to forego the risk of higher rates in the future. ________________________________________________________ Latest prices for 147 markets. Housing affordability is at a low point. For more, click here . Just as the good times may be ending, the Chicago Mercantile Exchange is beginning to offer futures trading in home prices. For more click here . For more articles on Real Estate, subscribe to MONEY Magazine . The Hot List Most profitable renovations How risky is your 401(k)? Big new tax credits for hybrid cars More Buying & Selling Least affordable rental markets Take this home market...and love it Double jeopardy for landlords contact us | magazine customer service | site map | glossary | RSS | press room OTHER NEWS: CNN | SI | Fortune | Business2.0 = Money subscribers = Premium content -- * - Time reflects local markets trading time. † - Intraday data is at least 15-minutes delayed. Disclaimer © 2005 Cable News Network LP, LLLP. A Time Warner Company ALL RIGHTS RESERVED. Terms under which this service is provided to you. privacy policy Reprints of site stories are available. Top Stories Most overvalued housing markets Risks to the economy in 2006 Which was the worst ad of all in 2005? After the ride, a rest Hilton brands reunite after 40 years YOUR E-MAIL ALERTS Follow the news that matters to you. Create your own alert to be notified on topics you're interested in. Or, visit Popular Alerts for suggestions. Manage alerts | What is this?

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