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Recent articles
What's New at TREC?
Fraud Alert! - TREC has recently learned about a scam in which a person pretending to be an agency employee may call a licensee with a story about a problem with the licensee's license status. The caller then offers to resolve the problem by asking for the licensee's credit card number to make a payment by phone. . . . read more
9/04/2009 - Abolition of TRCC Leads to Revised Contract Forms for New Construction .... At its August 17, 2009, meeting, TREC took emergency action to update the New Home Contract forms for incomplete construction and completed construction to reflect these changes. . . . read more
9/04/2009 - New Requirements for Instructors of required MCE Legal Update and Ethics courses effective for courses offered on or after January 1, 2010 – adopted by the Commission on 8/17/09. . . . read more
7/09/2009 - TREC ENCOURAGES APPLICANTS TO BROKER-LAWYER COMMITTEE - The Texas Real Estate Commission invites applicants to serve on the Texas Real Estate Broker-Lawyer Committee for a six year term. . . . read more
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SALESPERSONS & BROKERS:
Fee Increases for all Broker and Salesperson late renewals and renewal of licenses expiring after November 1, 2009 - adopted by the Commission on 8/17/09. . . . read more
Part of Real Estate Broker and Salesperson Exams to Change - Effective October 1, 2009, the National portion of the Real Estate Broker and Salesperson exams will change. . . . read more
Fee Increase for Salesperson Licenses, effective June 2, 2009 - New legislation increases fees by $2.50 per year per salesperson license or renewal to benefit the Real Estate Center. . . . read more
Background Check Fee - All licensees who have been fingerprinted for TREC will eventually have to pay an additional fee for a subsequent background check when renewing their licenses or applying for a broker license. Licensees who were fingerprinted for a 2008 renewal, application or late renewal, and whose current license expiration is March 31, 2009 or thereafter, must pay the renewal or application fee and an additional fee (currently $19.25) for a subsequent background check. Fees will be returned to licensees who submit incorrect fee amounts (and, for renewals: the license will expire if the correct amount is not timely received.)
LATE MCE Penalties have been revised. Also see the new MCE F.A.Q.
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ALL ROADS LEAD TO TEXAS
CHICAGO – The “Lone Star” state stands alone atop the 38th Annual Allied Van Lines Magnet States Report. According to the report, which tracks U.S. migration patterns, Texas was America’s most “magnetic” state in terms of attracting new residents.
President of Moving Services North America, SIRVA Inc., Allied’s parent company Mike McMahon said, “Four major cities, a solid economy and a temperate climate, make Texas a very attractive place to live.”
According to the Allied report, Texas experienced the largest net relocation gain (inbound moves performed by Allied Van Lines minus outbound moves) in the country followed by North Carolina & Arizona.
Texas had about 8,600 inbound shipments compared to approximately 6,600 outbound shipments for a net relocation gain of 2,000 – good for No. 1 Magnet State status. Its 15,000 + shipments also made it the third most mobile state behind California and Florida.
NATIONAL HOME PRICE, SALES NOTES
COLLEGE STATION (Real Estate Center) – Dr. Mark Dotzour, chief economist for the Real Estate Center at Texas A&M University, monitors the national real estate scene. Here are his latest observations on home prices and sales trends. Statistics compare June 2006 with June 2005, unless otherwise noted.
National
- Housing inventory at 6.8 months, up from 4.4 months.
- Sales 9 percent lower. . . .
- Home inventory 3.7 million, up 39 percent.
- Sales in South down 5.5 percent . .
- Northeast down 9.8 percent . . .
- Midwest down 6.2 percent . . .
- West down 17.1 percent. . . .
- U.S. housing starts fell 5.3 percent . . . fourth drop in five months.
Washington, D.C. May prices down 1.2 percent . . . slightly lower in Loudon, Fairfax Counties. . . . Loudon Co. has nearly 5,000 homes listed . . . up from 1,800 last year.
Florida. Naples (Collier Co.) median price of $451,000 down 8 percent. . . . Sales off 48 percent. . . . Condo sales down nearly 50 percent . . . prices up 1 percent. . . Fort Myers (Lee Co.) median sales price down 5 percent. . . . Median $250,000 condo price down 7 percent. . . . Home sale volume off 31 percent . . . condo sales down 66 percent. . . . Single-family permits in Polk Co. (Lakeland) down 50 percent.
Arizona. Valley (Phoenix) area has 8,700 finished — but unoccupied — new homes . . . up from 4,300 last year.
California. Nearly 4,000 homes for sale in San Joaquin Co. . . . up from 777 in Feb. 2005. . . . San Diego sales down 24 percent . . . 24 consecutive months of year-to-year sales declines . . . home inventory nearing 20,000 . . . almost double last year. . . . Sacramento new home sales rebounded in April, May, June . . . driven by aggressive homebuilder discounting . . . average second quarter incentive $15,200 . . . was $4,400 last year.
Nevada. April existing home median price in Las Vegas up 5.2 percent from year earlier . . . sales volume down 25 percent . . . new home sales down 9.1 percent . . . prices up 18 percent. . . . Nearly 17,200 existing homes in April inventory . . . nearly 10,500 last year . . . less than 3,000 in 2004.
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$2 BILLION COMMUNITY PLANNED NEAR MANOR
AUSTIN - Fort Worth-based Taurus of Texas Holdings LP, a subsidiary of Boston-based Taurus Investment Holdings, has purchased 2,200 acres of wooded land south of Manor from an investment group that includes local developer Jim Carpenter. Plans are to develop a $2 billion master-planned, energy-efficient community with more than 8,000 homes ranging from the $150,000s to $500,000, townhomes, condominiums, and hundreds of thousands of square feet of retail and office space.
Whisper Valley Ranch is slated for development near the ten-lane Texas 130 toll road, which is scheduled to be completed in mid-2007. About 1,965 acres is on the east side of Texas 130; another 241 acres is to the west. The land also borders the recently improved Travis County Northeast Regional Park.
The first homes could be underway by mid-2007 and ready for residents by the end of the year or early 2008. Final buildout of the community is expected to take seven to ten years, according to Douglas Gilliland, president of Taurus of Texas. Community amenities will include 11 soccer fields, nine baseball fields and stocked fishing lakes, with nearly 600
acres left as open space or developed with walking and jogging trails.
Most of Whisper Valley Ranch's 300,000 to 400,000 square feet of shops and offices would be built west of Texas 130 in later phases. Major employers in the area include Dell Inc., Samsung Austin Semiconductor LP and Applied Materials Inc.
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