Economic and Market Watch Report - NTREIS · # Homes on the Market * 118 153 # Homes Sold ** 12 8 #...

Economic and Market Watch Report

2nd Quarter, 2008

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

© 2008 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 ReportOklahoma

1 Marshall County ..........................................................................................................Texas

2 Anderson County .........................................................................................................3 Bosque County .............................................................................................................4 Cherokee County .........................................................................................................5 Collin County ...............................................................................................................7 Comanche County .......................................................................................................8 Cooke County ...............................................................................................................9 Dallas County ...............................................................................................................

13 Delta County ................................................................................................................14 Denton County .............................................................................................................16 Eastland County ..........................................................................................................17 Ellis County ..................................................................................................................19 Erath County ...............................................................................................................20 Fannin County .............................................................................................................22 Franklin County ..........................................................................................................23 Freestone County .........................................................................................................24 Grayson County ...........................................................................................................26 Hamilton County .........................................................................................................27 Henderson County .......................................................................................................29 Hill County ...................................................................................................................30 Hood County ................................................................................................................31 Hopkins County ...........................................................................................................32 Hunt County .................................................................................................................34 Jack County .................................................................................................................35 Johnson County ...........................................................................................................37 Kaufman County .........................................................................................................

38 Lamar County ..............................................................................................................39 Limestone County ........................................................................................................40 Montague County ........................................................................................................41 Navarro County ...........................................................................................................43 Palo Pinto County ........................................................................................................44 Parker County .............................................................................................................45 Rains County ................................................................................................................46 Red River County ........................................................................................................47 Rockwall County .........................................................................................................48 Smith County ...............................................................................................................49 Somervell County ........................................................................................................50 Stephens County ..........................................................................................................51 Tarrant County ............................................................................................................54 Upshur County .............................................................................................................55 Van Zandt County .......................................................................................................56 Wise County .................................................................................................................57 Wood County ...............................................................................................................58 Young County ..............................................................................................................

59 Others ...........................................................................................................................

60Trends ...............................................................................................................................................61Chief Economist's Commentary* ...................................................................................................62Local Forecast ..................................................................................................................................63Economic Monitor* .........................................................................................................................

*Reprinted from Real Estate Outlook: Market Trends and Insights. ©2008 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

Marshall County, OK

1 2 3 4 5 Seller's Market

Buyer's Market

In the first two months of the second quarter, 59 jobs were added to the payrolls of Marshall County. As a result of these new jobs, the average monthly unemployment rate fell from 3.9% during the first quarter to 3.2% for April and May. The strong employment climate may help to create demand for home purchases. Favorable mortgage rates should augment this trend.

Labor Market :

Housing Market :

(Forecast)Q1' 08 Q2' 08 Q3' 08

NAAverage Price $70,000

NA# Homes on the Market * 6

NA# Homes Sold ** 1

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

NAAvg # of Days on Market 167 * Available as of Jun. 30, 2008.

*** 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 2008

73439 $70,000 -60.00% 1 0.00% 73.7%167

1

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

Local Report

Anderson County, TX


Buyer's Market

In the first two months of the second quarter, 279 jobs were added to the payrolls of Anderson County. As a result of these new jobs, the average monthly unemployment rate fell from 5.3% during the first quarter to 4.9% for April and May. The strong employment climate may help to create demand for home purchases. Favorable mortgage rates should augment this trend.

Labor Market :

Housing Market :

(Forecast)Q1' 08 Q2' 08 Q3' 08

$90,000Average Price $65,000

16# Homes on the Market * 24

1# Homes Sold ** 1


131Avg # of Days on Market 136 * Available as of Jun. 30, 2008.



Total #Homes Sold

(Quarter)


***



List Price)


75803 $65,000 N/A 1 N/A 100.0%136

2


Local Report

Bosque County, TX


Buyer's Market

In the first two months of the second quarter, 103 jobs were added to the payrolls of Bosque County. As a result of these new jobs, the average monthly unemployment rate fell from 4.2% during the first quarter to 3.8% for April and May. The strong employment climate may help to create demand for home purchases. Favorable mortgage rates should augment this trend.

Labor Market :

Housing Market :

(Forecast)Q1' 08 Q2' 08 Q3' 08



12# Homes Sold ** 8





Total #Homes Sold

(Quarter)


***



List Price)


76634 $61,900 -33.44% 5 -28.57% 94.9%8876652 $209,000 318.00% 1 0.00% 99.6%8476665 $276,000 283.33% 1 0.00% 98.9%10276671 $140,000 21.74% 1 -90.91% 96.9%22

3


Local Report

Cherokee County, TX


Buyer's Market

In the first two months of the second quarter, 292 jobs were added to the payrolls of Cherokee County. As a result of these new jobs, the average monthly unemployment rate fell from 5% during the first quarter to 4.8% for April and May. The strong employment climate may help to create demand for home purchases. Favorable mortgage rates should augment this trend.

Labor Market :

Housing Market :

(Forecast)Q1' 08 Q2' 08 Q3' 08



NA# Homes Sold ** 1





Total #Homes Sold

(Quarter)


***



List Price)


75766 $515,000 N/A 1 N/A 93.7%202

4


Local Report

Collin County, TX


Buyer's Market

In the first two months of the second quarter, 4,060 jobs were added to the payrolls of Collin County. As a result of these new jobs, the average monthly unemployment rate fell from 4.1% during the first quarter to 3.9% for April and May. The strong employment climate may help to create demand for home purchases. Favorable mortgage rates should augment this trend.

Labor Market :

Housing Market :

(Forecast)Q1' 08 Q2' 08 Q3' 08


9,690# Homes on the Market * 12,200

2,527# Homes Sold ** 2,709

1,102# New Homes Built *** 911 ***




Total #Homes Sold

(Quarter)


***



List Price)


75002 $208,700 3.52% 220 -21.15% 97.6%6775009 $202,300 -25.07% 23 -17.86% 97.2%12375013 $351,700 23.93% 163 22.56% 95.6%9375023 $180,300 -0.83% 146 -26.26% 98.3%4775024 $277,600 -9.87% 98 -22.22% 96.6%6075025 $254,400 1.76% 161 -37.11% 97.4%6075034 $423,400 19.84% 140 -8.50% 95.8%9075035 $223,000 10.89% 214 -13.71% 96.6%6975069 $200,700 4.04% 83 -11.70% 96.3%91

5


Local Report

Collin County, TX


Total #Homes Sold

(Quarter)


***



List Price)


75070 $234,500 0.00% 327 -17.84% 96.7%7775071 $218,400 16.11% 143 2.88% 97.2%7875074 $169,100 1.20% 101 -37.65% 98.3%7375075 $185,700 3.22% 81 -40.00% 98.0%5675078 $332,700 19.42% 55 103.70% 95.4%13275093 $500,400 12.53% 144 -30.43% 96.4%6475094 $287,500 8.98% 70 -11.39% 95.2%9775098 $153,200 -3.53% 171 7.55% 97.2%8675121 $94,000 N/A 1 N/A 100.0%2175164 $159,900 68.32% 1 0.00% 100.0%28275166 $170,900 -10.57% 6 0.00% 97.3%9675173 $156,700 12.17% 12 20.00% 96.2%6975252 $292,900 17.39% 62 -18.42% 94.9%6375287 $376,600 14.33% 44 -16.98% 96.3%8075407 $123,400 9.40% 41 -4.65% 94.4%6075409 $127,700 -4.56% 48 2.13% 97.8%8175424 $58,500 -50.55% 4 -20.00% 95.6%6375442 $64,900 -48.37% 6 -60.00% 91.2%16075454 $208,100 -1.14% 21 0.00% 95.3%139

OTHER $245,100 2.04% 123 -4.65% 96.4%75

6


Local Report

Comanche County, TX


Buyer's Market

In the first two months of the second quarter, 73 jobs were added to the payrolls of Comanche County. As a result of these new jobs, the average monthly unemployment rate fell from 3.7% during the first quarter to 3.5% for April and May. The strong employment climate may help to create demand for home purchases. Favorable mortgage rates should augment this trend.

Labor Market :

Housing Market :

(Forecast)Q1' 08 Q2' 08 Q3' 08



8# Homes Sold ** 8





Total #Homes Sold

(Quarter)


***



List Price)


76442 $82,900 -41.87% 5 150.00% 86.1%14176444 $74,000 -29.05% 2 0.00% 83.4%161

OTHER $45,000 N/A 1 N/A 100.0%118

7


Local Report

Cooke County, TX


Buyer's Market

In the first two months of the second quarter, 538 jobs were added to the payrolls of Cooke County. As a result of these new jobs, the average monthly unemployment rate fell from 3.4% during the first quarter to 3.1% for April and May. The strong employment climate may help to create demand for home purchases. Favorable mortgage rates should augment this trend.

Labor Market :

Housing Market :

(Forecast)Q1' 08 Q2' 08 Q3' 08



61# Homes Sold ** 81





Total #Homes Sold

(Quarter)


***



List Price)


76240 $139,700 -34.38% 63 1.61% 94.8%9576252 $282,800 125.70% 2 0.00% 96.0%4476272 $229,900 30.25% 11 0.00% 94.5%106

OTHER $167,900 -12.69% 5 -50.00% 94.8%55

8


Local Report

Dallas County, TX


Buyer's Market

In the first two months of the second quarter, 11,994 jobs were added to the payrolls of Dallas County. As a result of these new jobs, the average monthly unemployment rate fell from 4.6% during the first quarter to 4.4% for April and May. The strong employment climate may help to create demand for home purchases. Favorable mortgage rates should augment this trend.

Labor Market :

Housing Market :

(Forecast)Q1' 08 Q2' 08 Q3' 08



4,942# Homes Sold ** 5,312

1,068# New Homes Built *** 819 ***




Total #Homes Sold

(Quarter)


***



List Price)


75001 $235,100 13.79% 27 -25.00% 97.3%8675006 $144,500 0.84% 98 -36.36% 98.1%6475019 $326,200 16.46% 162 -11.96% 97.8%6375038 $277,600 -11.59% 32 -11.11% 95.0%14575039 $329,600 72.93% 23 283.33% 94.0%7675040 $106,200 -8.05% 119 -36.02% 97.0%7475041 $91,300 3.05% 62 -35.42% 95.8%8375042 $91,600 -11.84% 66 -26.67% 96.1%7575043 $116,200 -9.15% 120 -41.75% 97.3%84

9


Local Report

Dallas County, TX


Total #Homes Sold

(Quarter)


***



List Price)


75044 $178,800 -1.32% 104 -36.59% 97.1%8775048 $180,800 4.51% 44 -35.29% 98.3%6475050 $99,300 -0.30% 33 -40.00% 95.6%9875051 $85,600 4.52% 57 5.56% 96.4%11175052 $125,600 2.11% 141 -16.57% 96.3%8675054 $218,500 -29.20% 2 100.00% 95.9%1575060 $122,300 14.09% 68 -35.85% 95.9%8975061 $124,600 -7.08% 64 -21.95% 95.9%9375062 $132,300 -3.99% 94 4.44% 96.3%9975063 $257,800 -5.95% 115 0.88% 96.1%7375080 $185,700 6.54% 102 -32.00% 97.7%5275081 $160,500 7.21% 82 -22.64% 97.0%6875082 $211,700 12.79% 7 -30.00% 96.4%3375088 $140,400 -7.08% 66 -33.33% 97.3%8375089 $152,300 -1.10% 125 -21.88% 98.4%6375104 $134,400 -2.18% 167 -20.48% 97.5%8275115 $136,400 -6.32% 195 8.94% 97.5%9275116 $89,800 -10.38% 34 -33.33% 96.3%11075134 $89,300 0.22% 65 0.00% 98.4%9975137 $104,400 -18.75% 58 -17.14% 95.7%11075141 $56,100 -21.43% 2 -60.00% 93.6%575146 $94,100 -5.81% 53 3.92% 97.1%9575149 $82,800 -9.51% 135 -23.73% 97.4%8875150 $85,300 -19.45% 127 -15.33% 96.6%9375159 $99,200 9.49% 32 -13.51% 95.8%10175172 $120,600 282.86% 1 -50.00% 107.0%11675180 $82,700 5.08% 47 -4.08% 98.7%10075181 $136,900 -1.44% 86 -11.34% 98.0%8775182 $339,200 29.81% 19 46.15% 96.2%8675201 $465,700 23.86% 22 144.44% 96.4%16775202 $213,100 13.35% 4 -66.67% 92.5%25075203 $99,400 26.79% 6 -70.00% 97.3%11675204 $263,900 -8.94% 80 -22.33% 95.6%11375205 $1,019,900 0.63% 115 2.68% 96.6%10575206 $297,900 12.67% 97 -38.61% 97.2%8075208 $216,300 -12.99% 71 -14.46% 96.0%88

10


Local Report

Dallas County, TX


Total #Homes Sold

(Quarter)


***



List Price)


75209 $522,500 -6.80% 75 -25.74% 95.4%10175210 $35,000 -55.13% 1 0.00% 68.6%36075211 $87,500 -9.89% 58 -35.56% 98.0%7775212 $85,600 2.03% 9 -35.71% 99.4%9875214 $387,700 9.67% 175 -11.62% 96.5%7475215 $73,500 -29.67% 14 -17.65% 102.0%7475216 $49,200 -9.39% 41 -35.94% 93.0%8375217 $55,800 -11.85% 115 -14.18% 93.1%8475218 $249,200 1.38% 87 -30.40% 97.5%7775219 $300,200 6.91% 117 -40.61% 96.4%10475220 $444,000 20.00% 54 -34.94% 96.2%6475223 $224,500 -1.14% 24 -31.43% 98.0%6275224 $90,700 -2.58% 50 -9.09% 97.4%8175225 $1,287,100 31.15% 89 -12.75% 97.0%8975226 $334,300 -14.83% 2 -33.33% 97.3%6175227 $90,700 1.91% 81 -35.71% 94.9%8275228 $112,600 0.90% 112 -25.83% 97.0%9275229 $465,000 5.49% 77 -48.32% 96.7%8875230 $607,400 21.75% 96 -36.00% 97.3%9475231 $211,700 -3.99% 42 -39.13% 96.9%5275232 $71,000 -20.85% 40 -36.51% 95.6%10275233 $101,800 0.59% 19 -17.39% 96.0%8575234 $182,700 24.12% 60 -36.17% 96.8%9475235 $116,100 -15.13% 11 -35.29% 96.7%8475236 $115,200 8.27% 12 -33.33% 94.5%8975237 $105,900 11.47% 11 10.00% 99.2%7975238 $246,100 13.83% 113 -0.88% 97.7%4475240 $257,100 -4.17% 21 -51.16% 94.6%8475241 $64,200 -3.89% 52 6.12% 97.7%6875243 $166,400 3.61% 84 -26.32% 97.3%8875244 $336,100 17.11% 43 -2.27% 96.4%8675246 $190,800 67.08% 5 -64.29% 97.1%9275248 $293,400 6.07% 113 -37.22% 97.3%6875249 $105,100 -11.90% 33 -50.75% 96.0%8475253 $93,100 32.81% 27 80.00% 96.6%10275254 $242,400 5.94% 39 -45.83% 96.4%88

11


Local Report

Dallas County, TX


Total #Homes Sold

(Quarter)


***



List Price)


OTHER $166,000 -20.50% 81 -50.91% 97.6%91

12


Local Report

Delta County, TX


Buyer's Market

In the first two months of the second quarter, 26 jobs were added to the payrolls of Delta County. As a result of these new jobs, the average monthly unemployment rate fell from 4.6% during the first quarter to 4.4% for April and May. The strong employment climate may help to create demand for home purchases. Favorable mortgage rates should augment this trend.

Labor Market :

Housing Market :

(Forecast)Q1' 08 Q2' 08 Q3' 08



11# Homes Sold ** 9





Total #Homes Sold

(Quarter)


***



List Price)


75432 $104,900 104.88% 7 40.00% 94.2%10175448 $167,300 396.44% 1 0.00% 99.0%114

OTHER $137,000 N/A 1 N/A 94.5%149

13


Local Report

Denton County, TX


Buyer's Market

In the first two months of the second quarter, 3,453 jobs were added to the payrolls of Denton County. As a result of these new jobs, the average monthly unemployment rate fell from 4% during the first quarter to 3.8% for April and May. The strong employment climate may help to create demand for home purchases. Favorable mortgage rates should augment this trend.

Labor Market :

Housing Market :

(Forecast)Q1' 08 Q2' 08 Q3' 08



1,891# Homes Sold ** 2,137

415# New Homes Built *** 361 ***




Total #Homes Sold

(Quarter)


***



List Price)


75007 $178,700 -4.69% 132 -27.07% 98.4%5075010 $250,700 23.56% 63 14.55% 97.2%6975022 $384,300 0.34% 76 -42.86% 97.5%7275028 $255,600 -3.95% 163 -33.20% 97.7%5775034 $332,200 3.36% 241 47.85% 96.7%12075056 $228,300 23.01% 153 -15.93% 96.2%8875057 $149,900 8.31% 7 -66.67% 98.3%4175065 $167,300 8.21% 38 -9.52% 98.1%9275067 $144,500 -1.10% 162 -1.82% 98.3%70

14


Local Report

Denton County, TX


Total #Homes Sold

(Quarter)


***



List Price)


75068 $150,100 -2.85% 156 16.42% 97.9%7975077 $235,900 -4.22% 144 -31.10% 98.0%6676201 $114,600 -38.78% 31 -26.19% 96.8%7076205 $172,600 -7.40% 24 -54.72% 97.0%10276207 $153,100 10.30% 36 -2.70% 97.8%6176208 $193,700 -8.85% 51 2.00% 97.7%8476209 $116,200 -3.49% 55 -36.05% 98.1%5676210 $173,400 -10.11% 151 -25.98% 98.2%6876226 $339,600 -1.65% 88 15.79% 95.6%11676227 $135,700 -19.51% 96 5.49% 98.0%8176247 $146,300 5.71% 41 -12.77% 99.0%5676249 $162,500 19.57% 22 4.76% 98.1%9776258 $177,600 -58.22% 12 -53.85% 93.7%8776259 $124,000 -27.27% 16 23.08% 95.0%8176262 $266,600 17.81% 64 3.23% 97.0%8976266 $127,400 -8.87% 44 15.79% 95.9%105

OTHER $298,900 -2.92% 71 10.94% 97.6%72

15


Local Report

Eastland County, TX


Buyer's Market

In the first two months of the second quarter, 120 jobs were added to the payrolls of Eastland County. As a result of these new jobs, the average monthly unemployment rate fell from 4.3% during the first quarter to 4% for April and May. The strong employment climate may help to create demand for home purchases. Favorable mortgage rates should augment this trend.

Labor Market :

Housing Market :

(Forecast)Q1' 08 Q2' 08 Q3' 08








Total #Homes Sold

(Quarter)


***



List Price)


76435 $449,000 N/A 1 N/A 100.0%38976448 $103,400 52.06% 14 600.00% 96.3%6976454 $50,000 N/A 1 N/A 96.2%18976470 $61,300 N/A 2 N/A 96.5%159

16


Local Report

Ellis County, TX


Buyer's Market

In the first two months of the second quarter, 717 jobs were added to the payrolls of Ellis County. As a result of these new jobs, the average monthly unemployment rate fell from 4.5% during the first quarter to 4.3% for April and May. The strong employment climate may help to create demand for home purchases. Favorable mortgage rates should augment this trend.

Labor Market :

Housing Market :

(Forecast)Q1' 08 Q2' 08 Q3' 08








Total #Homes Sold

(Quarter)


***



List Price)


75101 $60,000 -38.08% 1 0.00% 85.8%3575119 $118,300 -14.03% 44 -12.00% 94.0%9075125 $67,600 -3.84% 5 -37.50% 92.6%6875152 $90,600 13.96% 5 -61.54% 96.3%9575154 $152,400 1.40% 72 14.29% 96.0%9975165 $149,600 16.15% 91 -9.00% 95.8%8375167 $202,300 24.65% 23 9.52% 97.2%7376041 $54,500 N/A 2 N/A 89.1%23076064 $222,300 319.43% 3 50.00% 94.9%139

17


Local Report

Ellis County, TX


Total #Homes Sold

(Quarter)


***



List Price)


76065 $190,100 1.22% 99 28.57% 96.6%9676651 $84,900 10.84% 7 75.00% 92.2%12876670 $60,000 -40.36% 1 -66.67% 96.0%94

OTHER $202,700 19.66% 13 44.44% 95.9%58

18


Local Report

Erath County, TX


Buyer's Market

In the first two months of the second quarter, 161 jobs were added to the payrolls of Erath County. As a result of these new jobs, the average monthly unemployment rate fell from 3.4% during the first quarter to 3.3% for April and May. The strong employment climate may help to create demand for home purchases. Favorable mortgage rates should augment this trend.

Labor Market :

Housing Market :

(Forecast)Q1' 08 Q2' 08 Q3' 08








Total #Homes Sold

(Quarter)


***



List Price)


76401 $134,100 18.05% 53 -34.57% 97.1%10576433 $240,500 49.75% 3 0.00% 92.6%19076446 $102,500 -17.41% 3 -72.73% 94.2%91

OTHER $163,000 -2.63% 4 0.00% 96.0%71

19


Local Report

Fannin County, TX


Buyer's Market

In the first two months of the second quarter, 136 jobs were added to the payrolls of Fannin County. As a result of these new jobs, the average monthly unemployment rate fell from 5.2% during the first quarter to 5% for April and May. The strong employment climate may help to create demand for home purchases. Favorable mortgage rates should augment this trend.

Labor Market :

Housing Market :

(Forecast)Q1' 08 Q2' 08 Q3' 08








Total #Homes Sold

(Quarter)


***



List Price)


75418 $128,400 -3.17% 30 3.45% 93.6%12375438 $37,800 -38.13% 1 -50.00% 80.5%11275439 $121,000 N/A 2 N/A 96.1%6975446 $147,200 42.08% 3 -40.00% 100.2%7575452 $100,500 -10.83% 9 -40.00% 94.5%8175475 $763,200 626.86% 1 0.00% 100.0%14375476 $86,000 13.61% 1 -50.00% 98.0%2675479 $51,000 -48.01% 2 -60.00% 88.9%7075488 $126,400 -25.60% 3 200.00% 97.6%36

20


Local Report

Fannin County, TX


Total #Homes Sold

(Quarter)


***



List Price)


75490 $108,900 -2.85% 8 33.33% 97.9%96OTHER $52,300 -60.97% 1 0.00% 104.6%11

21


Local Report

Franklin County, TX


Buyer's Market

In the first two months of the second quarter, 3 jobs were added to the payrolls of Franklin County. As a result of these new jobs, the average monthly unemployment rate fell from 3.6% during the first quarter to 3.2% for April and May. The strong employment climate may help to create demand for home purchases. Favorable mortgage rates should augment this trend.

Labor Market :

Housing Market :

(Forecast)Q1' 08 Q2' 08 Q3' 08



2# Homes Sold ** 6





Total #Homes Sold

(Quarter)


***



List Price)


75457 $439,000 -28.62% 2 0.00% 93.4%9775480 $45,000 N/A 1 N/A 75.1%64

OTHER $47,200 N/A 3 N/A 85.9%132

22


Local Report

Freestone County, TX


Buyer's Market

In the first two months of the second quarter, 204 jobs were added to the payrolls of Freestone County. As a result of these new jobs, the average monthly unemployment rate fell from 3.9% during the first quarter to 3.5% for April and May. The strong employment climate may help to create demand for home purchases. Favorable mortgage rates should augment this trend.

Labor Market :

Housing Market :

(Forecast)Q1' 08 Q2' 08 Q3' 08








Total #Homes Sold

(Quarter)


***



List Price)


75840 $109,900 5.77% 8 0.00% 93.9%7375859 $166,200 -39.76% 5 25.00% 94.3%7075860 $110,000 -29.03% 3 -50.00% 83.8%17376693 $171,500 90.56% 1 0.00% 86.2%125

OTHER $48,000 -61.60% 1 0.00% 96.0%239

23


Local Report

Grayson County, TX


Buyer's Market

In the first two months of the second quarter, 1,203 jobs were added to the payrolls of Grayson County. As a result of these new jobs, the average monthly unemployment rate fell from 4.8% during the first quarter to 4.5% for April and May. The strong employment climate may help to create demand for home purchases. Favorable mortgage rates should augment this trend.

Labor Market :

Housing Market :

(Forecast)Q1' 08 Q2' 08 Q3' 08








Total #Homes Sold

(Quarter)


***



List Price)


75020 $130,900 17.29% 67 45.65% 96.3%12875021 $152,700 42.05% 7 -36.36% 95.9%12275058 $157,300 -19.33% 12 50.00% 95.8%13475076 $185,700 20.19% 28 -33.33% 91.8%15775090 $97,000 -5.27% 53 0.00% 96.7%10575092 $123,400 5.38% 65 -16.67% 97.0%10975414 $107,000 -8.31% 4 -66.67% 96.2%16175459 $135,300 33.83% 13 -7.14% 96.7%9875489 $92,800 31.07% 5 400.00% 99.1%62

24


Local Report

Grayson County, TX


Total #Homes Sold

(Quarter)


***



List Price)


75491 $100,600 -42.71% 10 25.00% 92.9%13175495 $169,300 -40.18% 16 -33.33% 95.7%17076233 $85,500 -45.23% 3 -70.00% 93.3%7676245 $110,000 40.31% 5 0.00% 91.0%15176264 $217,800 89.06% 3 -25.00% 94.9%9976271 $94,800 -58.62% 1 -75.00% 99.8%6376273 $174,900 63.31% 10 -41.18% 95.6%139

OTHER $225,000 N/A 1 N/A 100.0%56

25


Local Report

Hamilton County, TX


Buyer's Market

In the first two months of the second quarter, 29 jobs were added to the payrolls of Hamilton County. As a result of these new jobs, the average monthly unemployment rate fell from 3.8% during the first quarter to 3.6% for April and May. The strong employment climate may help to create demand for home purchases. Favorable mortgage rates should augment this trend.

Labor Market :

Housing Market :

(Forecast)Q1' 08 Q2' 08 Q3' 08



7# Homes Sold ** 10





Total #Homes Sold

(Quarter)


***



List Price)


76457 $129,600 7.64% 8 14.29% 95.1%7876531 $49,600 -28.43% 2 100.00% 87.9%104

26


Local Report

Henderson County, TX


Buyer's Market

In the first two months of the second quarter, 818 jobs were added to the payrolls of Henderson County. As a result of these new jobs, the average monthly unemployment rate fell from 5% during the first quarter to 4.6% for April and May. The strong employment climate may help to create demand for home purchases. Favorable mortgage rates should augment this trend.

Labor Market :

Housing Market :

(Forecast)Q1' 08 Q2' 08 Q3' 08








Total #Homes Sold

(Quarter)


***



List Price)


75124 $98,000 N/A 4 N/A 98.4%17175148 $72,000 -72.79% 1 -87.50% 85.2%9075156 $144,100 -34.20% 32 3.23% 95.9%9175163 $224,800 71.60% 2 -50.00% 93.9%41475751 $214,000 -17.09% 12 140.00% 87.7%12375752 $750,000 173.03% 3 -57.14% 95.7%9675756 $129,900 -55.97% 1 -50.00% 100.0%4975758 $31,000 -6.06% 1 0.00% 96.9%5775770 $280,000 N/A 4 N/A 94.1%149

27


Local Report

Henderson County, TX


Total #Homes Sold

(Quarter)


***



List Price)


75778 $585,000 239.13% 1 -50.00% 100.0%367OTHER $192,200 14.81% 15 -11.76% 93.0%123

28


Local Report

Hill County, TX


Buyer's Market

In the first two months of the second quarter, 329 jobs were added to the payrolls of Hill County. As a result of these new jobs, the average monthly unemployment rate fell from 4.7% during the first quarter to 4.3% for April and May. The strong employment climate may help to create demand for home purchases. Favorable mortgage rates should augment this trend.

Labor Market :

Housing Market :

(Forecast)Q1' 08 Q2' 08 Q3' 08








Total #Homes Sold

(Quarter)


***



List Price)


76055 $79,100 24.57% 3 -25.00% 95.5%17076627 $117,500 76.16% 2 -50.00% 98.0%20576631 $165,000 N/A 1 N/A 91.7%176636 $236,100 21.95% 3 0.00% 102.0%12876645 $110,700 23.27% 17 -10.53% 89.4%12476648 $53,700 -35.61% 3 50.00% 92.3%3076692 $146,400 -2.33% 28 -6.67% 93.8%142

OTHER $44,000 -88.15% 1 -50.00% 98.9%92

29


Local Report

Hood County, TX


Buyer's Market

In the first two months of the second quarter, 710 jobs were added to the payrolls of Hood County. As a result of these new jobs, the average monthly unemployment rate fell from 4.1% during the first quarter to 3.7% for April and May. The strong employment climate may help to create demand for home purchases. Favorable mortgage rates should augment this trend.

Labor Market :

Housing Market :

(Forecast)Q1' 08 Q2' 08 Q3' 08


839# Homes on the Market * 1,070






Total #Homes Sold

(Quarter)


***



List Price)


76048 $259,600 29.99% 83 9.21% 96.3%10576049 $200,000 -4.26% 122 -8.96% 96.3%10276462 $278,000 44.79% 2 -71.43% 94.2%19976476 $170,000 -41.90% 3 0.00% 99.4%98

30


Local Report

Hopkins County, TX


Buyer's Market

In the first two months of the second quarter, 237 jobs were added to the payrolls of Hopkins County. As a result of these new jobs, the average monthly unemployment rate fell from 4.1% during the first quarter to 3.7% for April and May. The strong employment climate may help to create demand for home purchases. Favorable mortgage rates should augment this trend.

Labor Market :

Housing Market :

(Forecast)Q1' 08 Q2' 08 Q3' 08








Total #Homes Sold

(Quarter)


***



List Price)


75420 $134,500 -5.88% 2 0.00% 92.0%1975431 $66,500 6.40% 2 100.00% 96.4%14775433 $129,600 -5.88% 2 -66.67% 93.3%4175471 $89,900 N/A 1 N/A 100.0%20975482 $125,400 8.10% 43 -40.28% 95.9%91

OTHER $78,300 -45.05% 3 200.00% 95.2%65

31


Local Report

Hunt County, TX


Buyer's Market

In the first two months of the second quarter, 403 jobs were added to the payrolls of Hunt County. As a result of these new jobs, the average monthly unemployment rate fell from 4.7% during the first quarter to 4.4% for April and May. The strong employment climate may help to create demand for home purchases. Favorable mortgage rates should augment this trend.

Labor Market :

Housing Market :

(Forecast)Q1' 08 Q2' 08 Q3' 08


806# Homes on the Market * 1,044






Total #Homes Sold

(Quarter)


***



List Price)


75135 $135,600 19.89% 12 -36.84% 96.5%6375401 $67,600 -14.21% 14 -46.15% 97.1%8475402 $133,000 -1.26% 35 16.67% 95.2%7375422 $138,300 -37.14% 5 -37.50% 96.1%7075423 $258,700 147.56% 1 -50.00% 94.2%19775428 $99,500 -2.26% 12 -53.85% 93.4%15675453 $100,300 -14.64% 4 0.00% 91.5%13375474 $101,100 40.22% 32 28.00% 95.6%9475496 $99,300 18.36% 4 0.00% 93.1%60

32


Local Report

Hunt County, TX


Total #Homes Sold

(Quarter)


***



List Price)


OTHER $158,700 10.98% 26 160.00% 94.3%167

33


Local Report

Jack County, TX


Buyer's Market

In the first two months of the second quarter, 67 jobs were added to the payrolls of Jack County. As a result of these new jobs, the average monthly unemployment rate fell from 3.3% during the first quarter to 3.1% for April and May. The strong employment climate may help to create demand for home purchases. Favorable mortgage rates should augment this trend.

Labor Market :

Housing Market :

(Forecast)Q1' 08 Q2' 08 Q3' 08



1# Homes Sold ** 3





Total #Homes Sold

(Quarter)


***



List Price)


76458 $1,317,500 N/A 2 N/A 86.7%15176486 $60,000 30.43% 1 0.00% 89.6%42

34


Local Report

Johnson County, TX


Buyer's Market

In the first two months of the second quarter, 1,139 jobs were added to the payrolls of Johnson County. As a result of these new jobs, the average monthly unemployment rate fell from 4.1% during the first quarter to 3.8% for April and May. The strong employment climate may help to create demand for home purchases. Favorable mortgage rates should augment this trend.

Labor Market :

Housing Market :

(Forecast)Q1' 08 Q2' 08 Q3' 08








Total #Homes Sold

(Quarter)


***



List Price)


76009 $95,400 11.84% 35 -12.50% 97.7%8476028 $161,600 18.48% 121 2.54% 97.1%7376031 $118,100 -2.24% 25 -16.67% 98.3%9276033 $119,500 3.37% 82 6.49% 98.2%8076044 $110,600 -34.59% 5 -50.00% 95.4%5176050 $187,100 102.93% 9 -30.77% 98.6%10276058 $122,500 34.32% 34 -45.16% 97.2%7676059 $99,300 -24.72% 3 -62.50% 95.2%5676084 $63,000 -20.05% 10 -33.33% 99.2%41

35


Local Report

Johnson County, TX


Total #Homes Sold

(Quarter)


***



List Price)


76093 $126,200 -64.22% 9 200.00% 94.9%42OTHER $187,500 17.63% 16 300.00% 97.4%137

36


Local Report

Kaufman County, TX


Buyer's Market

In the first two months of the second quarter, 465 jobs were added to the payrolls of Kaufman County. As a result of these new jobs, the average monthly unemployment rate fell from 4.7% during the first quarter to 4.4% for April and May. The strong employment climate may help to create demand for home purchases. Favorable mortgage rates should augment this trend.

Labor Market :

Housing Market :

(Forecast)Q1' 08 Q2' 08 Q3' 08








Total #Homes Sold

(Quarter)


***



List Price)


75114 $103,200 -8.10% 8 -42.86% 99.8%10675126 $155,600 6.28% 106 -3.64% 96.3%10775142 $99,300 -18.54% 37 48.00% 92.7%8275143 $110,200 14.43% 11 -35.29% 91.1%8575147 $97,100 1.89% 7 75.00% 94.9%6275158 $139,300 -7.20% 8 -20.00% 91.6%10075160 $124,900 -4.07% 49 -22.22% 97.0%8275161 $158,200 57.57% 14 180.00% 92.9%97

OTHER $194,000 7.12% 4 -42.86% 98.8%60

37


Local Report

Lamar County, TX


Buyer's Market

In the first two months of the second quarter, 275 jobs were added to the payrolls of Lamar County. As a result of these new jobs, the average monthly unemployment rate fell from 4.7% during the first quarter to 4.5% for April and May. The strong employment climate may help to create demand for home purchases. Favorable mortgage rates should augment this trend.

Labor Market :

Housing Market :

(Forecast)Q1' 08 Q2' 08 Q3' 08








Total #Homes Sold

(Quarter)


***



List Price)


75416 $77,500 -53.34% 1 -50.00% 97.0%7175460 $91,500 3.74% 15 -11.76% 97.8%10575462 $177,000 62.53% 15 15.38% 96.0%12975468 $127,000 N/A 1 N/A 95.5%20675473 $216,400 22.19% 4 -20.00% 97.3%25675486 $184,000 42.08% 2 0.00% 90.0%118

38


Local Report

Limestone County, TX


Buyer's Market

In the first two months of the second quarter, 209 jobs were added to the payrolls of Limestone County. As a result of these new jobs, the average monthly unemployment rate fell from 4.4% during the first quarter to 4% for April and May. The strong employment climate may help to create demand for home purchases. Favorable mortgage rates should augment this trend.

Labor Market :

Housing Market :

(Forecast)Q1' 08 Q2' 08 Q3' 08



3# Homes Sold ** 3





Total #Homes Sold

(Quarter)


***



List Price)


76635 $300,000 N/A 1 N/A 83.3%576667 $49,200 4.68% 2 100.00% 90.5%176

39


Local Report

Montague County, TX


Buyer's Market

In the first two months of the second quarter, 183 jobs were added to the payrolls of Montague County. As a result of these new jobs, the average monthly unemployment rate fell from 3.5% during the first quarter to 3.2% for April and May. The strong employment climate may help to create demand for home purchases. Favorable mortgage rates should augment this trend.

Labor Market :

Housing Market :

(Forecast)Q1' 08 Q2' 08 Q3' 08








Total #Homes Sold

(Quarter)


***



List Price)


76230 $86,900 -15.96% 7 16.67% 83.2%8876239 $535,000 91.28% 1 -66.67% 98.2%6176255 $121,000 -19.76% 4 -33.33% 95.8%5576265 $119,000 42.51% 3 200.00% 102.4%19276270 $118,000 N/A 2 N/A 93.7%61

40


Local Report

Navarro County, TX


Buyer's Market

Navarro County saw 126 layoffs occur during April and May. Despite the decline in employment, the average monthly unemployment rate fell from 5.2% during the first quarter to 5% in the first two months of the second quarter. More jobs are needed to augtment the historically low mortgage rates to maintain home sales.

Labor Market :

Housing Market :

(Forecast)Q1' 08 Q2' 08 Q3' 08








Total #Homes Sold

(Quarter)


***



List Price)


75102 $279,500 143.26% 1 -50.00% 94.7%35175109 $150,900 -30.33% 10 -9.09% 91.3%8475110 $114,300 6.72% 53 12.77% 95.8%10975144 $304,300 136.99% 6 -14.29% 100.5%22175153 $130,000 381.48% 1 0.00% 104.0%1175155 $82,500 -25.41% 4 0.00% 92.4%10176626 $74,000 -53.75% 3 200.00% 101.6%4576641 $87,800 N/A 2 N/A 93.6%17876679 $275,000 418.87% 1 -50.00% 92.4%18

41


Local Report

Navarro County, TX


Total #Homes Sold

(Quarter)


***



List Price)


OTHER $261,800 -58.77% 7 250.00% 94.3%141

42


Local Report

Palo Pinto County, TX


Buyer's Market

In the first two months of the second quarter, 374 jobs were added to the payrolls of Palo Pinto County. As a result of these new jobs, the average monthly unemployment rate fell from 3.7% during the first quarter to 3.5% for April and May. The strong employment climate may help to create demand for home purchases. Favorable mortgage rates should augment this trend.

Labor Market :

Housing Market :

(Forecast)Q1' 08 Q2' 08 Q3' 08








Total #Homes Sold

(Quarter)


***



List Price)


76067 $116,500 47.47% 21 -34.38% 97.4%11976449 $325,000 -10.91% 17 13.33% 93.3%20676453 $140,900 167.87% 3 200.00% 83.2%38976475 $1,081,300 339.91% 4 -20.00% 91.4%28976484 $230,600 -3.72% 4 0.00% 92.3%48

OTHER $577,500 75.32% 6 20.00% 96.2%246

43


Local Report

Parker County, TX


Buyer's Market

In the first two months of the second quarter, 815 jobs were added to the payrolls of Parker County. As a result of these new jobs, the average monthly unemployment rate fell from 4% during the first quarter to 3.7% for April and May. The strong employment climate may help to create demand for home purchases. Favorable mortgage rates should augment this trend.

Labor Market :

Housing Market :

(Forecast)Q1' 08 Q2' 08 Q3' 08








Total #Homes Sold

(Quarter)


***



List Price)


76008 $280,000 -12.61% 67 91.43% 97.1%11276066 $170,000 11.84% 1 -80.00% 91.9%6376082 $119,200 17.79% 52 4.00% 97.5%8276085 $164,500 6.40% 25 31.58% 97.4%10076086 $115,100 -2.62% 62 -8.82% 97.3%10476087 $209,700 6.45% 74 -22.11% 96.9%9476088 $191,200 -10.44% 24 0.00% 97.7%11176487 $167,000 -15.01% 7 250.00% 98.2%100

OTHER $213,600 -3.17% 25 -32.43% 95.5%104

44


Local Report

Rains County, TX


Buyer's Market

In the first two months of the second quarter, 13 jobs were added to the payrolls of Rains County. As a result of these new jobs, the average monthly unemployment rate fell from 4.7% during the first quarter to 4.3% for April and May. The strong employment climate may help to create demand for home purchases. Favorable mortgage rates should augment this trend.

Labor Market :

Housing Market :

(Forecast)Q1' 08 Q2' 08 Q3' 08



6# Homes Sold ** 21





Total #Homes Sold

(Quarter)


***



List Price)


75440 $165,400 -47.27% 7 -63.16% 94.3%17275472 $120,500 -6.95% 13 -7.14% 93.0%95

OTHER $65,000 -22.25% 1 -66.67% 93.0%93

45


Local Report

Red River County, TX


Buyer's Market

In the first two months of the second quarter, 60 jobs were added to the payrolls of Red River County. As a result of these new jobs, the average monthly unemployment rate fell from 6.2% during the first quarter to 6% for April and May. The strong employment climate may help to create demand for home purchases. Favorable mortgage rates should augment this trend.

Labor Market :

Housing Market :

(Forecast)Q1' 08 Q2' 08 Q3' 08



2# Homes Sold ** 10





Total #Homes Sold

(Quarter)


***



List Price)


75417 $145,300 -27.31% 3 200.00% 92.5%9175426 $64,000 -61.90% 4 300.00% 89.4%7475436 $79,700 -26.20% 2 100.00% 94.6%9575550 $225,000 N/A 1 N/A 90.0%331

46


Local Report

Rockwall County, TX


Buyer's Market

In the first two months of the second quarter, 371 jobs were added to the payrolls of Rockwall County. As a result of these new jobs, the average monthly unemployment rate fell from 3.9% during the first quarter to 3.8% for April and May. The strong employment climate may help to create demand for home purchases. Favorable mortgage rates should augment this trend.

Labor Market :

Housing Market :

(Forecast)Q1' 08 Q2' 08 Q3' 08








Total #Homes Sold

(Quarter)


***



List Price)


75032 $293,900 16.17% 109 -18.66% 95.0%10375087 $198,500 -4.48% 77 -34.75% 96.8%8775132 $198,000 123.73% 5 400.00% 96.8%14675189 $132,200 -1.78% 54 54.29% 98.3%84

OTHER $140,000 -11.50% 16 -42.86% 98.4%149

47


Local Report

Smith County, TX


Buyer's Market

In the first two months of the second quarter, 1,192 jobs were added to the payrolls of Smith County. As a result of these new jobs, the average monthly unemployment rate fell from 4.6% during the first quarter to 4.2% for April and May. The strong employment climate may help to create demand for home purchases. Favorable mortgage rates should augment this trend.

Labor Market :

Housing Market :

(Forecast)Q1' 08 Q2' 08 Q3' 08








Total #Homes Sold

(Quarter)


***



List Price)


75701 $77,000 -64.02% 1 -50.00% 96.4%2275703 $530,000 178.51% 1 -83.33% 96.4%9975706 $188,700 45.15% 2 100.00% 96.2%18375709 $119,000 N/A 1 N/A 97.5%17575750 $408,500 46.42% 2 100.00% 90.0%12575771 $193,900 17.30% 19 18.75% 95.9%87

OTHER $130,000 229.11% 1 0.00% 97.4%20

48


Local Report

Somervell County, TX


Buyer's Market

In the first two months of the second quarter, 115 jobs were added to the payrolls of Somervell County. As a result of these new jobs, the average monthly unemployment rate fell from 4.4% during the first quarter to 4.1% for April and May. The strong employment climate may help to create demand for home purchases. Favorable mortgage rates should augment this trend.

Labor Market :

Housing Market :

(Forecast)Q1' 08 Q2' 08 Q3' 08








Total #Homes Sold

(Quarter)


***



List Price)


76043 $196,500 23.35% 17 183.33% 95.4%14376077 $218,400 N/A 2 N/A 96.1%73

OTHER $105,000 N/A 1 N/A 91.3%234

49


Local Report

Stephens County, TX


Buyer's Market

In the first two months of the second quarter, 153 jobs were added to the payrolls of Stephens County. As a result of these new jobs, the average monthly unemployment rate fell from 3.5% during the first quarter to 3.1% for April and May. The strong employment climate may help to create demand for home purchases. Favorable mortgage rates should augment this trend.

Labor Market :

Housing Market :

(Forecast)Q1' 08 Q2' 08 Q3' 08



NA# Homes Sold ** 2





Total #Homes Sold

(Quarter)


***



List Price)


76424 $350,000 N/A 1 N/A 116.8%109OTHER $475,000 N/A 1 N/A 96.0%33

50


Local Report

Tarrant County, TX


Buyer's Market

In the first two months of the second quarter, 13,477 jobs were added to the payrolls of Tarrant County. As a result of these new jobs, the average monthly unemployment rate fell from 4.3% during the first quarter to 4.1% for April and May. The strong employment climate may help to create demand for home purchases. Favorable mortgage rates should augment this trend.

Labor Market :

Housing Market :

(Forecast)Q1' 08 Q2' 08 Q3' 08



4,253# Homes Sold ** 4,907

1,483# New Homes Built *** 1,198 ***




Total #Homes Sold

(Quarter)


***



List Price)


76001 $161,200 7.40% 108 -27.03% 97.8%8276002 $142,300 8.54% 143 8.33% 97.8%7376006 $165,200 6.51% 31 -50.00% 96.9%7476010 $64,700 -14.42% 63 -35.05% 95.6%9676011 $109,600 -12.32% 22 -50.00% 95.1%6576012 $179,700 3.39% 59 -28.05% 96.5%10776013 $136,600 -2.50% 83 -27.19% 97.2%14176014 $83,900 -4.44% 56 -49.55% 97.9%7976015 $111,300 -1.59% 32 -27.27% 98.0%58

51


Local Report

Tarrant County, TX


Total #Homes Sold

(Quarter)


***



List Price)


76016 $162,500 -5.14% 113 14.14% 96.7%8576017 $146,700 7.16% 140 -30.69% 97.4%7376018 $105,800 -5.62% 89 -28.80% 97.8%7976020 $142,700 -11.48% 59 -4.84% 97.2%8076021 $180,900 4.51% 105 -17.32% 97.5%5676022 $126,400 7.94% 26 -46.94% 99.0%6976034 $483,400 10.26% 90 -27.42% 97.7%8576036 $140,000 0.36% 72 12.50% 96.3%10776039 $164,600 3.33% 71 -6.58% 98.0%6776040 $152,700 7.84% 44 -39.73% 97.1%6076051 $244,400 3.69% 147 2.08% 97.4%5576052 $204,400 -12.84% 78 44.44% 96.9%9776053 $126,500 12.34% 64 -3.03% 96.7%24476054 $198,500 -11.19% 43 -34.85% 97.5%4176060 $239,700 45.18% 10 -52.38% 95.6%6176063 $196,600 10.45% 215 -14.00% 96.8%7476092 $620,500 12.78% 116 -32.95% 97.2%6576102 $225,400 -10.48% 12 20.00% 97.2%8176103 $84,700 -18.01% 32 -21.95% 94.1%11876104 $57,500 -6.96% 11 -26.67% 86.0%15476105 $51,700 4.87% 13 -38.10% 96.5%11976106 $68,400 6.71% 21 -27.59% 96.5%6676107 $278,300 15.19% 84 -18.45% 95.3%6676108 $114,100 -3.06% 102 -4.67% 97.4%8376109 $358,700 34.70% 71 -32.38% 95.3%7376110 $217,400 46.40% 54 0.00% 96.5%7376111 $88,200 -29.61% 29 -35.56% 98.5%6776112 $90,300 -11.73% 90 -21.05% 95.1%10976114 $124,900 64.99% 41 -31.67% 94.5%8076115 $65,200 0.46% 11 -45.00% 98.7%9376116 $190,100 14.45% 83 -29.66% 96.9%8476117 $79,700 6.69% 47 -34.72% 98.1%8376118 $119,400 -6.06% 48 -28.36% 96.9%7476119 $54,100 9.07% 35 -25.53% 97.8%7476120 $122,200 11.09% 25 -7.41% 96.4%8076123 $129,800 3.43% 121 -7.63% 98.4%82

52


Local Report

Tarrant County, TX


Total #Homes Sold

(Quarter)


***



List Price)


76126 $170,600 -2.57% 61 -14.08% 98.4%7976131 $135,900 0.59% 128 54.22% 97.6%7876132 $341,600 12.78% 58 9.43% 96.2%8176133 $106,500 0.66% 129 -8.51% 97.0%7576134 $83,800 -10.09% 62 -11.43% 97.9%9476135 $142,900 18.10% 47 -30.88% 97.0%7776137 $130,000 -2.91% 169 -29.58% 98.9%6276140 $93,900 9.95% 78 -6.02% 96.4%8376148 $102,000 1.19% 76 -28.97% 99.6%8076164 $68,200 89.44% 7 600.00% 93.2%9476177 $157,900 N/A 16 N/A 95.1%9176179 $174,100 25.34% 213 35.67% 96.9%8476180 $174,500 5.37% 158 -17.71% 97.9%6076248 $226,800 2.86% 445 6.21% 97.0%79

OTHER $234,200 14.75% 251 1.21% 96.1%95

53


Local Report

Upshur County, TX


Buyer's Market

In the first two months of the second quarter, 268 jobs were added to the payrolls of Upshur County. As a result of these new jobs, the average monthly unemployment rate fell from 4.1% during the first quarter to 3.6% for April and May. The strong employment climate may help to create demand for home purchases. Favorable mortgage rates should augment this trend.

Labor Market :

Housing Market :

(Forecast)Q1' 08 Q2' 08 Q3' 08



NA# Homes Sold ** 2





Total #Homes Sold

(Quarter)


***



List Price)


75644 $325,000 N/A 1 N/A 94.2%29375645 $750,000 N/A 1 N/A 93.8%299

54


Local Report

Van Zandt County, TX


Buyer's Market

In the first two months of the second quarter, 397 jobs were added to the payrolls of Van Zandt County. As a result of these new jobs, the average monthly unemployment rate fell from 4.2% during the first quarter to 3.8% for April and May. The strong employment climate may help to create demand for home purchases. Favorable mortgage rates should augment this trend.

Labor Market :

Housing Market :

(Forecast)Q1' 08 Q2' 08 Q3' 08








Total #Homes Sold

(Quarter)


***



List Price)


75103 $130,800 -4.25% 21 -27.59% 95.7%12875117 $147,200 69.59% 6 -45.45% 96.5%8575127 $26,000 -80.38% 1 0.00% 82.5%10275140 $105,100 -24.98% 9 50.00% 88.2%5475169 $125,500 15.99% 25 4.17% 95.5%9675754 $230,400 66.96% 6 100.00% 88.9%5975790 $154,000 1.58% 2 -50.00% 92.8%87

OTHER $97,600 -44.55% 6 -14.29% 93.4%108

55


Local Report

Wise County, TX


Buyer's Market

In the first two months of the second quarter, 438 jobs were added to the payrolls of Wise County. As a result of these new jobs, the average monthly unemployment rate fell from 4% during the first quarter to 3.5% for April and May. The strong employment climate may help to create demand for home purchases. Favorable mortgage rates should augment this trend.

Labor Market :

Housing Market :

(Forecast)Q1' 08 Q2' 08 Q3' 08








Total #Homes Sold

(Quarter)


***



List Price)


76023 $149,400 21.27% 5 -16.67% 91.7%8076071 $111,900 -4.77% 5 0.00% 99.0%5976073 $190,100 27.67% 11 175.00% 96.1%9476078 $107,400 -22.06% 19 -9.52% 98.1%8276225 $108,100 -43.96% 8 -46.67% 98.3%9276234 $198,000 -0.65% 38 -9.52% 98.4%10176426 $155,100 32.23% 31 0.00% 95.3%10576431 $183,000 33.58% 6 200.00% 93.3%128

OTHER $227,200 92.71% 9 -25.00% 94.5%104

56


Local Report

Wood County, TX


Buyer's Market

In the first two months of the second quarter, 441 jobs were added to the payrolls of Wood County. As a result of these new jobs, the average monthly unemployment rate fell from 4.8% during the first quarter to 4.2% for April and May. The strong employment climate may help to create demand for home purchases. Favorable mortgage rates should augment this trend.

Labor Market :

Housing Market :

(Forecast)Q1' 08 Q2' 08 Q3' 08








Total #Homes Sold

(Quarter)


***



List Price)


75410 $481,700 82.05% 3 -50.00% 97.2%12175444 $113,800 N/A 1 N/A 100.0%6175494 $113,000 17.46% 12 -14.29% 93.2%20275497 $325,000 25.63% 1 -85.71% 81.4%5075765 $124,700 -30.14% 4 -33.33% 91.6%27075773 $216,400 -49.02% 12 71.43% 93.2%12875783 $185,900 23.19% 11 83.33% 95.3%218

OTHER $325,000 94.03% 1 -50.00% 93.4%109

57


Local Report

Young County, TX


Buyer's Market

A total of 266 jobs were created during April and May. The new jobs in Young 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 3.3% rate of the first quarter. The new jobs should help demand. Mortgage rates remain historically favorable which should augment the new jobs to keep the market moving.

Labor Market :

Housing Market :

(Forecast)Q1' 08 Q2' 08 Q3' 08



3# Homes Sold ** 5





Total #Homes Sold

(Quarter)


***



List Price)


76374 $117,900 105.04% 1 -50.00% 100.0%1476450 $129,700 35.10% 4 0.00% 95.9%24

58


Local Report

Others


Total #Homes Sold

(Quarter)


***



List Price)


75501 $41,600 -0.95% 5 66.67% 99.5%2775503 $69,900 -67.46% 1 -80.00% 94.5%1075551 $45,000 N/A 1 N/A 102.3%1075561 $33,000 N/A 1 N/A 77.9%15075567 $33,000 -43.59% 1 0.00% 79.3%18775571 $140,000 215.32% 1 -50.00% 93.4%3775602 $65,700 N/A 1 N/A 90.1%2875631 $175,000 N/A 1 N/A 92.6%19875633 $730,000 N/A 1 N/A 91.4%37475831 $125,000 N/A 1 N/A 90.6%8376633 $145,000 N/A 1 N/A 97.0%10976710 $91,500 N/A 1 N/A 91.6%36876801 $83,000 N/A 2 N/A 102.6%3676823 $39,900 N/A 1 N/A 100.0%2177340 $161,500 N/A 2 N/A 96.8%12477865 $480,000 N/A 1 N/A 94.1%6778133 $224,000 N/A 1 N/A 81.5%104

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60

Trends

Improvement or Flash-in-the-Pan?By Ken FearsManager, Regional Economics

Now that we can review the second quarter of 2008, sales rose with the seasonal upswing in demand and prices. Butmany factors such as moderating prices and historically low mortgage rates suggest that affordability is better todaythan it’s been in years. With strong current conditions and the potential for rising mortgage rates, many periodicals andnews figure-heads, even CNBC’s once pessimist Jim Kramer has advised that now is the time to be looking to purchase.But are potential buyers following suit?

Home sales rose 2.0% nationally between April and May. This increase came even as mortgage rates rose from theirJanuary lows around 5.5% to nearly 6.4% in late June. Historically, sales and prices have tended to rise every spring andsummer and decline during the fall and winter. This pattern is driven by the school year: families tend to move when thechildren are out of school. Since this extra demand is added to core demand during the warm months, sales volumeincreases. Also, as families require larger homes, the median price tends to rise as well.

Give this seasonal pattern, can it be asserted that the recent increase in sales is due to seasonal buying patterns or anactually improvement in buyer sentiments? Here in the market covered by North Texas Real Estate Information Systems,sales fell 15.1% compared to the same period in 2007, while the average price has increased 5.0% over this same period.

But simply looking at sales and prices on a year over year basis may not be enough. Since the national marketslowdown has been in motion for nearly 2 years, there could be a year-over-year difference that does not account for animprovement in buyers sentiments during the intervening three quarters. In short, this market may be slower than a yearago, but it could have picked up in last three to six months. Changes to days on market and the concessions that sellersmake might shed some light on this issue.

89%

90%

91%

92%

93%

94%

95%

0

20

40

60

80

100

120

140

2007 Q2 2007 Q3 2007 Q4 2008 Q1 2008 Q2

Days on Market Concession (right)

As can be seen from the graph above, average days on market fell over the 15-month period ending in June. Over thissame period, the average concession rose. These patterns suggest that it is still unclear if there has been animprovement in consumers’ perception of the market and willingness to participate actively.

This housing market is one of the most difficult in memory. The buyers that enter the market are finding their way toworking out deals with sellers. But getting buyers to enter the market is the big problem. As the market moves awaystalemate and to another, lower equilibrium, buyers are likely to come back to the market seeking deals. Potential buyersneed to realize that deals won’t seek them out, though. Good deals must be sought and bargained for.

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Commentary

Real Estate - A Nice "Commodity" Play!by Lawrence Yun, NAR Chief Economist

We are all well aware of high commodity prices in today's market. Most tangible raw materials are com-manding sky high prices. Oil, diesel, copper, steel, cement, and other construction related costs (exceptlumber) are all up substantially. Some have even brought back the Malthusian theory of too many people onearth outstripping available resources.

We can see the effect in inflation figures. In the past five years the consumer price index has risen 18 per-cent; the producer price index for construction has increased 39 percent during the same period.

In light of the resource price boom, one interesting angle that has not been delved into deeply is that realestate could be a nice commodity play. Real estate -- with all its tangible and concrete solid qualities (unlikepaper financial assets) - has historically been a good hedge against inflation. High commodity prices -- andhigh inflation rates in the late 1970s and early 1980s -- led to double-digit gains in home prices. So whyhasn't that happened this time?

One reason goes back to supply and demand. Right now there are too many home sellers (some of whomare trying to sell one of several properties they own) in relation to home buyers. The short-term dynamics ofhigh home inventory (of both new and existing homes) will require some time to work off. However, onceinventory reaches a manageable level, does it then mean that real estate prices will "catch-up" to reflecthigh commodity costs and the high costs of construction?

Think about two different households (one owner, one buyer) interested in homes situated where land ischeap and plentiful. How much are those homes worth? If a household desires to build a (new) home there,then the real price of that home will be the cost of construction.

But let's assume that the home owner wanted to charge a much higher price (i.e., more than the cost ofconstruction) to sell that home to a buyer. The buyer would do well by simply building a new home at thecost of construction rather than paying the higher asking price. So the long-term home price equilibrium canbe viewed simply as the cost of production. If the cost rises, then so will the home price. In areas of thecountry where developable land is relatively widely available, the rising cost of construction will surely thenlead to proportionately higher home prices.

Of course, where land is not cheap and/or plentiful, then real estate prices will not only reflect the cost ofconstruction, but also the shortage (in supply) and the premium value of the land. New York, San Francisco,and the Washington D.C. areas, for example, will always command high home prices because of the verylimited land supply that is close to downtown job centers.

Inflation has been - and always will be -- a big headache for the country, our economy and consumers. Oneway for consumers to assuage the pain of inflation, however, is to own commodities. A simple, good way isto own real estate. If commodity prices further accelerate for some reason, you will automatically be in thegame.

The ForecastBy Lawrence Yun, Vice President, NAR Research

Forecast

62

Modest near-term movement is expected in existing-home sales, with a recovery in sales seen during thesecond half of the year. The Pending Home Sales Index,* NAR’s forward-looking indicator based oncontracts signed in May, fell 4.7 percent to 84.7 from an upwardly revised reading of 88.9 in April, andremains 14.0 percent below May 2007 when it stood at 98.5. Some pullback after a sharp increase in theprevious month was expected. The overall decline in contract signings suggests we are not out of the woodsby any means. The housing stimulus bill has become a law and this will begin to make a measurable impactin raising home sales later in the year.

But location has never mattered more than in the current market. Look at the pending home sales index forthe West. While it’s true the index slipped 1.3 percent to 97.5 in May in that region, it was 2.0 percenthigher than it was in May of 2007. Indeed, some markets have seen a doubling in home sales from a yearago, while others are seeing contract signings cut in half. For instance, double-digit pending sales gains inMay from a year ago were noted in Colorado Springs CO, Sacramento CA and Spartanburg SC. Inaddition, price conditions vary tremendously, even within a locality, depending upon a neighborhood’sexposure to subprime loans.

Although inflationary expectations appear to be under control for the time being, sharper consumer pricegains could lead to notably higher mortgage interest rates in 2009. Based on current indicators, the 30-yearfixed-rate mortgage is forecast to rise gradually to 6.8 percent by the end of this year, and then hold at thatlevel for most of 2009.

The speed at which home prices has declined in a few select markets is unprecedented, but the large pricedeclines in those areas have enticed bargain hunters back into the market. Interestingly, there have beenreports of multiple bidding after the large price cuts, so it is possible that most of the price declines havealready occurred in those markets. The aggregate median existing-home price (on a national basis) isprojected to fall 6.2 percent this year to $205,300, and then rise by 4.3 percent in 2009 to $214,100.

New-home sales are a different story. They are likely to fall 32.3 percent to 525,000 in 2008 and declineanother 3.4 percent next year to 507,000. In light of high inventory conditions, rising commodity prices andconstruction costs will curtail new home construction deep into next year. Housing starts, includingmultifamily units, will probably fall 28.7 percent to 966,000 this year, and then drop another 9.0 percent in2009 to 879,000. The precipitous drop in starts is due in part to some overbuilding during the “boom”years, as well as the rising costs of construction.

Officially, the U.S. economy has still not drifted into recession. In fact, GDP growth in the second quarter ofthis year was close to 2 percent. Growth in GDP is forecast at 1.6 percent for all of 2008 and 1.4 percentnext year – not spectacular, but still positive. Inflation, as measured by the Consumer Price Index, isforecast at 3.7 percent this year and 2.4 percent in 2009. Inflation-adjusted disposable personal income isprojected to grow 1.5 percent in both 2008 and 2009.

So, what does all this mean for housing consumers? It will continue to be a buyer’s market for a while.Obviously, we will need to watch development with credit markets and the GSEs, but if a potential buyercan qualify for a mortgage, there is plenty of choice out there for homes.

Mortgage Rates The 30-year fixed mortgage rate jumped 28 basis pointsin June to 6.32%. Rates are at their highest level since since October 2007.But relatively low mortgage rates and weak home prices have been fuelinglocal home sales in some markets such as those in California and Florida.Mortgage rates are expected to rise in the second half of the year, althoughat a steady level.

Existing Home Sales posted 4.99 million seasonally adjusted annualizedunits in May – a 2.0% increase from April’s level. Resales rose in allregions but the South, and even there they were only down 0.5%. Thenational median home price for an existing home was $208,600, down 6.3%compared to a year ago. The inventory of existing homes was at a 10.8months supply at the current sales pace.New Home Sales declined 2.5% in May to a seasonally adjustedannualized rate of 512,000 units. April’s figure was revised downwardto 525,000 units. Sales of new homes are off 40.3% comparedto the pace in May 2007. The supply of new homes availablefor sale rose slightly to a 10.9 months supply.Housing Starts slipped 3.3% in May, posting a seasonally adjustedannualized rate of 975,000 units. Both single-family and multi-family unitsfell, but multifamily units are up compared to their year-ago level. Housingpermits, generally a reliable indicator of future starts, fell for single-familyunits while posting a mild increase for multifamily units.

Employment The U.S. economy shed 62,000 payroll jobs in June – thesixth straight month of job losses. April and May job figures were revisedand showed more job losses than previously registered. Construction jobshave borne the brunt of job cuts, losing more jobs than any other sectorover the past 12 months. Bright employment spots included health care,education, government, mining (from the commodity boom), and leisure/hospitality sectors all of which posted job gains.Economic Growth Despite ongoing job cuts, the U.S. economy did growin the first quarter of 2008, posting a GDP growth rate of 1.0% for thequarter. The figure is an upward revision from a previous estimate of0.9%. This is the third and final revision of GDP growth based on morecomplete data. For comparison, real GDP increased 0.6% in the fourthquarter of 2007. The increase reflects increased spending for services,exports of goods and services, and federal government spending.

Housing Affordability slipped in May. NAR’s Housing AffordabilityIndex stood at 125.4 for the month, down from the 130.6 reading in April.The decline was due in large part to increases in most of the componentsof the index, including a month-to-month rise in the median home price, aswell as increases in mortgage rates and qualifying income. Even so,May’s index is still well above the 110.4 posted in May 2007.

Economic Monitor This table reflects data available throughJuly 2008.

June 08 6.32%May 08 6.04%June 07 6.61%

Inching higherbecause mortgagelenders want to beprotected frominflation

Monthly IndicatorForecastRecent

Statistics

Likely DirectionOver the Next

Six Months

May 08 4,990Apr 08 4,890May 07 5,930

Sales activity isgetting turbocharged in areaswith notable pricedeclines as buyerspick up bargains.

Very few newhomes being built

High commodityprices will cutprofit margins andnegatively impactconstruction

GDP expands andlifts labor demand

GDP expands butnot robustly asconsumers aretapped out

Sizable gains inCalifornia, Florida,Nevada, andArizona

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

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June 08 -62May 08 -6212-monthtotal -42thousand

2008:I 1.0%2007:IV 0.6%2007:I 1.2%

May 08 512Apr 08 525May 07 857

May 08 975Apr 08 1,008May 07 1,436

May 08 125.4Apr 08 130.6May 07 110.4

Economic and Market Watch Report - NTREIS · # Homes on the Market * 118 153 # Homes Sold ** 12 8 #...

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Transcript of Economic and Market Watch Report - NTREIS · # Homes on the Market * 118 153 # Homes Sold ** 12 8 #...