Existing Home Sales Surge

There were few major surprises in the economic news this week, and little change in the stock market. While there was a great deal of daily volatility, mortgage rates ended the week nearly unchanged.
A flood of housing market data was released during the week, and most of it reflected improvement in the sector. The biggest unexpected news came from the September Existing Home Sales report, which jumped 9% from August to the highest level since July 2007. Inventories of unsold existing homes dropped sharply to a 7.8-month supply from a 9.3-month supply in August. This marked the lowest inventory levels in two and one-half years. September Housing Starts remained at depressed levels, which removes pressure on future inventory levels. Building Permits, a leading indicator, also held at low levels. In short, home sales improved, while inventory levels moved lower with a relatively light supply of new homes in coming months. If there is a note of caution, though, it's that much of the activity has been spurred by exceptionally low mortgage rates and the first-time homebuyer tax credit, and the future is uncertain on both fronts. The Fed is scaling back its purchases of mortgage-backed securities, which might push mortgage rates gradually higher, and lawmakers are currently debating whether to extend the first-time homebuyer tax credit.
The Mortgage Bankers Association (MBA) also released its forecasts for this year and next. According to the MBA projections, purchase originations will decline slightly in 2009, but will then increase by 12% in 2010. Similarly, the MBA forecasts that existing home sales will rise by 11% in 2010. The chief economist of the MBA suggested that the timing of the economic recovery and the level of mortgage rates are the biggest variables influencing the results for 2010.

Early Voting Ends Friday...GO VOTE

Attached is the guide that will tell you EVERYTHING that you will be voting on. This is a BIG election and will impact the TEXAS CONSTITUTION! Big Deal! Please go vote and make sure your friends & family vote, too!!

PS - Be careful because this vote has a few items where no means yes and yes means no.

"We encourage all Texans to participate in the constitutional election of November 3. Early voting beings Monday, with 11 propositions for voters to consider.

The propositions cover a range of issues, including curbing eminent domain abuse and controlling Texas' property tax appraisal system. Other propositions fix errors that have crept into the constitution, allow for new debt, or provide the legislature with the authority to spend money."

I attached a League of Women Voters voting guide for your reference.

Here are two links that provide additional information about the proposed amendments

Texas Homeowners: Important to vote on Nov. 3rd!

On November 3rd, there will be Propositions 2, and 3 allowing the State of Texas to start taxing Residential Homeowners. So if you own a home, and these laws are passed, you will pay additional taxes to the State and not just the COUNTY on an assessed value.

At the bottom of this announcement there is a link to the Listings of the Propositions that are up for election in November

If you Do NOT want additional property taxation PLEASE VOTE "NO" to Prop. 2 and 3 (HJR 36).

Proposition 2: The proposed amendment would appear on the ballot as follows: "The constitutional amendment authorizing the legislature to provide for the ad valor em taxation of a residence homestead solely on
the basis of the property's value as a residence homestead".

Proposition 3: The proposed amendment would appear on the ballot as follows: The constitutional amendment providing the uniform standards and procedures for the appraisal of property for ad valor em tax purposes".

If you have not read the rest of the 11 Propositions, here is the link:

http://www.sos.state.tx.us/elections/voter/2009novballotexp.shtml

The Dallas Arts District is AMAZING!

...So I went to the Dallas Arts District for the Grand Opening of the Performing Arts and the festivities did not disappoint! This 68 acre, 19-block neighborhood in the heart of our city has brought to fruition the true vision of the Arts District. I was blown away and so impressed by the scope of this project. DO NOT miss exploring this area. It is easy to navigate and there are plenty of parking lots and garages. Visit TheDallasArtsDistrict.org for more details.

...and there's more excitement on the horizon! The 5.2 actre "deck park" is underway over the Woodall Rodgers Freeway, connecting the Arts District and Downtown with Uptown and Victory Park. It will be one of the country's most unique public spaces, featuring a playground, children's garden, dog park, botanical garden, water elements,picnic area, restaurants,parking and more.

For more information, visit TheParkDallas.org

Dallas Arts District Opening Events this week!

One Arts Plaza will host a free event open to the public on Sunday, October 18, 2009 - the famous Hunter Sullivan and his acclaimed 14-piece jazz band will be performing live in the plaza beginning at 6 p.m. That day the One Arts Plaza promenade will be closed for pedestrian-only traffic. In addition, each of the five unique One Arts Plaza restaurants will be open for Hunter Sullivan fans and restaurant goers alike. The weekend’s festivities will culminate with a spectacular fireworks show at 7:45 p.m. Admission is free and open to the public.