Locally, the Austin American-Statesman interviewed a number of local experts about how they view the Obama jobs plan and the potential for its success. Included in those interviewed was Mission Mortgage’s Mark Sprague. Continue reading
The Texas Workforce Commission recently released August employment data showing Austin experiencing a net gain of 5,600 jobs from July. The increase resulted in the local unemployment rate dropping to 7.3%. Continue reading
When rents and occupancy are both moving up as they did in Austin in June, the apartment market is strong. The result is an increase in pent-up demand for home purchases as the cost of renting draws closer to the cost of buying. The higher and faster rents increase, the more people will opt to look at buying as a more financially sound decision. More importantly, the start of new rental projects shows that lending for that type of project has finally opened up after being very tight for the past 4 years. Continue reading
As of August 19, 2011 the number of private companies offering Mortgage Insurance policies decreased by one as PMI Mortgage Insurance Company was ordered to cease the creation of new coverage. While PMI still manages a large pool of previous policies, without the ability to write new business, the long-term survival of the company is in question.
Since QE has not solved the problem to the degree that The Fed had hoped, we wanted to find out what other tools are available to The Fed and we came across a great blog post by Dr. Mark Dotzour from Texas A&M that explains it in a very easy to read list.
Mark Sprague is quoted in a recent Austin American-Statesman article about the state of the Austin housing market and the July resales results. Mark provides his comments about affordability and the stregth of Austin’s economy. July saw a slight downtick in sales from June and a significant (tax credit influenced) increase over last July. Continue reading
While most of the nation faces enormous employment obstacles, Texas stands tall. Statistics released by the Federal Reserve Bank of Dallas and the Bureau of Labor Statistics indicates that Texas leads all states in job creation over the past two years. More impressively, looking at total net jobs gained for the entire nation during that span, Texas accounts for a whopping 50% of new jobs, according to a story in the USAToday. Continue reading
Mark Sprague, Director of Business Development for Mission Mortgage, provided a Mid-Year Forecast for 2011 on Thursday to a packed room of realtors, business leaders, and others interested in the local housing market. His presentation was covered and reported by Shonda Novak of the Austin American-Statesman. Continue reading
As Washington D.C. continues to struggle to find a solution to the debt ceiling impasse, the Mortgage Interest tax deduction is firmly on the negotiating table. Currently, borrowers can deduct the amount of interest they pay on their mortgages from their principal residences and second homes. As a result, it is estimated that the deductions cost the U.S. Treasury Department nearly $100 billion per year. Continue reading
Forbes Magazine likes Austin. In their latest city rankings, Austin placed first in the list of cities poised to grow in the next decade. Texas, in general, fared very well in the study. San Antonio placed fourth, Houston ranked fifth, and Dallas came in seventh. Continue reading