Americas Best and Worst Housing Markets

As the housing downturn wears on, some cities are stabilizing and some aren’t.In Las Vegas, the weakest market in the country, prices continue to drop."I don't know what those guys were drinking when they thought all this building made sense. If it does work out soon, then there's some force out there in the universe that I'm not aware of," Steve Cesinger, chief financial officer at Dewberry Capital, an Atlanta-based real estate investment firm.Forbes magazine analyzed monthly declines as well as year-over-year declines in home prices. It also looked at how many months of equity homeowners have lost. With these figures in mind, it determined the 10 best and the 10 worst U.S. housing markets. Here they are:: 10 Best: New York City,Washington, DC,Charlotte, N.C.Portland, Ore, San Diego,Denver,Boston,Dallas,Los Angeles,Seattle 10 Worst: Las Vegas,Phoenix,Detroit,Minneapolis, San Francisco,Chicago,Cleveland,Atlanta,Tampa,Miami Source: Forbes: Matt Woolsey

Five Texas Cities Sweep Best Housing Market List

Five Texas cities swept the top spots on Builder magazine’s list of “Healthiest Housing Markets for 2009.”
Houston ranked first, Austin second, Fort Worth third, San Antonio fourth and Dallas fifth.
Rounding out the top ten were Raleigh, N.C., Seattle, Indianapolis, Ind., Fayetteville, Ark., and Washington D.C.

30-Year Rates Drop to Near 5%

Mortgage rates across the board fell this week, a welcoming sign to potential buyers and home owners looking to refinance.The 30-year fixed-rate mortgage averaged 5.04 percent this week, a drop from last week's 5.16 percent. Last year at this time, the 30-year rate averaged 6.04 percent, Freddie Mac reports.
Freddie Mac reported the following for other rates for the week:
15-year mortgage rates: averaged 4.68 percent, down from last week's 4.81 percent. Last year at this time: 5.64 percent.
5-year hybrid adjustable-rate mortgages: averaged 5.04 percent this week, a drop from last week's 5.23 percent. Last year at this time: 5.37 percent
1-year ARMs: averaged 4.8 percent, down from last week's 4.94 percent. Last year at this time: 4.98 percent"Mortgage rates followed bond yields lower this week as recent economic reports suggest the economy is still slowing, which reduces the future threat of inflation," says Frank Nothaft, Freddie Mac's chief economist.

Curb Appeal Is The Key

Curb appeal remains the standard. If a house doesn’t have it, the property is likely to languish on the market.A Michigan State University study estimated that good landscaping adds 6 percent to 11 percent to the eventual sales price of a home.It doesn’t take a ton of cash to get curb appeal. Often a little bit of elbow grease will do the trick.Here are the basics:
Front yard and porch. Mow the grass and keep it green. Keep the porch immaculate – no dirt or bugs.
Mulch all the beds. Flowers and shrubs help, but if the owner can’t afford anything else, mulch will do the trick.
Paint will pay off. Covering everything with a fresh coat of paint – preferably a neutral color – will help the house sell. Freshening up the front door is particularly important.

Update on Texas Employment Picture

The Texas economy is cooling but continues to create more jobs. Texas gained 154,600 jobs from December 2007 to December 2008, while the U.S. economy lost more than 2.8 million jobs over the same period. The state's seasonally adjusted unemployment rate rose from 4.2 percent in December 2007 to 6 percent in December 2008; the U.S. rate rose from 4.9 percent to 7.2 percent during the same period.

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