The Insurance Journal recently reported that the "Texas Attorney General Greg Abbott announced he has filed a court action to stop an El Paso, Texas, father and his two sons who operate an unlicensed "real estate" business from illegally taking earnest money from potential homeowners when the properties offered for sale face imminent foreclosures."

According to the story, "The suit also freezes the assets of Nebram Enterprises, operated by Gilberto Romo and his sons, Edward and Paul Romo, and stops the trio from soliciting money from consumers for property they have no right to offer for sale. They must also obtain a proper license from the Texas Real Estate Commission (TREC) before conducting any further business in Texas."

Read the full article online.

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RISMEDIA, April 14, 2006—(KRT)

"San Antonio’s real estate development
industry is a $19.4 billion economic engine for the city, according to
data released Wednesday, a statistic some industry leaders say should
surprise San Antonio…"This sector rivals any other in San Antonio," said Jon Hockenyos,
managing director of the economic consulting company Texas
Perspectives, who spoke about his study’s findings to The Real Estate
Council of San Antonio, a member of the alliance, on Wednesday morning
at the Petroleum Club. "It’s been a stabilizing force across the San
Antonio economy."

Read the rest of Rismedia’s article.

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The El Paso Times reported that several downtown El Paso business owners were surprised to realize that they may soon be forced out of the area. "The plan received several standing ovations from about 900 people
almost two weeks ago at its public unveiling at the Plaza Theatre…(but there is a) 127.5-acre Redevelopment District, where business and property owners
will be asked to sell out or possibly be forced out by condemnation if
needed."

"The plan calls for forming a Real Estate Investment Trust to buy
properties in the Redevelopment District. Sanders said the hope is that
property and business owners can be presented with a "compelling
enough" business proposition and agree to sell "before we have to flex
our muscles and use eminent domain (condemnation)."

This could definitely change the landscape of El Paso’s downtown.

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According to the Dallas Business Journal, the city of Dallas could enter the southern Dallas real estate market with money borrowed through this fall’s bond vote.

"It would be the first time the city would use bond money to buy land that would be used to lure a mix of residential and commercial developments. In the past, the city has used bond money for low- and moderate-income housing….about $20 million of the $1 billion-plus bond package would buy vacant, neglected or undesirable real estate to bolster southern Dallas, a sector of the city that has lagged in economic growth since Dallas was founded."

Read the full article.

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Clark Howard.com posted quick advice on Apr 13, 2006 entitled How to Bust Through the Bubble Safely.

"The Wall Street Journal published a recent report about the areas of the country with the greatest risk in terms of the housing market. There are three main areas. One stretches from San Francisco south to southern California and west to Arizona; the second encompasses nearly all of Florida; and the third includes the mid-Atlantic states from New York down through Virginia.

Why is it happening? Part of the reason is that speculators have pushed prices up by buying up homes they never intended to live in. They bought them thinking they could flip them someday and make money. Well, now these people are under water and they can’t get rid of them.

So, what can you do if you have to move and need to sell your home? Well, first of all if you plan to sell, you’re not doing yourself any favors if you are listing your place for the same amount as others are. Becoming a landlord may be an option for you. If you don’t want to take the loss, put the place up for sale and wait it out. Be realistic about what the marketplace will afford you. You’re holding a bad hand right now, but you can work through it".

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Bankrate.com reported that the increase in U.S. jobs has caused a recent rise in interest rates. "Mortgage rates drifted upward to nearly a four-year high during a week when a report on employment delivered better-than-expected news."

"…The conventional wisdom holds that greater-than-expected job growth and a falling unemployment rate herald rising inflation because scarce workers will be able to demand higher wages. That hasn’t been happening during this part of the economic cycle: Rising corporate profits have mostly been going to stockholders and executives, not to nonsupervisory workers…Richard W. Fisher, the president of the Federal Reserve Bank of Dallas, noted last week that economists have been rethinking the connection between employment and inflation. Speaking in Wichita Falls, Texas, Fisher said that the notion that low unemployment breeds inflation is "based on assumptions of a world that exists no more."

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As reported by HoustonRealNews.com, David Lindahl visited the RICH club in Houston at their monthly meeting in March. The news site posted a summary of the advice he offered.

1. Multi-family properties should be evaluated (as with any investment)
   based on your rate of return. He simplified the calculations.
2. Multi-family markets tend to work in cycles. A typical Market Cycles takes eight years to complete and can be broken down into four parts, which he defined.
3. Mr. Lindahl, discussed key advantages of Apartment-owning as a business.
4. If you decide to invest in multi-family housing, he suggested hiring
   property management firms that only manage, not ones that also own
   property.

"One good emerging market is Birmingham, AL. Key factors in an emerging
market are job growth and new construction - data which can usually be
ascertained at a local Chamber of Commerce".

Get the full advice online at the RealNews website.

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A controversy in East Austin stirred local residents. Several news stations reported the issue, including News 8 Austin. "Some East Austin residents are upset over the city’s plan to relocate a water treatment plant on 30 acres of Roy G. Guerrero Colorado River Park. City leaders want to move the Green Water Treatment Plant on West Cesar Chavez in downtown Austin. The area is prime real estate for redevelopment and the city is considering a new central library for the location."

The station reported that the city counsel has not finalized the plans and are currently investigating several potential sites. "Austin City Counsel will not make a final decision on where to put the new Green Water Treatment Plant until May 25."

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South Korea’s Samsung Electronics Co. Ltd. will invest $220 million to
build a new fab in Austin, the company announced late Thursday. Gov. Rick Perry said terms of the agreement call for the creation of 900 new jobs, including 300 on-site contractors. This comes as good news to the already growing Austin economy!

Read more about the announcement.

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ROUND ROCK MARKET STRENGTHENS. Round Rock and surrounding areas continue their rise in competition for homes. Foreclosures have started to decline and the market seems to be poised for price increases. I mentioned in my Austin report that Baby Boomers and investors and relocation clients are creating increased competition among home buyers.

Round Rock is in Williamson County, which is fast becoming the retirement and relocation area of choice for communities just outisde of Austin. Construction continues on highways IH35, IH45 and SH130, connecting Round Rock to many cities throughout Central Texas. The new IKEA superstore also recently broke ground and is slated to finalize construction in 2007.

With highway expansion on the way, less foreclosures on the market, shortening of inventory, additional jobs, and a stronger economy, Round Rock and surrounding areas is an excellent place to purchase a home or investment property.

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