The only household growth occured in Texas

Jun 172012

This doesn’t bode well for Southern California housing. Growth in the housing industry helps the overall economy, while California has a large overhang of shadow inventory.

Texas: Housing Juggernaut

Nate Berg Jun 14, 2012

Despite all the obvious turmoil in the industry in recent years, new housing construction is soldiering on in the U.S. And according to new estimates out from the U.S. Census Bureau, Texas is still kicking every other state’s housing-related butts.

Between April 1, 2010 and July 1, 2011, the U.S. saw an estimated increase of about 607,000 housing units. At the state level, Texas added more than 121,000 housing units, three times as many as its closest competitor, California, and about 20 percent of the total. Only two states saw their housing units go down: Michigan by 6,752 and West Virginia by 170.

Of the 100 counties with the highest rate of growth in new housing, fully one-fifth are in Texas.

In terms of raw numbers, the top five biggest gainers are all in Texas. Fort Bend County leads that pack, with 11,665 new homes added, bringing its total to an estimated 208,696. That’s a growth rate of 5.9 percent for this county to the southwest of Houston, the second highest rate.

The population has been skyrocketing in Fort Bend since the 1970s. Its 2010 population was 585,375 according to the U.S. Census, up from a 2000 population of 384,452 and a 1970 population of 52,314. So it should be no surprise that as part of greater Houston, Fort Bend County was part of the fastest growing metro area in the U.S. between 2000 and 2010.

Cypress Overview

Median home price is $364,000. Based on a rental parity value of $495,000, this market is under valued.

Monthly payment affordability has been improving over the last 12 month(s). Momentum suggests improving affordability.

Resale prices on a $/SF basis increased from $246/SF to $248/SF.

Resale prices have been falling for 12 month(s). Price momentum suggests falling prices over the next three months.

Median rental rates increased $8 last month from $2,045 to $2,054.

Rents have been slowly rising for 12 month(s). Price momentum suggests slowly rising rents over the next three months.

Market rating = 5

Proprietary OC Housing News home purchase analysis

11291 ANEGADA St Cypress, CA 90630

$649,000 …….. Asking Price
$273,000 ………. Purchase Price
8/9/1995 ………. Purchase Date

$376,000 ………. Gross Gain (Loss)
($21,840) ………… Commissions and Costs at 8%
============================================
$354,160 ………. Net Gain (Loss)
============================================
137.7% ………. Gross Percent Change
129.7% ………. Net Percent Change
5.2% ………… Annual Appreciation

Cost of Home Ownership
——————————————————————————
$649,000 …….. Asking Price
$129,800 ………… 20% Down Conventional
3.80% …………. Mortgage Interest Rate
30 ……………… Number of Years
$519,200 …….. Mortgage
$121,702 ………. Income Requirement

$2,419 ………… Monthly Mortgage Payment
$562 ………… Property Tax at 1.04%
………… Mello Roos & Special Taxes
$162 ………… Homeowners Insurance at 0.3%
$0 ………… Private Mortgage Insurance
………… Homeowners Association Fees
============================================
$3,144 ………. Monthly Cash Outlays

($386) ………. Tax Savings
($775) ………. Equity Hidden in Payment
$166 ………….. Lost Income to Down Payment
$182 ………….. Maintenance and Replacement Reserves
============================================
$2,331 ………. Monthly Cost of Ownership

Cash Acquisition Demands
——————————————————————————
$7,990 ………… Furnishing and Move In at 1% + $1,500
$7,990 ………… Closing Costs at 1% + $1,500
$5,192 ………… Interest Points
$129,800 ………… Down Payment
============================================
$150,972 ………. Total Cash Costs
$35,700 ………. Emergency Cash Reserves
============================================
$186,672 ………. Total Savings Needed
——————————————————————————————————————————————-
This property is available for sale via the MLS.
Please contact Shevy Akason, #01836707
949.769.1599……
sales@ochousingnews.com…..

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	$689,900 11383 TORTUGA St		0.09 miles 4 bd / 2.25 ba 2,673 Sq. Ft.
	$599,900 5673 LAKIA Dr		0.43 miles 5 bd / 3 ba 2,257 Sq. Ft.
	$544,900 6308 PITCAIRN St		0.54 miles 5 bd / 2.75 ba 2,257 Sq. Ft.
	$649,900 10702 PAMELA St		1.08 miles 5 bd / 3.5 ba 3,106 Sq. Ft.
	$669,000 5795 STRATMORE Ave		1.08 miles 4 bd / 3 ba 2,512 Sq. Ft.
	$575,000 1227 South BERKLEY St		1.36 miles 4 bd / 2.25 ba 2,695 Sq. Ft.
	$609,900 6379 YALE Ct		1.38 miles 4 bd / 3 ba 2,660 Sq. Ft.
	$699,900 4908 IRONWOOD Ave		1.52 miles 4 bd / 3 ba 2,850 Sq. Ft.
	$789,000 4864 IRONWOOD Ave		1.55 miles 5 bd / 3.5 ba 2,583 Sq. Ft.
	$630,000 6178 JAMES ALAN St		1.55 miles 4 bd / 2.75 ba 2,808 Sq. Ft.