Forbes Magazine Determines Fort Worth as Second Most Affordable Metro Area in America.

The chicken or egg question  could be posed regarding the factors driving the recent spur of growth in the Fort Worth area. There are some major reasons for this high livability.
This might be related to the vast amount of outdoor recreation opportunities. There are nearly one hundred miles of mutli use trails within the city limits, which are sure to tire out the most avid enthusiast.

Right now, there are some real interesting events going on in the area. One of these is an Earth Day launch of a new 501c3 non profit. Fort Worth B-cycle is taking the concept of car sharing to a whole new, eco friendly, healthy human producing level. These kinds of positive, community building, oriented activities abound in the area.

Texas. Food. I am not sure exactly why this is last, it comes to mind first. The restaurant scene is resplete with cutting edge American food. That generally means fusion. In this instance it is Mexican Asian fusion.  The creations are sure to tantalize the brain and the belly at the same time.

These factors, along with the climate, and general big heart of Texans, make getting your kingdom started in the Lone Star State, a no-brainer.

Oil and gas at forefront of record job growth

The growth in the energy sector in The Woodlands over the last two years has been significant. As companies relocate and expand in the area, cranes and construction crews are changing the skyline of The Woodlands.

Gil Staley, CEO for The Woodlands Area Economic Development Partnership, said South Montgomery County added a record 1,172 jobs in 2012 among its 57 major non-retail employers—employers with 100 or more full-time employees. Staley said more than half of those jobs came from the energy sector, which includes Anadarko Petroleum Corp., RPC, Inc. and STS Products, along with energy-related businesses, such as Nexeo Solutions and Waste Connections. “While it’s not unusual [to experience job growth], we have not seen this kind of growth in these huge numbers,” Staley said.

Job growth

Staley said 2013 could outpace 2012, as relocation proposal requests for the fiscal year have already outnumbered those of fiscal year 2012. The relocation of Layne Christiansen from Kansas and the expansion of Talisman Energy will be completed by end of 2013. “Energy is still our fastest growing sector,” Staley said. “We have not had to go out to make requests. Our phones have been ringing off the hook.”
No energy employer has provided more job growth in The Woodlands than Anadarko Petroleum, which has grown by 300–400 employees over the last two years, said John Christiansen, Anadarko’s external communications director. At more than 3,200 employees, Anadarko is the second largest employer in South Montgomery County, according to the EDP.
In addition to the 30-story, 817,000-square-foot Anadarko tower, the corporation occupies a building on Timberloch Drive and several floors in the Woodforest Bank building, whose employees will relocate to the new 31-story, 549,000-square foot tower in spring 2014, a building that will house up to 1,525 employees. “We have grown tremendously just over the last two years,” Christiansen said. “Most of the jobs we’ve already added. We’re simply trying to consolidate the folks that we have, and we do continue to grow when our assets grow.”

Reasons for growth

Staley said the EDP has not specifically sought out oil and gas businesses, but rather the industry has sought out The Woodlands. With a booming economy in Texas and one of the strongest areas of growth coming from the greater Houston area, Staley said, companies are relocating from struggling areas of the country.
Ron Mittelstaedt, CEO for Waste Connections, the largest energy and petroleum waste provider in the U.S., said his company relocated 100 employees in 2012 from a struggling California economy to The Woodlands. Mittelstaedt said the company chose the Houston area because of its time zone and proximity to airlines, but said the state’s lack of income tax and the strong housing market were significant improvements from California.
Once the company decided on the Houston area, Mittelstaedt said, The Woodlands’ amenities, economy, retail environment, schools and lack of traffic helped them chose the community. “What do people care about?” Mittelstaedt said. “What’s my take home pay? That’s better. What’s my home going to cost? That’s better. What are the schools like? That’s better.” Some of Waste Connections’ largest clients are also based in The Woodlands, such as Anadarko, Baker Hughes and Newfield.
Woodlands Township President Don Norrell said energy companies often base decisions on location and quality of life, such as education, transportation, community activities, health care and outdoor recreation. However, Norrell said, tax abatements are also a tool used to acquire new businesses. Even with the amenities offered by The Woodlands, he said, abatements are a necessity to compete with other locations.
“Communities all over Texas offer tax abatements to businesses if they bring a certain number of jobs and investments to the community,” Norrell said. “We have a great product as a place for people to live, work and play. But in a lot of cases, you get into a bottom line decision with some folks who are lured by tax abatements.” Township abatements almost always fall in line with abatements offered by Montgomery County, Norrell said, as long as they meet certain requirements. Only one county abatement has been turned down by the township: an office condominium development with multiple owners.
Christiansen said Anadarko received a 10-year tax abatement on the 31-story expansion estimated at about $28 million. Tax abatements help large corporations make long-term investment decisions like relocations and expansions, he said, although he praised other amenities offered by The Woodlands. “If you’re raising a family, [The Woodlands] offers the kinds of things you’re looking for: good schools, parks, good recreation, things that can attract business clientele,” he said.

Impact on The Woodlands

Norrell said the oil and gas industry growth provides several benefits to the community, including a significant impact on sales and property tax revenue, which fund the majority of the township’s annual budget. Norrell said the energy sector is also a “major driver” of hotel occupancy tax revenue thanks to corporate meetings, trade shows and conventions. “Houston is known throughout the world as the energy capital of the world,” Norrell said. “Certainly, The Woodlands benefits with Houston’s positioning in this business sector. This industry provides good, solid jobs for residents of The Woodlands and contributes to the overall tax base in a positive way.”
Of the major non-retail employers in South Montgomery County as of January 2013, 32 percent of all employees—or about 8,100 employees—come from the energy sector, according to the EDP. Staley said the energy employer growth also benefits retail employment growth as those energy employees spend money in retail.

Lubbock Entertainment Palette: Many Colors
Diversity in Lubbock. I did just say that. Take one look at the weekend’s offerings coming up on the cities events calendar, and you’ll know exactly what I mean.  I might even be so bold as to suggest the notion that no one has a right to claim boredom, the last weekend in June, 2013. I will easily make that claim.
I’ll begin with the obvious. Texas. Panhandle. Lubbock. It makes sense that there will be a gun show. The Silver Spur Gun and Blade Show takes place on the 29th and 30th.  It is held at the Lubbock Memorial Civic Center, over the weekend.  They will have the following items available for purchase; guns, knives, swords, holsters, ammunition, and accessories. There will be used and new items.
If protecting the frontier isn’t your cup of tea, there is also a musical in town.  Lubbock Moonlight Musicals is presenting Peter Pan, at the Wells Fargo Amphitheater. The fireflies will blend right into the performance, and your little ones are sure to be delighted by the actual fairy tale, going on before their very eyes.
This range of entertainment also has some more middle of the road offerings, if you will. George Lopez is bringing his brand of Latin comedy to the Civic Center Theater on Saturday, June 29th. George has starred in his own TV sitcom, and is a crowd pleaser where ever he performs his comedy shows.
There is a qualifying event for the Ironman world Triathlon taking place on Sat. and Sun. Spectator and sign up info can be found at the following link:
https://buffalospringslaketriathlon.com/nw/
Things are forecasting positive right now in the Lubbock real estate market, and there are rebates available, which make this, the right time to purchase a home in Lubbock. Click the link below for info, and for the current rebate offer:
https://www.rebateontexashomes.com/
written by James W Dunnigan, as a free lance contributor.

HUD came out with three major changes this week for FHA loans when case numbers ordered April 1 2012 and afterward.   This does not mean that the loan must be closed by April 1, 2012 but a contract must be executed and the FHA case number ordered through their system by that date.   

These changes have the potential to hurt the housing industry and disqualify buyers who could have purchased in the past!  

Change #1- Increase in Upfront and Monthly MIP

The UFMIP will be increased from 1 percent to 1.75 percent of the base loan amount.  This increase applies regardless of the amortization term or LTV ratio.  FHA will continue to permit financing of this charge into the mortgage.  Again, this change is effective for case numbers assigned on or after April 1, 2012.   In addition, the monthly MIP will increase by .10.

This change will make a difference of $11.49 per month on an $100,000 sales price with 3.5% down, 30 year note.  

So call your current clients that are going FHA and get those contracts executed on or before March 30. 

Change #2-  Disputed Accounts Must be Paid if over Cumulative $1000- Major Change

If the borrower has individual or multiple disputed credit accounts or collections with singular or cumulative balances equal to or greater than $1,000, the accounts must be resolved (e.g. payment arrangements with a minimum three months of verified payments made as agreed) or paid in full, prior to, or at the time of closing.  The lender must obtain documentation supporting the payment arrangements or that the debt has been paid off.  The payments arranged for the accounts must be included in the calculation of the borrower’s debt-to-income ratios.  

Exceptions include disputed accounts more than 2 years old, or those arising from Identity theft

Change #3- Collections Accounts Must be Paid if over Cumulative $1000- Deal Killer

If the total outstanding balance of all collection accounts is equal to or greater than $1,000 the borrower must  resolve the accounts (e.g. entered into payment arrangements with minimum three months verified payments- paid as agreed) or paid in full at the time of, or prior to closing.  Mortgagees must document the case binder showing each account was resolved or paid in full.

ACTION NEEDED- At this point, prequal letters written may not be able to be honored if collections exceed cumulative $1000+.     It is imperative that buyers that have not yet written a contract but will using FHA financing contact their lender and re-review the credit report.    In addition, let the lender order the FHA case number as quickly as you have an executed contract.   

See the following link if you’d like to make your voice heard regarding these new changes.

https://www.regulations.gov

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