In the news for the week ending February 6th 2010

1. Just a reminder pre-approval letters make everyone feel better, but you know all they mean is the prospective buyer has spoken to a loan officer.  It holds no guarantees.  The last sentence in most of these letters says subject to final review.
2. UTSA growth benefits ripple across San Antonio…students now number 29,000 and the campus is opening the Biotechnology Science & Engineering Buildings.  This has helped some business’s decide to relocate to San Antonio for this growing labor pool.
3. Texas Realtor Focus Legal Update…Question: A client decided to enter into a lease-purchase agreement…several years ago I had a similar transaction…I understand attorneys, not brokers, should prepare lease-purchase agreements, but can I use the agreement from the previous transaction as a guide? No.
4. San Antonio Board of REALTORS stats for December…Average Sales Price $182,537…Average Listings Price $269,965…Average Pending Price $187,178…FHA accounted for the highest number of sales financing, Conv. very close second.  Majority of homes selling in less than 90 days.
5. From RECON…the builders national convention came up with what is in for 2010, biggest item is “smaller & lower priced homes” and builders focusing on “energy-saving features”.
6. The changes coming for FHA in regards to MIP increase, seller contributions reductions & increase in down payment for lower credit scores do not have a date yet that they will go into effect.  Looking at spring and summer timeframe.
7. From the Express News…Millions proposed for San Antonio military construction.  New budget includes money for medical facilities at Lackland and Fort Sam.  This means continued construction jobs.

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