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(979) 764-2100 Century 21 Beal Inc.
BRYAN, TX — Gosh, ever since the election, the media seem happier about the war on terror in Iraq, the outlook of our economy, and spending of consumers. Is it all based on the results of the election? Or is it a figment of our imagination? See how saavy you are on the economy in our neck of the woods, based on an article from Texas Realtor Magazine, October 2008:
1. What percentage of all Texas homes are financed by subprime loans?
a. 1% b. 8% c. 17% d. 33%
2. True or False? Average interest rates for a 30-year fixed mortgage are about what they were 5 years ago.
3. T or F? In 2007, homes priced $500k+ represented a higher percentage of the total homes sold in Texas than any previous year.
4. Of 44 Texas markets, how many had lower median sales prices from January-June 2008 compared to the same period in 2007?
a. none b. 11 c. 22 d. 33
5. How many Texas markets had more home sales in June 2008 than June 2007?
a. 22 b. 9 c. 3 d. none
6. In CNBC’s 2008 ranking of state economies, Texas came in:
a. 1st b. 5th c. 9th d. last
7. T or F? The statewide average sales price in June 2008 was lower than in June 2007 and June 2006.
8. Home many Texas properties had a foreclosure filing in July 2008?
a. 1 in every 252 properties b. 1 in 388 c. 1 in 519 d. 1 in 891
How’d you score?
2. True. The average rate for a 30 year fixed mortgage was 6.34% on 08-08-2003, and 6.52% on 08-08-08
5. c Lubbock and Texarkana had 1% higher home sales; Victoria was up 13%
6. a. Texas was also ranked first in business climate.
7. False. The average 2008 price was $2,300 higher than June 2007 and $9,000 higher than June 2006.
8. d. Texas was ranked 22nd. Nevada had the highest rate at 1 in 106.
So the next time you hear urban legends about the state of our economy, provide them with the facts! It is our responsibility to convey truth to our friends and clients.
Happy New Year!
Cindy Seaton, REALTOR