October 19th Issue

October 19, 2009www.theshowcaseusa.com

The Limelight A-AAAKEY Mini Storage

Page 2 Page 9

Local News KB Home Opensnew models atMesa Creek

PRSRT STDUS

POSTAGEPA I D

Victoria, TXPERMIT 207

Record Streak Continues for Pending Home Sales

Washington, October 07, 2009

The best available tool for sustaining the still-fragile housing market is the $8,000 homebuyer tax credit, and it is essential that Congress extend the credit into 2010, the National Association of Realtors® testified at a hearing of the U.S. House Small Business Committee today.

The tax credit expires November 30.

NAR Regional Vice President Joseph L. Canfora, a broker-owner with Century 21 Selmar Realty in East Islip, N.Y., also told the panel that a major stumbling block for consumers has

been the implementation of appraisal processes spurred by the Home Valuation Code of Conduct, which is causing delays in closings, as well as cancelled sales that led to artificially low existing-home sales numbers for August, reported last month.

“The credit is working,” Canfora said, pointing out that the 355,000 to 400,000 transactions directly attributable to the credit made a significant dent in the housing inventory and will help to stabilize home prices. Further, the credit has provided a huge indirect benefit to local governments, shoring up property tax bases in particularly hard-hit areas.

Further, NAR data has estimated that every home purchase pumps into the recovering economy about $63,000 – the equivalent of one new job added to the employment figures.

But, Canfora said, the threat of more foreclosures coming to the market caused by mortgage rate resets, job losses, and by lender’s unburdening themselves of additional properties to take advantage of today’s more stabilized prices could disrupt the fragile recovery.

In a “normal” market, optimal housing inventory is about six to seven months, he said. When the tax credit

was enacted in February, inventory was 9.1 months. Because of the spurt in homes sales since then due to the tax credit, inventory declined to 8.2 months in August, closer to “normal” than at any time since 2007.

In urging Congress to extend the credit, Canfora said, “The more robust the credit and the greater its duration, the greater the chance that the housing market can perform its traditional role of helping the economy move out of a recession.”

See RECORD STREAK, Page 6

Pending home sales have increased for seven straight months, the longest in the series of the index which began in 2001, according to the National Association of Realtors®.

The Pending Home Sales Index,* a forward-looking indicator based on contracts signed in August, rose 6.4 percent to 103.8 from a reading of 97.6 in July, and is 12.4 percent above August 2008 when it was 92.4. The index is at the highest level since March 2007 when it was 104.5.

Lawrence Yun, NAR chief economist, said not all contracts are turning into closed sales within an expected timeframe. “The rise in pending home sales shows buyers are returning to the market and signing contracts, but deals are not necessarily closing because of long delays related to short sales, and issues regarding complex new appraisal rules,” he said. “No doubt many first-time buyers are rushing to beat the deadline for the $8,000 tax credit, which expires at the end of next month.”

Association of REALTORS® (NAR).

The Pending Home Sales Index in the Northeast jumped 8.2 percent to 85.3 in August and is 12.0 percent higher than August 2008. In the Midwest the index rose 3.1 percent to 90.8 in August and is 7.6 percent above a year ago. In the South, pending home sales increased 0.8 percent to an index of 104.6 and is 8.2 percent above August 2008. In the West the index surged

16.0 percent to 130.5 and is 22.3 percent above a year ago.

“There is likely to be some double counting over a span of several months because some buyers whose contracts were cancelled have found another home and signed a new contract to buy,” Yun explained. “Perhaps the real question is how many transactions are being delayed in the pipeline, and how many are being cancelled?

Without historic precedents, it’s challenging to assess.”

Yun also noted that the data sample coverage for pending sales is smaller

than the measurement for closed existing-home sales, so the two series will never match one for one.

NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth, said first-time buyers need to

act now. “Potential first-time buyers must make a contract offer very soon to have a reasonable chance of

qualifying for the tax credit,” he said. “Congress needs to extend and

expand this program because it’s stimulating the economy and reducing inventory close to price stabilization points.”

New mobile-phone applications tailored for real estate are moving beyond for-sale property searches and into areas once reserved for personal computers, such as

lead generation and management, market research and analysis, and customer relationship management.

As is often the case in the fast-moving world of technology, yesterday’s dazzling breakthrough — the ability to access listings on the go using a mobile phone — is becoming the norm. Now consumers and real estate professionals are demanding more.

Drive through any neighborhood and many mobile phones can or will soon be able to one-up the personal computer by detecting the user’s location, revealing nearby open houses and homes for sale, and providing turn-by-turn spoken directions to any of them.their mortgages,

McMillan said a sizable number of homebuyers already in the pipeline

Homebuyer Tax Credit Best Tool for Sustaining Housing Recovery, Says NAR

See RECOVERY, on Page 8

The ShowCase USA www.TheShowCaseUSA.com2 | October 5, 2009October 19, 2009

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The ShowCase USAwww.TheShowCaseUSA.com October 5, 2009 | 3

5 Existing-Home Sales Ease Following Four Monthly Gains

6 New-Home Sales Rise Only Marginally in August

14 Real Estate’s October Report Card

15 Builders Encourage Home Buyer Tax Credit Initiatives

16 NAR: Appraisal rules undercut tax credit

12 DR Horton Happy Hour KB Home Gives Back

13 Mission Title Open House

23 Announcements and Calendar

LOCAL/STATE NEWS

NATIONAL NEWS

AGENT SIGHTINGS

INDUSTRY NEWS & EVENTS

Sales Pep TalkBy Paul Montelongo

Retain QualityEmployees Now

9 KB Home Opens New Model Homes at Mesa Creek

12 KW Hearts & Hands Charity Golf Tournament

13 Mission Title Opens New Branch

WEICHERT, REALTORS® – Lisa Kaye & Associates16640 San Pedro Avenue • San Antonio, TX 78232

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“It is so hard to fi nd good help and to keep good people on staff .” Th is is the most common challenge I hear from contractors around the country. Th e unemployment rate is at the lowest levels in decades. As a result, employees and sub-contractors move from one company to the next at gypsy-like pace and contractors remain in a search for quality employees to bring on board. Are their ways to attract quality employees and retain their services for years to come?

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Read 10 Reasons why employees stay

October Real EstateIndustry Report Card

Surprising News, See Pg. 14

October 19, 2009

Mission Title’s New Home

The ShowCase USA www.TheShowCaseUSA.com4 | October 5, 2009

Co m m u n i t y S p o t l i g h tYour guide to quality homes and smart values

throughout the greater San Antonio area.

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©2009 KB Home (KBH). Payment of Broker Co-op requires Broker to accompany and register buyer on first visit and comply with Broker Co-op Agreement. NAHB Research Center certifi cation is not a represen-tation, warranty or guarantee by Research Center of contractor performance. See Built to OrderTM options and upgrades off ered at KB Home Studio. All options/upgrades require additional charges, may require

ordering at predetermined stages of construction and are subject to change discontinuation anytime by KB Home. KB Home is not a custom homebuilder. Exterior photos show upgraded landscaping/options and may not represent communities’ lowest priced homes. Interior photos show upgrades/options that may be purchased at predetermined stage of construction for an additional cost. Also shows decorator items/furnishings not available for purchase from KBH. See sales representative for details. 10/1/09

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NORTH CENTRALFox GroveFrom the $140sTake 1604 East to Bulverde Rd., turn left. Turn right on Evans Rd. and left on Dusty Canyon. Take Dusty Can-yon to dead end and turn right. (210) 497-3678

Quarry at Iron MountainFrom the $230sTake Hwy. 281 North to Sonterra Blvd. exit. Head west approx. .5 mi. to Hardy Oak and turn right. Community entrance is on right. (210) 495-5312

BOERNETrails at Herff RanchFrom the $150sFrom San Antonio take I-10 west, exit US Bus. 87 (#542) and head north. Turn right on Hwy 46 east. Go approx. 2 mi. past Herff Rd. and turn right on Herff Ranch Blvd., right on Lasso Falls and right on Lone Star to the sales center. (830) 816-5071

SCHERTZThe Links at Scenic HillsFrom the $110sTake IH-35 North, exit FM 1103 and stay on access road. Turn right on Country Club Blvd. (Northcliff e) and follow to the end to the community entrance. (830) 620-4536

Stage Run - Limited Availability!From the $170sFrom IH-10 W, exit Boerne Stage Rd/#551. Turn left on access road, left at light. Go under overpass, continue on Boerne Stage Rd for 3/10 mi. and turn right on Bay-water Stage. Turn right on Rustic Coach and right on Midway Depot to the sales center. (210) 698-9459

Woods of AlonFrom the $200sFrom Loop 410 take IH-10 West. Exit Wurzbach and head north approx. 4 mi. to NW Military Hwy. Take a right and community entrance is .25 mi. down on the right. (210) 479-5993

Trails at Herff Ranch

The Links at Scenic Hills

Sundance Trails and Sundance RidgeFrom the $110sTake SL 1604 West. At Potranco Rd., turn right and follow approx. 3.2 mi. to the community entrance on left. (210) 679-7243

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Quarry at Iron Mountain

Saddle MountainFrom the $180sTake Hwy. 281 North past 1604. Turn left on Evans Rd. and go approx. 1.5 mi. to community on right. (210) 497-1577

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Cobblestone

NORTHWESTCobblestoneFrom the $130sFrom Loop 1604 West, exit Culebra and turn right out-side loop approx. 3 miles to community entrance on the left. (210) 688-0145

The Meadows at BridgewoodFrom the $110sTake SL 1604 West approximately 3.5 mi. past Bandera Rd. and turn right on Shaenfi eld Rd. Left on Cavern Hill to community. (210) 688-2072

Mesa CreekFrom the $90sFrom I-410 South take Hwy 90 West. Stay on access road. Turn right on Kriewald to community entrance on right. (210) 670-4865

Sundance Trails

LIVE OAKAuburn Hills at WoodcrestFrom the $110sFrom I-35 North, exit O’Connor Rd., turn right and fol-low approx. 1 mi. Turn left on Forest Bluff and left on Ashby Point to sales offi ce. (210) 599-0783

Woods of Alon

October 19, 2009


Washington, September 24, 2009

Existing-home sales in August gave back some of their strong gain in July but remain above year-ago levels, according to the National Association of Realtors®.

Existing-home sales – including single-family, townhomes, condominiums and co-ops – declined 2.7 percent to a seasonally adjusted annual rate1 of 5.10 million units in August from a pace of 5.24 million in July, but remain 3.4 percent above the 4.93 million-unit level in August 2008. In the previous four months, sales had risen a total of 15.2 percent.

Lawrence Yun, NAR chief economist, said the tax credit is working. “Home sales retrenched from a very strong improvement in July but continue to be much higher than before the stimulus. The first-time buyer tax credit is having the intended impact of bringing buyers into the market, allowing them to take advantage of very favorable affordability conditions,” he said. “Some of the give-back in closed sales appears to result from rising numbers of contracts entering the system, with some fallouts and a backlog contributing to a longer closing process, but the decline demonstrates we can’t take a housing rebound for granted.”

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage fell to 5.19 percent in August from 5.22 percent in July; the rate was 6.48 percent in August 2008.

An NAR practitioner survey shows first-time buyers purchased 30 percent of homes in August, and that distressed homes accounted for 31 percent of transactions; both were unchanged from July.

“The recent trend shows broad improvement in most of the country, but with an expected rise in foreclosures over the next 12 months we need to maintain a healthy level of ready buyers to absorb the inventory. An extension of the tax credit is critical to preserve incentives for financially qualified buyers to enter the market,” Yun said.

He added that many buyers had been on the sidelines during the past few years, waiting for signs of stabilization. “Now that the market is showing some momentum, we have an opportunity to achieve a more rapid and broader stabilization in home prices. Extending and expanding the tax credit also would help to keep other families from becoming upside down in their mortgages or risk foreclosure,” Yun said.

“When home prices show sustained gains, credit will become more widely available to other sectors because Wall Street will be able to price risks confidently. Stable home values will also allow more families to purchase consumer products and provide a strong boost for the broader economy.”

NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth, said time is running very short for the existing tax credit. “Because it’s generally taking 60 days to close on a home after a contract is offered, buyers have little time to act to complete a purchase by the November 30 deadline,” he said.

“There’s no guarantee what Congress might do, so there’s really no time to waste. Since Realtors® have unparalleled knowledge of local markets, they can also advise first-time buyers on any additional state or local programs that might be able to offer them financial assistance, and help them close on a home before the tax credit expires.”

Total housing inventory at the end of August fell

10.8 percent to 3.62 million existing homes available for sale, which represents an 8.5-month supply2 at the current sales pace, down from a 9.3-month supply in July. Unsold inventory totals are 16.4 percent lower than a year ago.

The national median existing-home price3 for all housing types was $177,700 in August, down 12.5 percent from August 2008. Distressed properties continue to downwardly distort the median price because they generally sell for 15 to 20 percent less than traditional homes.

Single-family home sales fell 2.8 percent to a seasonally adjusted annual rate of 4.48 million in August from a level of 4.61 million in July, but are 2.5 percent higher than the 4.37 million-unit pace in August 2008. The median existing single-family home price was $177,500 in August, down 12.1 percent from a year ago.

Existing condominium and co-op sales slipped 1.6 percent to a seasonally adjusted annual rate of 620,000 units in August from a spike of 630,000 in July, but are 10.1 percent higher than the 563,000-unit level a year ago. The median existing condo price4 was $179,300 in August,

which is 15.7 percent below August 2008.

Regionally, existing-home sales in the Northeast declined 2.2 percent to an annual pace of 910,000 in August, but are 5.8 percent above August 2008. The median price in the Northeast was $241,100, which is 10.5 percent below a year ago.

Existing-home sales in the Midwest fell 6.6 percent in August to a level of 1.14 million but are unchanged from a year ago. The median price in the Midwest was $149,900, down 10.4 percent from August 2008.

In the South, existing-home sales were down 3.1 percent to an annual pace of 1.89 million in August but are 1.6 percent above August 2008. The median price in the South was $157,400, which is 11.0 percent below a year ago.

Copyright National Association of REALTORS. Reprinted with permission.

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Existing-Home Sales Ease Following Four Monthly Gains

October 19, 2009


could be let down because of the tight deadline. “We know there is a pent-up demand because sales are below normal levels for the size of our population.

The faster we absorb excess inventory, the sooner we’ll turn the corner on home prices , prevent additional families from becoming upside-down

and give Wall Street the confidence to extend credit to other sectors,” he said. “Each home sale pumps an additional $63,000 into the economy through related goods and services, so the benefits of extending and expanding the tax credit far outweigh the costs.”

Yun said the forecast for home sales and prices depends very much on whether a tax credit is extended. “All we can say for certain is sales will decline when the tax credit expires because we are not yet on a self-sustaining recovery path. It also raises a risk of a double-dip recession,” he said. “Extending and expanding the tax credit is the best tool in our arsenal to encourage financially qualified buyers to stimulate the economy and help reduce the budget deficit.”

The National Association of Realtors®, “The Voice

for Real Estate,” is America’s largest trade association, representing 1.2 million members involved in all aspects of the residential and commercial real estate industries.

The Pending Home Sales Index is a leading indicator for the housing sector, based on pending sales of existing homes. A sale is listed as pending when the contract has been signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing.

The index is based on a large national sample, typically representing about 20 percent of transactions for existing-home sales. In developing the model for the index, it was demonstrated that the level of monthly sales-contract activity from 2001 through 2004 parallels the level of closed existing-home sales in the following two months. There is a closer relationship between annual index changes (from the same month a year earlier) and year-ago changes in sales performance than with month-to-month comparisons.

An index of 100 is equal to the average level of contract activity during 2001, which was the first year to be examined as well as the first of five consecutive record

years for existing-home sales.

Existing-home sales for September will be released October 23; the next Pending Home Sales Index will be on November 2.

Information about NAR is available at www.realtor.org. This and other news releases are posted in the News Media section. Statistical data, tables and surveys also may be found by clicking on Research.


New-Home Sales Rise Only Marginally in August

RECORD STREAK from Page 6

Following four months of solid gains, sales of newly built, single-family homes edged up by less than 1% in August as the window for using the first-time home buyer tax credit began to close. Sales posted a meager 0.7% gain to a seasonally adjusted, annual rate of 429,000 units for the month, according to data released by the U.S. Commerce Department on Sept. 25.

“With the $8,000 home buyer tax credit set to expire at the end of November, prospects for being able to purchase a newly built home and have that transaction completed in time to take advantage of the credit dimmed considerably as of August,” said NAHB Chairman Joe Robson. “Congress must take immediate action to extend the tax credit if the positive momentum in home sales is to continue so that a sustained housing and economic recovery can take hold.”

“One very positive aspect of the August report was the continued decline in the inventory of new homes for sale,” noted NAHB Chief Economist David Crowe. “The inventory declined for a 28th consecutive month in August, to 262,000 units, bringing us down to a seven-month supply at the current sales pace,” he said.

However, he said, “the fact that builders are not adding to their standing inventory indicates their concerns about what happens to buyer demand once the tax credit expires, and it is also directly tied to the extreme lack of housing production credit that continues to weigh down the industry and stifle its potential as an engine of economic growth.”

NAHB is calling on Congress to extend the first-time buyer tax credit for another year and to offer it to all income-eligible buyers of primary residences. NAHB is also urging Congress to help eliminate the credit crunch, correct faulty appraisal practices and expand Net Operating Loss tax provisions to help businesses avoid having to make more layoffs.

On a regional basis, new-home sales were somewhat mixed in August. A 12% gain in the West was entirely responsible for the increase in the overall number. The South posted no change from the previous month and the Northeast and Midwest each recorded declines, of 16.3% and 5.8%, respectively.

The above article has been provided to you compliments of NAHB and Nation’s Builder News.

PEP TALK,from Page 2

October 19, 2009


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See our online calendar at www.theshowcaseusa.com

1.) Clearly defi ne expectations and outcomes. Th e most satisfi ed employees know exactly what is expected of them and what the ultimate outcome is of a particular project or job description. In other words, they know what the big picture is for their position. Most importantly, they have managers or employers that allow them to fi nd their own route toward those outcomes. Th e best employers know and understand the diff erences between employee styles and allow individuals to use their strengths to their fullest potential.

2.) Encourage continuing development. Th e innate yearning to learn and grow is natural to human beings. Employees who are encouraged to expand their personal and professional development appreciate their jobs even more. A quality employer can set up a personal development library, even if this means the top of a credenza in the offi ce. Seminars and ongoing certifi cation programs for your employees feed their personal development appetite. Many corporations hire personal coaches for their employees to continue to give them the edge. Th ese ongoing training ideas nurture your employees and expand their employable talents.

3.) Extend recognition and praise. Th ese are essential building blocks for employee retention. Th ere is nothing complicated about recognition, but it continues to be one of the highest needs

on employee’s lists. Recognition can be received by way of verbal praise, with awards presentations, implementing an employee’s suggestion (and giving them credit for it), and many other ways. Th e point is to extend praise regularly. Employees say they need a pat on the back at least every seven days. What a concept.

4.) Genuinely care about your employees. Here is another bit of nuclear physics knowledge. Employees say this is at the top of their list for job satisfaction. When someone at work, either the employer or the manager, sincerely cares about them as a person, they tend to stay longer and have a much higher level of productivity. Employees that are treated as individuals and whose personal talents are respected are much more content to stay with your company.

5.) Salary and benefi ts are not the number one reason people stay at a company. Surprised? Th e fact is that employees say it is actually fi ft h on their list of top ten reasons to stay at a company. Other factors seem much more important. Work environment, people issues, and growth opportunities rate much higher than money and benefi ts. A good compensation package is necessary in combination with these other factors.

6.) Off er regular, quality feedback. A great manager or employer must have an understanding of the talents each employee possesses. Regular performance evaluations help the

employee stay focused on their productivity. Objective feedback helps the employee continue to understand his role. Emphasis should be placed on their strengths and how best to use them. Th is will help the employee gain self-understanding and knowledge about the talents they possess and how they are applied every day at work.

7.) Nurture friendships at the offi ce. Human beings are very social by nature. Work is a place where long-term friendships are oft en developed. Th is evolution of quality relationships between people is very normal and it is a part of a healthy workplace. Employers understand that loyalties between their personnel can foster company loyalty. Set up an environment in which, friendships can be developed and are able to grow. Company functions and team projects are a good way to make this happen.

8.) Provide the right tools. Having the right resources and equipment for your people is essential. Th is allows them to do the best job with the latest tools. Simple things like adequate lighting, ergonomic furniture, product information guides, and computers that are networked together allow your people to do their job right.

9.) Include them in the decision making process. Great employers consult with employees regularly to make sure their ideas and instincts are recognized. Especially when decisions are made that aff ect an employee’s position, it is most important to make

them a part of the process. In doing this, you acknowledge the intelligence and value of the employee. When their opinions count and credit is given to them for good ideas, they tend to stay in your employ.

10.) Allow them to make a diff erence. When they feel a sense of mission and purpose, their job has meaning and signifi cance. Th ey want to know they are contributing to an important endeavor. Th e best workplaces give their employees a sense of purpose, help them feel they belong, and enable them to make a diff erence.

Th e overwhelming message is…”Employees do not leave companies, they leave managers and supervisors”. Th e work atmosphere, the commraderie of fellow employees and their managers, and the continuing personal development opportunities are the primary reasons employees remain at a company. When these innate needs are met, employees tend to be much more productive, profi ts increase and there is a greater level of customer satisfaction.

Paul Montelongo, is an interna-tional authority on sales motivation. He conducts corporate sales training programs, delivers inspirational key-note addresses and offers retreats for sales and management teams world-wide. Get free weekly electronic tips and learn more about Paul and his resources for sales professionals, at www.PaulMontelongo.com.

PEP TALK,from Page 2

October 19, 2009


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RECOVERY from Page 1

“But problems arising from the implementation of the HVCC may reverse the market’s positive momentum at a time when the real estate industry is just starting to show signs of a rebound in many markets,” Canfora said. According to an NAR survey of its members, approximately 40 percent of Realtors® report having lost at least one sale since May 1 because of appraisal problems due to the HVCC rules. Twenty percent say they have lost more than one sale.

The culprit, he said, was that appraisal management companies, which have gained prominence because of the HVCC, have assigned appraisers to areas where they lack geographic competence. That has resulted in unreliable appraisals. It is not uncommon that second and third appraisals have to be done to ascertain fair market value. Appraisal fees have also risen and are being passed on to consumers.

Both Fannie Mae and Freddie Mac have issued guidance on appraisals, but NAR is calling upon the mortgage giants and the Federal Housing Administration to issue a consolidated guidance that should be codified and incorporated into the existing policy to ensure proper information on appraisals is available to the real estate industry.

FHA Commissioner David H. Stevens has asked FHA staff to explore that recommendation with Fannie and Freddie. Last month, Stevens reaffirmed FHA appraisal policy, taking into consideration the unintended consequences that have burdened Fannie and Freddie, and issued two Mortgagee Letters focusing on appraisal changes. The policy

reaffirms appraiser independence and geographic competence.

The FHA announcement also included timely steps to protect taxpayers: implementing credit policy changes to enhance risk management; hiring a chief risk officer for the first time in the agency’s history; and shifting responsibility for mortgage brokers away from taxpayers to the lenders who use mortgage brokers.

Canfora told the committee that FHA has performed remarkably well through the housing crises, compared to Fannie and Freddie. “That’s because FHA has never strayed from the sound underwriting and appropriate appraisals that have traditionally backed up their loans.”

“The reason the FHA capital reserve ratio fell below 2 percent had nothing to do with FHA’s current business activities. It is simply a reflection of falling housing values in their portfolio.” He cited an FHA announcement that a 2009 audit will show that even if FHA does nothing, the cap reserves are expected to rise back to that required level within a few years. He also pointed out that FHA total reserves are not in as dire straits as some have reported since the cap reserve fund is not the only FHA reserve fund – FHA also has a separate cash reserve that is higher that it has even been – and the combined assets total $30.4 billion.

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.2 million members involved in all

aspects of the residential and commercial real estate industries.


October 19, 2009

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New Built to Order™ home designs offer buyers the best in functionality and versatility

SAN ANTONIO (October 6, 2009) – KB Home (NYSE: KBH), one of the nation’s premier homebuilders, today announced the introduction of new floor plans at its Mesa Creek community, located in northwest San Antonio. Homebuyers can now tour two new model homes featuring designs from The Open Series™, KB Home’s new line of affordable, flexible and energy-efficient homes that offer buyers extraordinary choice and value. The sales center at Mesa Creek is located at 10139 Ancient Anchor and is open daily from 10 a.m. to 7 p.m.

“First-time homebuyers are already responding positively to these versatile new home designs now available at Mesa Creek,” said Ken Langston, president of KB Home’s Central Texas division. “We’re offering more single story homes than ever before and attractive exterior choices that include stucco, stone and brick.”

KB Home’s Built to Order™ experience gives homebuyers the ability to design the home of their dreams at a price they can afford. At Mesa Creek, pricing on the 13 available floor plans, ranging in size from 1,067 to 2,561 square feet, begins in the mid $90,000s. The one- and two-story homes include two to five bedrooms, two to three and a half baths, and one- or two-car garages. Select designs also offer structural options such as lofts, game rooms and covered patios.

Mesa Creek is located near Interstate Highway 90 and is in the Northside Independent School District. The community’s amenities include a swimming pool, basketball court and playscape for youngsters to enjoy. Mesa Creek is only minutes away from Lackland Air Force Base and Kelly USA.

All new KB homes built in San Antonio, including those at Mesa Creek, are ENERGY STAR qualified, meaning they have been engineered to heat and cool efficiently, use less energy and provide substantial savings for homeowners. Homes built to ENERGY STAR guidelines are up to 45% more efficient than homes built as recently as 10 years ago, reducing a homeowner’s utility costs and environmental impact for years to come.

For five years in a row, KB Home San Antonio has achieved NHQ (National Housing Quality) certification through the prestigious NAHB Research Center. This commitment to quality and customer satisfaction, along with KB Home’s 10-Year Limited Warranty give KB Home homebuyers peace of mind when making the decision to purchase a new home.

Once homebuyers select a homesite and choose their ideal floor plan, square footage, and number of bedrooms and bathrooms, they meet with a personal design consultant at the KB Home Studio, located at 4800 Fredericksburg Road. Homebuyers

can choose from a wide variety of design choices including cabinets, countertops, fixtures, flooring and other selections, using some of the nation’s best-known and trusted brands such as Shaw carpeting, Whirlpool appliances and Sherwin-Williams paint. The KB Home Studio also features a variety of environmentally friendly options as part of KB Home’s My Home. My Earth.® program.

For driving directions to Mesa Creek and more information about other KB Home communities in the San Antonio area, call 888-KB-HOMES or visit www.kbhome.com.

About KB Home

KB Home, one of the nation’s leading homebuilders, has delivered hundreds of thousands of quality homes for families since its founding in 1957.

The Company is distinguished by its Built to Order™ homebuilding approach that puts a custom home experience within reach of its customers at

an affordable price. KB Home’s award-winning homes and communities meet the needs of first-time homebuyers with flexible designs that also appeal to move-up buyers and active adults. Los Angeles-based KB Home was named the #1 homebuilder on FORTUNE® magazine’s 2009 “World’s Most Admired Companies” list. This marks the second year in a row and the third time in the past four years that KB Home has achieved the top ranking. The Company trades under the ticker symbol “KBH,” and was the first homebuilder listed on the New York Stock Exchange. For more information about any of KB Home’s new home communities, call 888-KB-HOMES or visit www.kbhome.com.

For more information contact:Cathy Teague, KB Home210-415-6670 or [email protected]

KB Home Opens New Model Homes At Mesa Creek

October 19, 2009


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Hearts & Hands Charity Golf TournamentKeller Williams’ Hearts and Hands community outreach

program proudly announces the success of their 2009 Charity Golf Tournament. The tournament, held September 18th at SilverHorn Golf Club of Texas, raised $20,000 for two local charitable organizations. Golfers participated in the day’s activities which culminated with a dinner provided by Outback Steak House. Premier Sponsor for the event was Keller Williams Realty Heritage. Platinum Sponsor was W.R. Starkey Mortgage. Major sponsors included Mc Millin Homes, Craig Owen & Mark Willis, Rebecca Kathleen (The Shops @ Artisans Alley), AmeriSurveyor, Presidio Title, Tim Miller/ Access Insurance. Special thanks also go to our other sponsors, as well as all those who helped make the event a rousing success—volunteers, donors and participants alike. The fun and prizes only added to the satisfaction of knowing the proceeds benefit two very special causes.

All tournament earnings were split between Fisher House, Inc. & The Miracle League of San Antonio. Fisher House is dedicated to providing a home-away-from-home for the families of seriously ill or injured patients receiving treatment at Wilford Hall Medical Center, a major Air Force medical facility. The Miracle League of San Antonio provides children with mental and/or physical challenges an opportunity to play baseball as a team member in an organized league.

Hearts and Hands is honored to support both Fisher House,

Inc. & The Miracle League of San Antonio as part of their public outreach program. Established 5 years ago, Hearts and Hands, through this annual tournament, confirms and advances the Keller Williams Realty Heritage tradition of promoting leadership and volunteer opportunities for those wanting to selflessly give back to their community.

Keller Williams

October 19, 2009

KB Home sales counselor Charley Wasson, who you'll find at Woods of Alon, walked across the street to the city's new Voelker Park to plant grass as a part of a citywide event on National Public Lands day, Sept. 26.

KB Lending a Hand DR Horton Happy Hour

DR Horton Happy Hour; Mindy Evans, Rolland Ray, Kristin Hester

Tamara Wilson #1 Volunteer, Roslyn Casey President Hearts & Hands, Brenda Reynolds Secretary Hearts & Hands.

Chad Emerson & Adrian Trevino of WR Starkey.

Tiffany Thunker Linville of Keller Williams, Andrea Gimblet of Independence Title,

Nikki Blackburn of Keller Williams.

Jim Dunlap of Wiltshire Homes & Scott Emerson of Scott’s

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MISSION TITLE HAS A NEW HOME!

October 19, 2009

Mission title has a new office location! Mission Title recently held an Open House for their newly relocated 1604

Office on September 16. Dede Jackson, VP/Branch Manager with her staff have moved from their very successful Blanco Road Office to their new location at 1604 and Bitters Road, just inside the loop. Dede has over 13 years experience in the industry and over 5 years with Mission Title. She brings knowledge and energy to the closing table for you and your customers.

Dede's team consists of two escrow assistants and a marketing representative in her new office. Salena Casados, a licensed escrow assistant, and Raquel Jasso are by her side to assist in all of your title needs. Nikki Kutach, her marketing representative, brings over six years experience in the industry as well.

Dede and the Mission Title team celebrated with colleagues and friends in the business at their open house catered by Black Tie affair and the donated by Precision Surveyors. They had over 200 guests come and see their new office!

Dede and the entire staff of their 1604 Branch are eager to serve you, San Antonio! Contact the office @ 210.479.8333 or Nikki on her cell @ 210.392.7277.

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Real Estate’s October report cardBy John Burns, Thursday, October 8, 2009

While both the media and stock investors believe that housing has bottomed, they are unaware of the massive supply of homes that are already in the foreclosure process that will certainly drive home prices down even further when they are sold. We have been projecting a “W”-shaped recovery for some time, and we are becoming even more convinced that we are right. The shape of the second leg down is almost completely dependent on the level of government intervention that will take place.

For a number of reasons, banks have not been aggressively taking title to homes and selling them, which has resulted in very few distressed sales in comparison to the actual level of distress in the market. This delay in bank-owned home (REO) sales, along with historically low mortgage rates and an $8,000 tax credit, has helped to stabilize the housing market -- temporarily.

It is very clear that price stabilization is temporary unless something is done. Here are some facts to help project what housing will be like in 2010:

13.54 percent of the 44.7 million mortgages tracked by the Mortgage Bankers Association are delinquent.

7.57 million homeowners are delinquent, applying the same percentage to the 11.2 million mortgages not tracked by the MBA (55.9 million total mortgages in the U.S.). That means that 10 percent of all homeowners in the country are delinquent.

Based on historical trend analysis by Amherst Securities, 6.94 million homes that are already delinquent will be liquidated, which is more than a one-year supply of distressed sales poised to hit the market sometime in 2010 and 2011. During first-quarter 2005 that figure was only 1.27 million.

Defaults continue to grow at the rate of approximately 300,000 per month, assuring that the number of distressed sales will grow and will continue through 2012.

2009 government intervention

Government intervention to date has been extremely helpful in preventing an even more dramatic decline in home prices. As shown in the chart below, housing demand has fallen only to “normal” levels and stabilized there. Without historically low mortgage rates, support for Freddie Mac, Fannie Mae and FHA, and an $8,000 tax credit, how far would sales have fallen this year and what would that decline in demand have done to pricing?

Conclusion

Demand needs to continue to be stimulated to bring down supply, particularly while the country continues to lose jobs. Without continued government intervention, home prices will plummet, banks and the government-sponsored entities (GSEs) will continue to lose money, and the economy has virtually no chance of increasing overall employment in 2010.

Our grading system of the economy and the housing market is a “bell curve” model, with statistics at an all-time high receiving an “A,” statistics near the long-term average receiving a “C,” and the worst times ever receiving an “F.” In this grading system, it is OK to be a “C” student.

See REPORT CARD Page 20

October 19, 2009


NAHB sent letters to the House and Senate last week thanking members for introducing legislation that would extend the $8,000 first-time home buyer tax credit, which is due to expire on Nov. 30.

House Ways and Means Committee Chairman Charles Rangel (D-N.Y.) recently introduced H.R. 3590, the Service Members Home Ownership Tax Act of 2009. The legislation would extend the credit for one year for qualifying service members. Additionally, it waives the recapture requirement for service members if they are forced to sell their home within three years because of a change in duty station.

In a letter supporting Rangel’s effort to ensure that the home buyer tax credit is fully available to all of the men and women in service to their country, NAHB Chief Lobbyist Joseph Stanton said “we look forward to working with you to extend the credit, so it can continue to provide a much-needed boost to the economy.”

Meanwhile, Sen. Ben Cardin (D-Md.) introduced S. 1678, a bill to extend the home buyer tax credit for six months. The bipartisan measure has six co-sponsors, including Senate Majority Leader Harry Reid (D-Nev.) and Sens. Saxby Chambliss (R-Ga.), Kirsten Gillibrand (D-N.Y.), Jon Ensign (R-Nev.), Johnny Isakson (R-Ga.) and

Debbie Stabenow (D-Mich.).

NAHB on Sept. 22 sent a letter to Sen. Cardin stating that S. 1678 is an “important first step in ensuring that this powerful economic incentive does not lapse as the Nov. 30, 2009 expiration date approaches. However, NAHB believes that the tax credit must be extended for an additional year and made available to all purchasers of a principal residence.”

The message on the tax credit conveyed the same points that NAHB is issuing as part of its “Revive Housing, Restore America” campaign, which also seeks congressional action to resolve the credit crunch, correct a faulty appraisal process and expand the tax code’s net operating loss carryback provision for businesses to help prevent further layoffs.

An extension of the tax credit for a full year and an expansion to all purchasers of a principal residence would spur more than 383,000 additional home sales and help mitigate the resurgent foreclosure crisis, the NAHB letter to Cardin said. “Extending and expanding the credit would also create nearly 350,000 desperately-needed jobs during the coming year in many industries, including manufacturing, retail and real estate-related industries.”

There are a number of bills pending in the House and Senate that seek to

extend and enhance the home buyer tax credit and NAHB is continuing its advocacy efforts on all fronts to let Congress know that prompt action is needed to help create jobs and move housing and the economy to higher ground.

For example, NAHB President and CEO Jerry Howard discussed these same points last week in interviews with CNN/Money, Congressional Quarterly and the Los Angeles Times

The above article has been provided to you compliments of NAHB & Nation’s Builder News.

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The Federal Housing Administration’s new guidelines for ordering appraisals won’t have some of the unintended consequences that those put in place by Fannie Mae and Freddie Mac in May did, the National Association of Realtors says.

But NAR continues to push for suspending enforcement of the Home Valuation Code of Conduct, rules governing appraisals adopted by Fannie Mae and Freddie Mac on May 1 in the wake of an investigation by New York Attorney General Andrew Cuomo.

NAR was one of several real estate industry groups testifying at a congressional hearing Wednesday on extending the $8,000 first-time homebuyer tax credit. The groups used the occasion to voice concerns about other issues as well, including problems with the appraisal process and a proposal to create a Consumer Financial Protection Agency that would have jurisdiction over mortgage lenders and title insurers.

FHA announced its new guidelines for ordering appraisals on Sept. 18, saying it wanted to be in “full alignment” with Fannie and Freddie’s appraisal policies. FHA’s new guidelines take effect Jan. 1, along with tightened credit standards (see story).

Testifying on behalf of NAR before the House Committee on Small Business, Joseph Canfora, broker-owner of Century 21 Selmar Realty in East Islip, N.Y., said Fannie and Freddie’s appraisal rules have led to an increased use of appraisal management companies (AMCs).

Those companies have often assigned appraisers to work in neighborhoods in which they lack experience, and given appraisers less time to complete their work, Canfora said.

NAR says that the 40 percent of the association’s members who work as appraisers are reporting that more than half of their assignments now come from appraisal management companies, compared with 13 percent before the new rules were implemented. More than 70 percent of Realtors surveyed by NAR in June said they’d encountered appraisers lacking “geographic competency” for their assignments, Canfora said in his written testimony.

Joe Robson, president of the National Association of Home Builders, said appraisal management companies tend to pay appraisers less and are allowing only two days or less to complete an appraisal.

“While such actions obviously reduce AMC costs and increase their profit margins, we feel they are having an adverse impact on the quality of appraisals,” Robson said.

Since the new rules were implemented, they have delayed or derailed many sales, Canfora maintained,

Lawmakers in at least 10 states have introduced measures to regulate AMCs, Canfora said, and other states will consider such measures in upcoming legislative sessions.

Another reason NAR cites for suspending implementation of the code is that the Independent Valuation Protection Institute -- an independent body that is supposed to receive complaints from appraisers and consumers -- has yet to be established. The Federal Housing Finance Agency has promised the institute will be up and running by the end of the year. But in the meantime, no interim process for handling complaints has been established, Canfora said.

Canfora said that because FHA’s proposed guidelines for ordering appraisals were developed in consultation with the real estate industry, the proposal “enhances appraisals in many ways ... without causing harm to the industry.” FHA has taken into consideration the unintended consequences that burdened Fannie and Freddie’s guidelines, he said.

The Appraisal Institute and other groups representing appraisers have complained that experienced appraisers have little incentive to take FHA assignments from appraisal management companies because of a policy limiting what the companies could charge

FHA’s new guidelines for ordering appraisals attempt to address the issue by allowing separate fees be paid to appraisers and appraisal management companies, and for those fees to be determined by the market.

The FHA guidelines reaffirm “geographic competency” requirements for appraisers, and prohibit mortgage brokers and commission-based loan originators from ordering appraisals.

NAR is “pleased with the progress that has been made so far in sorting out appropriate appraisal requirements and practices,” Canfora said, but standardizing “rational” appraisal rules would contribute to a housing market recovery

NAR: Appraisal rules undercut tax credit

See APPRAISAL, Page 18

October 19, 2009


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4H programAlamo Area Council of Governments

Alamo Area Quail UnlimitedAlamo Area Women’s Soccer AssociationAlamo City Black Chamber of Commerce

Alamo Heights Chamber of CommerceAlamo Heights Foundation Endowment

Alamo Heights High SchoolAlamo Heights Junior School

Alamo Heights School FoundationAlamo Heights Terrell Hills Garden ClubAlamo Heights United Methodist Church

Annual “Bear Hunt” Toy DriveAlzafar Shrine Circus

Alzheimer’s Association American Academy of Tax Practice

American Cancer SocietyAmerican Diabetes Association

American Heart AssociationAmerican Heart Association Guild

American Hereford AssociationAnimal Care Services

Animal Care Services Foster Dog CareAnimal Defense League

Archbishop’s Appeal - San AntonioArchdiocesan of San Antonio Choir

Archdiocese of San AntonioArt Pace

Arts San AntonioAssistance League of SA

Atascosa County Aggies Scholarship FundraisingAutism Treatment Center

Battle of Flowers Association Baylor University

Beacon Hill Neighborhood AssociationBergheim Volunteer Fire Department

Best Friends Animal RescueBexar Land Trust

Big Brothers/Big Sisters Big Springs Youth Ranch

Birdies for CharityBoerne Animal League

Boerne Independent School DistrictBoerne Volunteer Fire Department

Boy ScoutsBoysville

Bradley Middle SchoolBSA Troop 18

C. J. Jung SocietyCal Farley’s Boys’ Ranch

Cambridge Elementary SchoolCamerata

Cancer Center Council Cancer Therapy and Research Center

CASA (Court Appointed Special Advocates)Catholic Radio

Center for Non-Violent CommunicationCentral Asia Institute

Charity Ball AssociatonChildren’s Bereavement Center

Children’s Oncology San AntonioChildren’s Home

ChildSafe - San AntonioChrist Episcopal Church

Christ Healing Center Christian Heritage School

Christian VillageChristian Women’s Job Corps.

Churchill Chargers Sports AssociationCibolo Nature Center

Coastal Conservation Association Coleen Grissom Scholarship Fund

at Trinity UniversityCommunities in Schools

Community Development Loan FundCommunity Emergency Rescue Team

Congregation Beth Am Cornerstone Christian School

Cornerstone ChurchCouncil for Independent Living

Daughters of the American RevolutionDaughters of the Republic of Texas

David Weekley Homes Outreach ProgramDelta Delta Delta Alumni Group

Diabetes FoundationDisability Resources

Disabled American VetsDowntown Alliance

Downtown Rotary Club in San AntonioDowntown Youth Drop-In Center

Dress for SuccessDucks Unlimited

Ecumenical Center for Religion and Health Episcopal Diocese of West Texas

Episcopal Theological Seminary in AustinFamily Services of San Antonio

Feed the ChildrenFeeding Under The Bridge

First Presbyterian Church , BoerneFirst Presbyterian Church, San Antonio

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Fredericksburg Good Samaritan CenterFredericksburg Jaycees

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Gillespie County SPCAGirl Scouts of America

God’s Daily Word MinistriesGoodwill Industries International Inc.

GOSPEL FOR ASIAGrey Forest Fire Department

Grey Forest Open StudiosHabitat for Horses

Habitat for HumanityHarry Jersig Speech & Hearing center

Helotes CornyvalHelotes Humane Society

Helotes RodeoHill Country Chapter of the Society

of American ForestersHill Country Hospice

Hill Country Village Homeowner’s AssociationHill Country Youth Ranch

Holistic Resource Management of TexasHoly Spirit Catholic Church

Holy Trinity Catholic Church Human Rights Campaign

Incarnate Word High SchoolInner City Development Center

John XXIII CenterJump Start

Junior League of San Antonio Juvenile Diabetes Association

K LOVEK Star Youth Shelter

Kerr County Christian Assistance MinistryKerrville Unity Church

KLRN Public RadioKnights of Columbus

Landa LibraryLanda Library Community Garden

Lantana Garden ClubLaurel Heights Garden ClubLeakey Volunteer Fire Dept.

Leukemia and Lymphoma Society of Bexar CountyLisa’s Pantry

Los Angeles AIDS FoundationLos Compadres

Lost PetsLoveWhereYaLive.comLutheran Social Service

Make A Wish Foundation March of Dimes

Maryknoll MissionariesMeadowland Childrens’ Home

Meals On Wheels Medina Children’s Home

Methodist Healthcare Ministries Methodist Healthcare SystemMilitary Civilian Association

Miss Fiesta San AntonioMonte Vista Garden Club

Monte Vista Historical Association Mt. Vernon Historical Society

Multiple Sclerosis SocietyMuscular Dystrophy Association

Musical Bridges Around the World National Association of Enrolled Agents (NAEA)

Education FoundationNational Association of Quail Unlimited

National Association of Real Estate BrokersNational Brain Tumor Foundation

National Charity League National Multiple Sclerosis Society

National Tax Practice InstituteNational Trust for Historic Preservation

NEISD Parent-Teacher AssociationNonprofit Resource Center

Northside Independent School DistrictNorthwest Neighborhood Alliance

Northwood Presbyterian Day SchoolOakwell Farms Homeowners Association

Oakwell Farms Women’s ClubOasis Mission

O’Connor HS Ag ProgramOur Lady of Atonement Catholic Church

Our Lady of Grace ChurchOur Lady of Grace Parish GuildParalized Veterans of America

Pediatric Brain Tumor FoundationPipe Creek Christian School

Plan II Breast Cancer Awareness and Education Planned Parenthood of San Antonio

Prison FellowshipPrison Ministry

Providence High SchoolRace for the CureRafiki in Africa

Reagan High SchoolReal Public Library

Red CrossRegion 20 Education Service Center

Relay For LifeRonald McDonald House

Rowan J. Windham FoundationSaint Mary’s HallSalvation Army

Sam Houston High School ScholarshipsSAMMinistries

San Antonio A&M Club – Young Aggie MemberSan Antonio AIDS Foundation

San Antonio Airport Rotary ClubSan Antonio Area Council of Girl Scouts

San Antonio Association of Real Estate BrokersSan Antonio Botanical Center

San Antonio Chapter American Red Cross San Antonio Chapter Girls Scouts of America

San Antonio Coalition for LifeSan Antonio Conservation Society San Antonio Fiesta Commission

San Antonio ForestSan Antonio Historical and Genealogical Society

San Antonio International Piano CompetitionSan Antonio Library Foundation

San Antonio Livestock Exposition and RodeoSan Antonio Metropolitan Ballet

San Antonio Metropolitan MinistrySan Antonio Neighbors Together (SANT)

San Antonio Symphony SocietySan Antonio Zoological Society

Santa Rosa Children’s Hospital Foundation Scott Wenzel Memorial Golf Tournament

Security Forces Museum FoundationSenior Center

Servicemembers Legal Defense NetworkSouth Texas Blood & Tissue Center

South Texas Bobwhite BrigadeSouth Texas Cattleman’s Association

South Texas Youth Soccer AssociationSoutheast Texas Historical and Genealogical Society

Southern Sustainable Ag. Working GroupSouthwest Foundation for Biomedical Research

Southwest Foundation ForumSouthwest Research FoundationSouthwest School of Art & Craft

St. Anthony of Padua Catholic ChurchSt. Barnabas Episcopal Church

St. Helenas Episcopal Church in BoerneSt. Jude’s Children HospitalSt. Luke’s Episcopal ChurchSt. Luke’s Methodist ChurchSt. Mark’s Episcopal ChurchSt. Mary’s Catholic Church

St. Monica’s GuildSt. Paul Catholic Church

St. Peter Prince of the Apostles Catholic ChurchSt. Peter St Joseph’s Children’s Home St. Peter’s the Apostle Catholic Church

St. Pius X Catholic ChurchSt. Vincent De Paul Society

Stone Oak Advisory CommitteeSunshine Cottage School for Deaf Children

Susan G. Komen Foundation

Temple Beth ElTerrell Heights Neighborhood Association

Texas A&M UniversityTexas Alliance of Land Brokers

Texas Association of Real Estate BrokersTexas Cavalier Foundation

Texas Herfeford AssociationTexas Historical CommissionTexas Historical Foundation

Texas Military Institute Texas Pride

Texas Public Radio Texas Sanctuary Fund

Texas Society of Enrolled AgentsThe 100 Club

The Arts at Coker Methodist ChurchThe Bereavement Center

The Fund The Ileitis Foundation

The Multiple Sclerosis Bike RideThe Olmos Ensemble

The Refuge Atascosa Pregnancy CenterThe United Serviceman Organization

The Wildlife Rescue & Rehabilitation Center Overseas Council InternationalThe Williamsburg Foundation

Thousand Oaks Elementary SchoolTrinity Baptist Church

Truth for Life Through The BibleTwilight Foundation

Tx. Organic Farmer’s & Grower’s Assoc.United Daughters of the Confederacy

United WayUnited Way of San Antonio

University of Incarnate WordUniversity of Mary Washington

University of TexasUniversity of Texas at Permian Basin

Scholarship FundUniversity of Texas Health Science Center

University of Texas McCombs School of Business

USOVA Hospital in Kerrville

Voices for ChildrenWinston SchoolWitte Museum

Woman at the WellWomen Against Family Violence

Women’s Leadership Council, United Way of San Antonio

Wounded WarriorsYMCA

Youth Orchestras of San Antonio

.COM.COM.COM.COM.COM.COM.COM.COM.COM

“The Voice of Real Estate in San Antonio”

Here’s Just a Snapshot Of How SABOR REALTORS® Give Back

www.theshowcaseusa.comView the virtual issue online at

October 19, 2009


w w w . I n d e p e n d e n c eT i t l e . c o m

La Cantera Office7575 North Loop 1604 W, Suite 105

San Antonio, TX 78249 Office: 210/237-4620

Lincoln Center Office7800 IH 10 West, Suite 135

San Antonio, TX 78230Office: 210/237-4600

Schertz Office4917 FM 3009, Suite 100

Schertz, TX 78154Office: 210/651-4171

Stone Oak Office18615 Tuscany Stone, Suite 150

San Antonio, TX 78258Office: 210/237-4640

New Braunfels Office1000 North Walnut, Suite 200

New Braunfels, TX 78130Office: 830/629-8100

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24 Closing Offices8 Counties in Central Texas

12 National Underwriters

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Greater San Antonio Locations

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ITCPillowShowcase.pdf 9/2/09 2:50:35 PM

FHA intended that the changes to its appraisal guidelines would make them fully compatible with the Home Valuation Code of Conduct. But Fannie and Freddie have each issued their own “Frequently Asked Questions” (FAQ) documents on implementing the code. NAR would like to see a single FAQ document that applies to Fannie, Freddie and FHA, Canfora said.

Although NAHB is not among the groups calling for a repeal or suspension of the code, homebuilders want FHA, Fannie and Freddie to issue procedures for using distressed or foreclosed properties as comparables in valuations, Robson said.

Appraisers should be encouraged to expand the area and time frame for selecting comparable properties, if needed, to locate nondistressed comps and to investigate and consider the overall condition of a property used as a comp.

NAHB would also like to see an appeals process for appraisals that is similar to the one employed by the Department of Veterans Affairs

In situations where an appraiser believes an appraisal would result in a value less than the sale price of a property, the VA allows the appraiser to contact the lender, and allow two working days for the lender to provide additional information, Robson said. Lenders can also specify another point of contact for the appraiser, such as a builder or Realtor, when ordering appraisals.

The title insurance industry listed another set of grievances in its written testimony to the House Committee on Small Business.

Title insurers -- already regulated by state insurance commissioners and the federal Real Estate Settlement Procedures Act (RESPA) -- don’t want to be one of the businesses under the jurisdiction of a proposed Consumer Financial Protection Agency, said Mike Pryor, president and CEO of Lenders Title Co.

Draft legislation introduced by Rep. Barney Frank, D-Mass., would exempt Realtors from the agency’s purview, but vest the agency with the authority to enforce RESPA.

Testifying on behalf of the American Land Title Association, Pryor said settlement services providers such as title agents, abstracters, escrow officers, attorneys and appraisers tend to be small businesses.

The title insurance industry is “extraordinarily local,” dominated by small businesses with two to 15 employees. There are about 50,000 small title businesses in the U.S., “and each one has been impacted directly by the housing sector’s collapse,” Pryor stated.

Small businesses already spend about $6,975 per employee annually to comply with current federal regulations and mandates, he also said, citing a study by the Small Business Administration’s Office of Advocacy.

New RESPA rules taking effect Jan. 1 “will place additional stress on these small businesses’ already strained resources,” Pryor said.

HUD has estimated that it will cost the title industry $62 million for software expenses and training to comply with the rule change, of which $46 million will be borne by small businesses, Pryor said. Another $37 million in legal expenses are anticipated, of which $18 million will be paid by small businesses.

Title insurers are concerned that the proposed Consumer Financial Protection Agency would have broad powers to write new regulations, imposing a third layer of regulation and an additional federal bureaucracy on the title insurance and settlement services industry, Pryor said.

Without an exemption like the one proposed for Realtors, one- and two-person title insurance operations will be forced to “get into the habit of reading the Federal Register to check for new rulemaking intended for major bank and nonbank financial institutions, but which also applies to their work in searching local courthouse records,” Pryor said.

The title industry was not the cause of the problems that led to the push for the agency, Pryor said, and extending the agency’s regulatory authority to the title industry would have “no measurable benefit in achieving the bill’s purposes,” he said.


October 19, 2009

APPRAISAL from Page 16


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Some restrictions apply. All loans subject to approval, including credit approval. BBVA Compass is a tradename of Compass Bank.

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Economic Growth: DEconomic growth deteriorated in September as

the economy remained very weak. Annual job losses continued, marking one of the worst losses in 60 years. The headline unemployment rate increased to 9.8 percent last month, after reaching 9.7 percent in August. Mass layoff events -- defined as a cut of 50 or more jobs from a single employer -- also increased this month, and are up nearly 43 percent year-over-year. Currently, it takes job seekers twice the normal length of time to find employment.

The Consumer Price Index, or CPI (all items), decreased at a slower rate in August, recording a decline of 1.5 percent, while the core CPI (minus food and energy) showed an increase of 1.4 percent

The final second-quarter gross domestic product (GDP) growth rate is at -0.7 percent, which is a significant improvement from the -6.4 percent decline in the first quarter.

Leading Indicators: C-Many leading indicators continue to improve,

and suggest that the worst of the recession is behind us. The Leading Economic Index six-month growth rate rose in August to its highest level since early 2004. The ECRI Leading Index -- an indicator of future U.S. growth -- has increased almost 21 percent since the beginning of the year -- the largest growth rate since 1971. Stocks continued to rise through September and the four major indices now range from -10 percent to up 2 percent year-over-year. The Standad & Poor’s Homebuilding Index rose in August, increasing 14 percent from the previous month, but remains down 5 percent year-over-year and down 72 percent from its peak in July 2005.

The Net Employment Outlook turned negative for only the second time in the 20-year history of the index (the first was last quarter), as more employers that were surveyed foresaw staff levels decreasing than increasing. The average hours worked per week by Americans declined slightly in September, reaching its lowest levels on record, partly due to furloughs forced upon both government and private sector employees.

The price of crude oil declined to a monthly average of $69.46 per barrel in September, representing a 2 percent month-over-month decline.Affordability: C-

Affordability improved in September as both mortgage rates and the median resale price fell compared to August. Currently, our housing-cost-to-income ratio has fallen to 26.7 percent, which is near the lowest level since we began calculating the index in 1981. Due to the correction in home prices and low mortgage rates, owning a home is now essentially the same cost as renting, making it favorable for first-time homebuyers to purchase a home. Household income has fallen 6 percent year-over-year to $52,856 as a result of job losses and furloughs. Despite the decline, the median-home-price-to-income ratio has fallen to 3.3, which is now equal to the historical average.

The 30-year fixed mortgage rate fell again in September, reaching 5.04 percent by month-end, while adjustable mortgage rates reached 4.52 percent at September month-end. The Fed’s overnight lending target rate remains at a range of 0 percent to 0.25 percent, which is the lowest level on record. The share of adjustable-rate mortgage (ARM) applications increased to 5.6 percent in the last week of August, according to the Mortgage

Bankers Association. However, the share of ARM applications remains extremely low when compared to peak levels above 35 percent of total applications in early 2005.

Consumer Behavior: D-Consumer behavior was mixed in September.

Consumer confidence declined after increasing in August, falling to 53 -- far below the historical average of 97. Consumer sentiment increased in September to 73.5, reaching its highest level since January 2008. The Consumer Comfort Index also increased in August to -46.4. The personal savings rate has fallen in the last two months after spiking at 6.9 percent in May.

The U.S. net worth increased by nearly $2 trillion in the second quarter compared to the first quarter. This represents the first increase in net worth in almost two years, and is largely due to recent large gains experienced in the stock market. Despite the recent improvement, the second quarter year-over-year decline is the third worst on record in the 50-year history of this data point, losing $7.4 trillion of wealth in the past year. Both unemployment and inflation

increased in September, resulting in a rising Misery Index (the sum of the two rates).

Existing-Home Market: D+The existing-home market remains weak yet seems

to be stabilizing. Seasonally adjusted annual resale activity in August declined almost 3 percent from July to 5.1 million homes, an improvement of 3 percent compared to one year ago, according to the National Association of Realtors (NAR). The rolling 12-month count of resale sales activity has increased for the second month in a row. The national median resale price fell to $177,500, and has declined 12 percent year-over-year. Weak consumer confidence and increased foreclosure sales continue to put downward pressure on resale prices.

See REPORT CARD Page 22

REPORT CARD from Page 14

October 19, 2009



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WOODSIDE HOMESSimply the Best...by Design

Seller reserves the right to make changes or modifications to plans, maps, plan specifications, materials, features, and colors without notice. Prices are subject to change without notice. Maps, plans, landscaping and elevation renderings are artist’s conceptions, are not to scale, and may not accurately depict the homes or lots as they are built. Optional features may be included at additional cost and are subject to construction cut-off dates. All references to square footage are approximate and may vary with elevations. Lot fencing and walls may not be included in the purchase, and if included, will vary according to size and location of the lot. Exterior treatments, window locations, and room configurations may vary with elevation. Model home interior decorating, landscaping, fencing, and other amenities are for display purposes only. This brochure is for illustrative purposes only and not part of a legal contract.

Th e S&P/Case-Shiller index, which tracks paired sales, fell 15 percent in the second quarter of 2009 compared to second-quarter 2008. In August, the number of unsold homes declined sharply to 8.5 months of supply yet remains elevated compared to history.

Pending home sales volume increased this month, and represents a 12 percent year-over-year gain.

As of the second quarter, 32 percent of all homes with a mortgage were worth less than the original value of the mortgage.

New-Home Market: DA few components of the

new-home market improved in September. Builder confi dence increased last month to a Housing Market Index rating of 19 -- the third consecutive month of an increasing index. Th e inventory of unsold homes continued to improve and has fallen to 7.3 months of supply. Seasonally adjusted new-home sales are down 3 percent year-over-year and are down 69 percent from a peak of nearly 1.4 million annual sales in July 2005.

Th e rolling 12-month count of new-home sales was fl at compared to last month -- the fi rst time since 2005 it hasn’t declined from the previous month. Th e median single-family new-home price dropped sharply to $195,200 in August from July’s $215,600 median -- representing an 11.7 percent year-over-year decline.

Housing Supply: FSeasonally adjusted total permits

increased to 579,000 as a result of a large jump in multifamily permits, while single-family permits declined slightly. Seasonally adjusted total new-home starts decreased in August to 479,000, due to a 3 percent drop in single-family starts, and are down 22 percent from one year ago.

John Burns is the founder of Real Estate Consulting in Irvine, Calif., which monitors changes in real estate market conditions and provides consulting services, including strategic planning, market research and fi nancial analysis. He can be reached at [email protected].

Copyright 2009 Inman News

REPORT CARD from Page 20

October 19, 2009

Event • CalendarVirtual • PaperView • Inventory


150 Finalists Will Be Announced

in the next issue November 2, 2009!


GSABA AnnouncementsBuildPac Golf TournamentJoin the Greater San Antonio Builders Association

on Monday, October 19th for the BuildPac Golf Tournament. The tournament will be held at Silverhorn Golf Club with a shotgun start at 1pm. Dinner and awards presentation at 6pm. Cost is $125 per person and partnerships are still available. Call GSABA at 210-696-3800 for more information.

Fuel Discount To Gsaba Members

GSABA members may be eligible for a 4 cent per gallon discount at Valero gas stations! The Valero Fleet Services program offers a fuel discount (realized each month in the form of a rebate on your billing statement) to Fleet Services Cardholders. Call our local San Antonio representative, Michelle Squilla, at (800) 333-3377, extension 3712, to fill out the simple and fast application!

SABOR NEWS YOU CAN USEJoin Us at Realtor®

Rally!The 2009 Realtor Rally will be on October 23rd

at the Omni Hotel located at 9821 Colonnade Blvd. from 8am-4pm. The Keynote Speaker will be Terry Watson discussing, “Avoiding Roadkill: Ten Stupid Things Smart Realtors Do To Mess Up Their Lives”, and much more! You can also earn up to four hours of MCE credit! Visit with exhibitors at the all-day trade show! Reservations are $55 and can be purchased via IMS or by contacting Linda Berban at 210-593-1200 x.120 or [email protected].

Free e-PRO Workshop Reminder-Limited Seating

Date: Tuesday, October 20, 2009The e-PRO® Workshop is free to attendees and

covers the benefits of taking the online e-PRO® certification course. It will also cover many beneficial technology tips, including some information to get you started with Social Networking, which you can apply right away. e-PRO® is the only online technology certification course offered by the National Association of REALTORS and it’s NAR’s fastest growing certification course. As an added bonus, NAR’s all new Web 2.0 & Social Media course (a $99 value) will be included with every e-PRO® course enrollment.

At the e-PRO® Workshop, attendees will also have the opportunity to take advantage of the $25 discount for enrolling into the online e-PRO® course. All existing e-PRO®s (and those currently enrolled in the course) who attend and bring a guest will receive an e-PRO® pin ($25 value).

e-PRO® is recognized for elective credit in the designation requirements for CRS (Certified Residential Specialist), ABR (Accredited Buyer Representative), and CIPS (Certified International Property Specialist).

Date: tuesday, October 20, 2009time: 9:30 aM to 11:00 aM Location: san antonio Board Of ReaLtORs® inc address: 9110 ih 10 West, san antonio, tX 78230Register now! seating is Limited!

Income Property Analysis & Triangle of Success-Classes Now Available

Want to Learn About Investing in Real Estate? INCOME PROPERTY ANALYSIS09-00-129-6674 When: October 14, 2009time: 8 a.m. to 6 p.m. (Financial Calculator Required)tuition: $99 paid 2 days prior to class, $105 otherwise.MCe: 9 hours, no legainstructor: Chip Meyers Provider: SABOR® # 00089110 IH-10 West San Antonio, Texas 78230-3112210-593-1200 Fax: 210-593-1251Register in IMS________________________________________THE TRIANGLE OF SALES SUCCESS09-00-020-6685When: October 15, 2009time: 8 a.m. to 6 p.m. tuition:$99 paid 2 days prior to class, $105 otherwise.MCe: 9 hours, no legalinstructor: Chip Meyers Provider: SABOR® # 00089110 IH-10 West San Antonio, Texas 78230-3112210-593-1200 Fax: 210-593-1251Register in IMS

CALENDAR OF EVENTS

October:

19th SABPAC Golf TournamentGSABA1:00pm ShotgunAddress: Silverhorn Golf ClubContact: 210-696-3800

20thAlamo Area CRS Luncheon 11:30am-1pmAddress: Sonterra Country ClubContact: Pat Farrell, 210-912-8115Speaker: Sylvia Romo, Bexar County Tax Assessor-Collector

23rd Realtor® Rally 8am-4pmAddress: Omni Hotel, 9821 Colonnade Blvd.Contact: SABOR 210-593-1200Speaker: Terry Watson26thSales & Marketing Council Quarterly BreakfastGSABA9amAddress: GSABA Ray Ellison AuditoriumContact: 210-696-3800

Industry News & Events

Visit www.theshowcaseusa.com

The ShowCase is published semimonthly. The ShowCase is not responsible for opinions or facts expressed by non-staff writers or for errors and any by products in advertising or editorial copy. REALTOR® is a registered trademark. The word REALTOR® sometimes appears without the registered trademark symbol (®), for the purpose of saving space. Wherever the word REALTOR appears in this paper, the registered trademark should be assumed. We welcome submissions of photos, press releases or articles be sent to Cara Diaz at [email protected].

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Managing PartnersCara Diaz | [email protected] Kuemmerle | [email protected]

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October 19, 2009


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October 19, 2009

Documents

October 19th Issue