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Newsroom
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11/26/2009 |
(News Article) |
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Forbes lauds Tulsa's vitality
Tulsa and OKC are among its top 15 "fastest-recovering cities."
By LAURIE WINSLOW World Staff Writer
Published: 11/26/2009 2:31 AM
Last Modified: 11/26/2009 4:13 AM
Tulsa is ranked No. 12 and Oklahoma City No. 13 on Forbes magazine's list of "America's Fastest-Recovering Cities."
This accolade follows many others for the Tulsa area, which has popped
up on other Forbes lists and assorted rankings compiled by other
sources throughout the year.
To create this particular list, Forbes ranked the 100 largest
metropolitan statistical areas in five categories: unemployment rate,
gross metropolitan product, foreclosures, home prices and sales rates.
The magazine used data from different sources to create its
rankings in the various categories. September unemployment rankings,
for example, were compiled using data from the Bureau of Labor
Statistics. Forbes then averaged the scores for each measure to come up
with its overall rankings.
"I think it's really important," said Bob Ball, economic
research manager for the Tulsa Metro Chamber. "It's a good source, and
we have been consistently on the good side of their lists for the last
several months."
Although the Tulsa area hit an economic slump, it probably didn't take quite as big a hit as many other areas, Ball said.
"If you look at the numbers, we've been faring better than much
of the country all through the recession," he said. "It just means that
we are in recovery, No. 1; we're not still declining. That just bodes
well for Oklahoma and the Midwestern part of the world, where economic
life has been much more conservative in terms of home prices and home
loans, and incomes have been firm."
No
region has escaped the recession, but diversified industry and
relatively stable housing have given residents a measure of economic
security in some areas, including Omaha, Neb., some Texas metropolitan
areas, a handful of Northeastern manufacturing bases and select
southern cities, according to Forbes.
The Tulsa area is much more diversified than it was in 2003,
when the area had a heavy concentration of jobs in air transportation
and telecommunications, both of which took a big hit because of the
worldwide situation, Ball said.
Since then, people have come to realize that the oil and gas
industry remains important for the area, the economist said. Health
care is growing and is an export industry that brings in money from
outlying states and rural areas, he added.
Among individual categories in the Forbes' ranking, the Tulsa
area was No. 13 for its September unemployment rate of 7 percent.
Oklahoma City ranked No. 4 with its 5.9 percent rate.
Tulsa ranked No. 41 for the change in gross metropolitan
product between the first and second quarters of 2009, while Oklahoma
City ranked No. 6.
Earlier this year, Forbes named the Tulsa area No. 2 in the
midsize category for being among the "Best Cities for Job Growth" and
47th out of 200 large metro areas for "Best Places for Business and
Careers."
Tulsa also was ranked No. 5 on a new list of "America's Most Livable Cities."
Fastest-recovering
metro areas in the U.S.
1. Omaha-Council Bluffs,
Neb.- Iowa
2. San Antonio, Texas
3. Austin-Round Rock,
Texas
4. Pittsburgh, Pa.
5. Harrisburg-Carlisle, Pa.
6. Dallas-Forth Worth-Arlington,
Texas
7. Rochester, N.Y.
8. Houston-Sugar Land-
Baytown, Texas
9. Raleigh-Cary, N.C.
10. Baton Rouge, La.
12. Tulsa
13. Oklahoma City
Source: Forbes
Laurie Winslow 581-8466
laurie.winslow@tulsaworld.com
By LAURIE WINSLOW World Staff Writer |
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11/15/2009 |
(News Article) |
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You might qualify for homebuyer tax credit
By KATHY KRISTOF Tribune Media Service
Published: 11/15/2009 2:20 AM
Last Modified: 11/15/2009 4:57 AM
Millions of additional people may be able to take advantage of the new and improved first-time homebuyer tax credit, and it's not just for first-time homebuyers anymore.
President Obama signed legislation last week that vastly expands the number of people eligible for homebuyer credits.
Here are the details.
The $8,000 creditIf you were locked out of the first-time homebuyer credit because you earned too much, you can now qualify for the $8,000 first-time homebuyer credit with a single income of up to $125,000 and married income of up to $225,000.
The credit ends completely once single income exceeds $145,000 and married income exceeds $245,000.
The eligibility rules are:
You must not have owned another home for the previous three years.
You must buy a home (or have a binding contract to buy) by April 30, 2010.
You must be older than 18 and not claimed as a dependent by any other taxpayer.
You cannot buy the property from a relative.
Buyers must own the new home for at least three years. If they sell in the meantime, the government will demand that they pay the credit back, said Clint Stretch, director of tax policy with Deloitte Tax. However, the government will not require repayment of the credit if you are a member of the military and had to sell or stop using the home because of extended duty
In addition, those serving outside of the United States during any part of 2009 or early 2010 will get an additional
year to claim the credit.
The $6,500 credit
If you have owned and lived in a home for at least five consecutive years of the last eight years, you could qualify for a $6,500 tax credit if you buy a new home before April 30.
Would you have to sell your residence to qualify for the $6,500 credit if you wanted to buy a new one? Not necessarily, said John. W. Roth, senior tax analyst with CCH Inc. The home must become your principal residence, but you can keep your existing residence as a second home or rental, he said.
If you do choose to sell your existing residence, taxable profits from the sale will be added to your other earnings to determine whether your adjusted gross income exceeds the allowable thresholds.
This credit also phases out for singles earning more than $125,000 and married couples earning more than $225,000.
There are other arcane rules relating to profits earned on the sale of a home, so those with substantial profits may want to consult a tax professional before banking on the credit.
"It's really confusing," Roth allowed. "It's as if they took the old law and threw it in a Mixmaster. Some things still apply; others don't. The time frames are all new. This is going to keep a lot of tax accountants in business for a long time."
Contact Los Angeles Times staff writer at Personal Finance, Business Section, Los Angeles Times, 202 W. 1st St. 90012, or e-mail kathy.kristof@latimes.com. |
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Turn up the savings
Don't get mad, get serious about cutting utilities use
Tulsa World file and courtesy photo
By PHIL MULKINS World Staff Writer
Published: 11/9/2009 2:19 AM
Last Modified: 11/9/2009 3:46 AM
Oklahoma Natural Gas Co. offers the five-page guide
“Energy efficiency tips for long-term savings.”
 American Electric Power-Public Service Company of Oklahoma offers heating energy
saving tips.
You've just received your first reasonable electric
bill since May, and now you're worrying about the gas bills winter has
in store. Don't wait for a big heating bill to arrive to get mad enough
to take action — get mad now.
Consumers have been enjoying low natural gas prices, but prices have
begun to rise recently. They remain moderate by historical standards,
but a cold winter still will be felt in your pocketbook.
You can cut your heating costs, however, without dramatic measures.
A watt here and there and soon
you’re talking real savings.
Turn off lights: Get in this habit when
you leave a room at home or at the office.
Incandescent bulbs are inefficient,
so turn them off when you don’t need
them. Turn off fluorescent lights if
you’re going to be gone 15 minutes or
more.
“Ready” devices: Cell phone chargers
use electricity even when the
phone isn’t being charged. TV sets and
stereos do the same. Plug them in to a
power strip and turn off its switch
when
you leave for the day.
Computer: Energy Star qualified
computers enable shut-down features,
the “sleep mode,” to reduce electricity
usage by up to 70 percent during inactive
periods. Hibernate mode shuts the
computer down after a specific amount of
inactivity. Shut off the computer if you plan
being away longer than two hours.
Compact fluorescent bulbs: Replacing
five incandescent bulbs with Energy Star
compact fluorescent bulbs can save $60 a
year. CFLs cost three or four times more than
incandescents but last up to 15 times longer.
Put your house to work for you
Thermostat setting: In winter, set your
thermostat at 68 degrees at home and
wear sweaters, sweatshirts and pants;
keep a light blanket handy for the occasional
chill. Before bed, or when you plan
to be away longer than an hour, lower it
to 58 to 62 degrees. Install a programmable
thermostat to automatically make
those changes.
Fireplaces: Shut
dampers on inactive fireplaces and cover
their openings with cardboard and a nice
patchwork quilt or layers of plastic dropcloth
to stop drafts up the flue.
Attic fans: In winter, cover these with
layers of corrugated cardboard cut to
size and held in place over the opening
with steel wire strung between nail or
screw heads.
Ceiling fans: Set these to blow upward,
in winter, to move hot air at the ceiling
down the walls and into the living space
— so you can lower the thermostat a
few degrees.
Weatherize: Caulk, weather-strip and
insulate windows, doors and plumbing
wherever you find air leaks. Windblown
drafts add 30 percent to heating bills.
Adding storm windows or plastic sheets
to further insulate single-pane windows
can reduce heat loss by 50 percent.
Properly insulate exterior walls, attics
and under floors over crawl spaces.
Kitchen: On stove tops, match pot size
to burner size and keep lids on for efficient
heating. Run full loads in dishwashers
and let dishes air dry instead of using
the drying cycle. Organize refrigerator
shelves to easily access foods used most
so its door is open briefly. Keep the oven
and range free of grease and baked-on
food for efficient operation.
Laundry room: Wash full loads in cold
water, dry full loads and clean lint filters
after each load for adequate air flow.
Dry lightweight clothing on the air-dry
cycle and hang clothes on a drying rack
in the house or outside on a line. When
buying a clothes dryer, look for models
with moisture sensors that turn them off
when clothes are “just dry.”
Bathroom: Install low-flow devices on
your showers and faucets to cut water
use 11 percent. Turn water off while
brushing teeth, shaving or lathering your
hands. Take a shower instead of a bath,
since a bath uses twice the hot water
as a five-minute shower. Fix
leaky faucets to keep
from wasting hot
water.
Water heater:
Set the thermostat
at 120
degrees and
insulate the
unit and its
pipes to save
9 percent on
energy costs.
Phil Mulkins 581-8339
phil.mulkins@tulsaworld.com |
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10/29/2009 |
(News Article) |
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Mortgage rate again falls below 5 percent
The average 30-year, fixed-rate home loan is going for 4.94 percent.
Lower loan rates are good news for borrowers and the housing industry.
Tulsa World file
By Staff and Wire Reports
Published: 10/2/2009 2:25 AM
Last Modified: 10/2/2009 4:12 AM
Rates on
30-year home loans dropped below 5 percent for the first time in four
months but still remained above this year's record low, Freddie Mac
said Thursday.
The average rate on a 30-year fixed mortgage was 4.94 percent, down
from 5.04 percent last week, Freddie Mac said. The last time the
30-year home loan averaged less than 5 percent was the week ending May
28, when it was 4.91 percent.
Rates hit a record low of 4.78 percent hit in the spring, and
they remain appealing for people interested in buying a home or
refinancing.
Walter Belz, senior vice president for secondary marketing BOk
Mortgage, said interest rates for mortgages are being driven down by
the bond market, which itself is falling due to poor economic news.
Yet the lower rates are good news for borrowers and the housing industry, he said.
"The lower rates make housing more affordable for people, and that's a good thing," Belz said.
On Thursday, the National Association of Realtors said the
number of signed sales contracts rose for the seventh straight month in
August, as homebuyers rushed to take advantage of a tax credit for
first-time owners that expires in November.
"Low mortgage rates are helping to stabilize home sales," said Frank Nothaft, Freddie Mac's chief economist.
But borrowers may want to consider the Federal Reserve's
announcement last week that it is slowing down a program intended to
lower mortgage rates and boost the housing market. Analysts say
mortgage rates should
remain low for now but could eventually move higher, and homeowners who want to refinance mortgages shouldn't delay.
Freddie Mac collects mortgage rates on Monday through Wednesday
of each week from lenders around the country. Rates often fluctuate
significantly, even within a given day.
The average rate on a 15-year fixed mortgage fell to 4.36
percent from 4.46 percent last week, according to Freddie Mac. This
week's rate on 15-year mortgages was the lowest since Freddie Mac
started tracking it in 1991.
Rates on five-year, adjustable-rate mortgages averaged 4.42
percent, down from 4.51 percent a week earlier. Rates on one-year,
adjustable-rate mortgages fell to 4.49 percent from 4.52 percent last
week.
The rates do not include add-on fees known as points. The
nationwide fee for loans in Freddie Mac's survey averaged 0.7 point for
30-year mortgages, and 0.6 point for 15-year and five-year loans. The
fee averaged 0.5 point for one-year mortgages.
Robert Evatt of the Tulsa World business staff contributed to this story by The Associated Press.
By Staff and Wire Reports |
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Broken Arrow is named a top city to retire in
The mayor says the city is "thrilled about the recognition."
By TIM STANLEY World Staff Writer
Published: 9/16/2009 2:25 AM
Last Modified: 9/16/2009 4:22 AM
BROKEN ARROW — A national magazine has recognized the city as one of the nation's best places to retire.
Money Magazine named Broken Arrow to its "25 Best Places to Retire"
list after profiling cities around the country based on cost of living,
recreational activities and quality of health care, a news release
stated.
Broken Arrow made the list for offering the "ease of suburban
living with close proximity to metropolitan offerings like museums,
shopping and dining and home prices that start in the low $100,000s."
The magazine also mentioned the city's new Broken Arrow
Historical Museum, which opened earlier this year, and the school
district's new performing arts center, which will host its inaugural
concert this month.
"We are thrilled about the recognition," Broken Arrow Mayor
Mike Lester said. "We know what a wonderful community we live in, but
it's nice to see the nation taking notice."
Other cities making the Money list include Palm Springs, Calif.; Savannah, Ga.; Bella Vista, Ark.; and Chattanooga, Tenn.
Broken Arrow has earned other magazine honors recently: Last
year, Family Circle magazine named the city one of its Top 10 Towns for
Families for 2008.
To see the Money Magazine list, go to
tulsaworld.com/moneymagretire
.
By TIM STANLEY World Staff Writer |
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Tulsa named best for cost of living
Business Facilities magazine's metro report also ranked the city second for quality of life.
By LAURIE WINSLOW World Staff Writer
Published: 8/28/2009 2:22 AM
Last Modified: 8/28/2009 3:11 AM
The accolades just keep coming for the Tulsa area.
In yet another ranking, Tulsa is No. 1 for having the best cost of
living among areas with a population of more than 500,000 and No. 2 for
its quality of life, according to lists that appear in the August
edition of Business Facilities magazine.
"One of the things that continues to be an attraction is the
low cost of living, which translates to a low cost of doing business.
People can have a better quality of life in Tulsa than they can in
places in the East or West Coast ... and that's important in helping
those people to make a decision of where they want to live and where
they want to work," said Jim Fram, senior vice president of economic
development with the Tulsa Metro Chamber.
Business Facilities magazine is one of about a half-dozen
publications that targets a small, niche audience of corporate real
estate executives, site consultants and company CEOs who are seeking to
gather information for possible expansion or relocations, Fram said.
For its 2009 Metro Rankings Report, the magazine looked at
several categories that serve as benchmarks for any economic
development program, including quality of life, cost of living and
green-building initiatives.
The metro report also evaluated emerging growth sectors such as film
production and food processing, and growth leaders like aerospace and
the top-wired metros as well as economic growth potential.
The magazine states, "MSNBC.com has perennially
listed Tulsa as one of the lowest-cost cities to rent in the country,
with spacious homes available for as low as $500 per month and low-cost
apartments available to students flocking to this college town; average
home sale prices also are among the lowest in the country."
It goes on to state, "Anyone tired of traffic congestion in
their current location will be pleased to learn that the average
one-way commute in this Oklahoma city is about 20 minutes, third
fastest in a recent survey of 65 major metropolitan areas.
"Salary.com, meanwhile, ranks Tulsa
as one of the most favorable cities to build personal wealth, which
residents can hang on to thanks to state and local taxes that are among
the lowest in the nation," the magazine adds.
Oklahoma City also receives a nod in the magazine and is ranked No. 7 among the top 10 metro economic growth potential.
Lawton ranks No. 9 for having the best cost of living among metros with a population of fewer than 500,000.
This latest recognition for the Tulsa area follows many others that have cropped up this year.
Earlier this week, Tulsa was named the third-best city in the
nation for minor league sports, according to a new survey from Street
& Smith's SportsBusiness Journal.
And earlier this year, Relocate-America ranked Tulsa the top place to live in the country out of 100 cities and towns.
Additionally, Forbes magazine has come out with sundry lists
this year that have place the Tulsa area No. 2 among midsize cities for
being "Best Cities for Job Growth" and 47th out of 200 large metro
areas for Best Places for Business and Careers."
The magazine also has ranked Tulsa No. 5 on a new list of "America's Most Livable Cities."
Recently, Tulsa and Oklahoma City both received high marks in fDi
magazine's list of the top "North American Cities of the Future."
"The compilation of those lists is very important because
economic development has become a sophisticated business in the last
several years ... I think as we come out of the recession work force
will be an area for opportunity," Fram said. "If you read census
tracts, the workers are going to dictate where the jobs and capital
investment happens."
In the last several years through a comprehensive economic
development program, Tulsa really has begun to work on building a
community where people want to live and work, he added.
Tulsa tops list
“Top 10 metro Best cost of living”
among areas with a population
greater than 500,000
1. Tulsa
2. Memphis, Tenn.
3. McAllen-Mission Texas
4. Little Rock, Ark.
5. St. Louis
6. Nashville, Tenn,
7. Louisville, Ky.
8. El Paso, Texas
9. Cincinnati
10. Dallas
Laurie Winslow 581-8466
laurie.winslow@tulsaworld.com
By LAURIE WINSLOW World Staff Writer |
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Tulsa named No. 2 "pay-raise" city in the U.S.7.6.2009
Tulsa is bucking the national downtrend, according to a new article in
Forbes, which ranks Tulsa the No. 2 “pay-raise” city in the U.S. In the
article, “Top 10 Pay-Cut and Pay-Raise Cities,” Tulsa’s strong economy,
rising home prices and steady unemployment rate are cited for the
city’s success.
“Tulsa continues to do better than many of our peer cities because of
our diversified industries and quality of life,” said Mike Neal, the
Chamber’s president and CEO. “This new acknowledgement coupled with
Forbes’ recent ranking of Tulsa as the No. 2 mid-sized U.S. city for
jobs confirms what the Chamber tells its members every day: Tulsa is a
great place to work and do business.”
Information for the Forbes list of pay-cut and pay-raise cities was
provided by the Brookings Institute using data from Moody’s Economy.com
for the 100 largest metropolitan areas in the country. Tulsa showed a
2.6 increase in average annual wage.
Click here to see which cities saw the biggest decrease in wages and which are the exceptions to the recession rule.
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Moment is right for first-time home buyers
By TERRY CHASE Business Viewpoint
Published: 5/28/2009 2:28 AM
Last Modified: 5/28/2009 4:22 AM
With the
current state of the national mortgage and bank bailout crises, it may
come as a surprise that Oklahoma's real estate market has remained
reasonably robust.
As interest rates remain near historic lows and homes sell for bargain
prices, coupled with Washington's first-time home buyer tax credit, now
is the ideal time to purchase a house. In fact, there may never again
be a better time to buy.
For many first-time buyers, a tax credit implies an
interest-free loan that must be repaid over time. But this time it's
different.
The 2009 home ownership tax credit is a free cash credit to
your pocketbook. The credit is not a loan and does not have to be
repaid.
Eligibility is granted to individuals with incomes of less
than $75,000, or for those married and filing jointly with incomes
under $150,000.
The home buyer cannot have owned a home in the last three
years, including either spouse of those married and filing jointly.
Prospective buyers must purchase and close on the home between Jan. 1
and Dec. 1, 2009, and must also maintain the home as their primary
residence for at least three years.
Ownership of a vacation or rental property does not disqualify
the buyer, provided the property was not the buyer's primary residence.
First-time buyers will be reimbursed 10 percent of the cost of
a home up to $8,000. The tax credit can either be claimed on the
buyer's 2009 return or as an amendment to the 2008 return.
Consider this example: A first-time buyer
with an annual income of $50,000 purchases a home valued at $85,000.
The buyer's 2008 income tax totals $1,000. If the buyer claims the
credit, it will pay the tax debt, and the buyer will receive $7,000
from the government for the remaining credit.
So what's the real story? The credit means up to $8,000 in
cash that you can use to furnish your new home, remodel or supplement
your down payment. Even if you are a prospective buyer, you can claim
the credit on your return now and have more money for a down payment.
Just remember to first contact a trusted tax professional.
Oklahoma is first and foremost about people. This is one of
the few states where you can buy a home that consistently appreciates
in value — a great investment for first-time buyers looking to build
credit and equity.
Home ownership in Oklahoma is attainable and can be just
around the corner. The application process is easy, quick and
affordable, and your lender can answer your questions and get you going
on the right path.
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Starting to thaw: Home sales rebound, with starter homes warming up first
Despite
the wet weather, construction continues on a home in Glenpool at the
Brownstone Village, a development of smaller homes for first-time
buyers. MIKE SIMONS/Tulsa World
By ROBERT EVATT World Staff Writer
Published: 5/10/2009 2:27 AM
Last Modified: 5/10/2009 3:29 AM
Both home construction and sales follow cyclical patterns. They tend to fall in colder months, and rise in warmer.
Thanks to the slumping economy, the winter freeze was harsher than
usual. For the first three months of the year, home sales dropped 14.3
percent.
Construction took a hit as well, with the 512 homes that have broken
ground in the area through March representing a 32 percent drop from
last year, according to permit tracking service New Orders Weekly.
But as the temperature climbs, builders and real estate agents have their fingers crossed that the market will begin thawing.
Though local housing officials have a mixed vision of the future, most,
such as Steve Harris of PMC Homes, say the best hope for growth is to
think small.
"Demand for smaller, first-time homes has been strong," he said. "They've been selling well."
So well, in fact, that PMC Homes is building an entire 78-lot
subdivision of them called Brownstone Village on 151st Street west of
U.S. 75 in Glenpool. About 40 have been built, with 10 more under way.
Harris said subdivisions devoted to starter homes haven't been
unusual in the past, and development of them has picked up in recent
months.
David Momper of Re/Max Executives said homes in the $130,000
to $180,000 range are selling well despite the general housing
slowdown.
"For houses in that range, sometimes we'll get two or three offers the first month it's on the market," he said. Harris
said starter homes are attractive partly because they're affordable,
especially since interest rates on mortgages are low. But more
important, President Obama's $8,000 credit for first-time homebuyers,
introduced in February, appeals primarily to those looking for
less-expensive housing early in their careers.
Bryan Sheppard, chief operating officer of Coldwell Banker Select in Tulsa, said the credit had an immediate effect in Tulsa.
"We've seen a surge of first-time homebuyers coming into the
market," he said. "The tax credit is encouraging people who wouldn't
normally be there."
That surge may be responsible for stronger March home sales.
GTAR reported 890 transactions that month, nearly equal to the 892 sold
in March 2008 and 32 percent ahead of February.
Bill McCollough, managing partner of Rausch Coleman Homes, a
builder that specializes in less-expensive homes, said: "At the end of
last year, we barely sold 50 homes in the last quarter. Once the new
tax credits came in, our sales spiked up, and we've had the best first quarter we've ever had."
Yet the other price ranges aren't faring as well. Brent Green of Green
Homes in Claremore said buyers without incentives are still jittery
about the state of the economy, and more average-priced new homes are
taking a hit as a result.
"People are still interested in purchasing a new home; they just don't make the decision to do so," he said.
Momper said the most expensive homes, which can be tough to sell in the best of times, have stagnated further.
"Right now, there's a 24-month supply of houses over half a
million dollars," he said. "People are just concerned about buying a
luxury home in today's economy."
Rodger Erker, manager of McGraw Realtors' midtown branch, said
lenders have tightened their standards, causing buyers to be more
conservative in the types of homes they seek.
Fear remains in the market, though Erker said there are positive signs as well.
"There's still people who are skittish to buy, but mortgage rates are great right now," he said.
On Friday, mortgage giant Freddie Mac indicated that the
national average rates on 30-year, fixed-rate mortgages were 4.84
percent, very close to the all-time low of 4.78 percent set the first
week of April.
Momper said area prices have held steady since Tulsa dodged
most of the national housing bubble, so potential buyers expecting to
find a lot of bargains from people desperate to sell often go away
empty-handed.
"Sellers are still holding their prices," he said. "Buyers that are making low offers aren't very successful."
Erker said Tulsa hasn't been hit as badly as the rest of the
country, and that the state of the market isn't nearly as bad as the
local real estate crash that hit after oil prices collapsed in the
mid-1980s.
Still, he said today's sellers face a challenge.
"Sellers have to have their homes looking as perfect as they
can so they can get over any objection a buyer would have," he said.
"They have plenty of other choices."
Builders are playing it conservative; Harris said speculative home construction is extremely rare.
"There aren't a lot of homes that are being started that aren't already under contract," he said.
Many established builders have been able to ride out the slowdown by gradually selling off their inventory, Harris said.
Green said some have taken more drastic action.
"The established builders have been weathering it OK, but it's
been uncomfortable," he said. "Some of them have had to monetize their
assets, and some of the smaller ones that weren't well capitalized are
out of business."
Sheppard said real estate agencies aren't feeling too much discomfort during the downturn.
"Realtors who always had the mentality of running a good, tight
ship are doing fine. Smaller companies have a tendency to struggle in
times like this."
Those in the local market disagree on how Tulsa's real estate
will fare in the months ahead. Erker said the summer season will likely
improve over last year, and the year as a whole will come close to the
2008 total.
"With the amount of people we see stirring in our open houses, that could indicate some increased demand," he said.
Sheppard said he's concerned about the continued number of
foreclosed properties coming up for sale, and suspects this year will
be off from 2008.
"We always get concerned whenever we get an influx of properties on the market," he said.
Still, there remains so much uncertainty that it's hard to know what to predict, Green said.
"It seems like things will pick up slowly, but no one knows what will happen," he said.
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Local real estate market steady and ready
By SHERYL CHINOWTH Business Viewpoint
Published: 4/23/2009 2:26 AM
Last Modified: 4/23/2009 4:34 AM
When the
town you live in makes news in media streams such as Money magazine,
Forbes magazine and MSN Real Estate Report as one of the best cities to
live and invest in, you know you've made the right choice.
Money ranked Tulsa as one of the hottest real estate markets in the
country during 2008, with home values increasing 3 percent when most of
the nation was seeing drops in value. An organization called
Relocate-America this year has ranked Tulsa as the No. 1 place to live
nationwide. MSN Real Estate Report last year ranked Tulsa 14th for best
places to purchase, and Forbes put Tulsa at No. 5 for best cities to
live and invest.
Real estate professionals remember the crash in the metro
area's housing market during the early 1980s. The drop was due to our
over-reliance on the health and well-being of the oil companies. When
oil prices dropped dramatically, real estate prices plummeted.
Although the oil companies are still strong in Tulsa and have
helped insulate the city from major national economic swings, Tulsa has
definitely become a more diversified city, with many other large
industries contributing significantly to the economy.
Tulsa was reported in the Milken Institute report of 2008 as
one of the best-performing cities at creating and sustaining jobs. This
past year, the Tulsa area jumped to No. 72 from No. 98 in 2007.
Real estate in metropolitan Tulsa should remain steady or
increase in strength as 2009 progresses and become even stronger in
2010. The number of homes on the
market in most areas of Tulsa has gone from an over-abundance to a
normal balance, and in some parts of the metro area shortages are
occurring.
The biggest change in the market over the past year has been
in new construction. Many subdivisions in the more popular school
districts may have a shortage of new homes by the end of summer.
Builders have cut back as much as 33 percent in the number of new "spec
starts" for 2009. This could cause a shortage of new homes and boost in
existing-home sales, and possibly result in a sharper increase in
resale values.
Problems caused by subprime mortgages did not affect Tulsa
compared with other cities across the country. Although we saw a higher
number of homes foreclosed in 2008, consumers here are more
conservative in their investing and have a tendency to favor 30-year,
fixed-rate financing programs, which remained more stable. This alone
turned out to be a steadying factor for the local real estate industry.
Overall, the real estate horizon looks clear.
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Yahoo! by Amy Hoak
Thursday, April 23, 2009
provided by Market Watch
Some of the best places in the country to call home this year are areas where the local economy is stable and the housing market hasn't been hit with huge home price declines, according to RelocateAmerica.com's annual list of the top 100 places to live. Topping the list: Tulsa, Okla.
"The economy there has been very stable," said Steve Nickerson, president and CEO of TrueV New Media Group, which operates the RelocateAmerica.com Web site. The strength of the energy industry in the area was part of why Tulsa came out on top, he said.
Cities have to be nominated to be eligible for the list; the Web site's editorial team then selects the top 100 places, based on interviews with local leaders and residents, as well as environmental, education, crime, employment and housing data for the past year.
Making the top of the list this year were areas that are stabilized or poised for a quicker comeback than other towns, Nickerson said. And many of these towns never experienced the kind of housing boom seen in other parts of the country.
Below are the top 10 places to live in 2009, according to RelocateAmerica.com:
1. Tulsa: The energy jobs in Tulsa have kept the area relatively stable during the economic downturn, according to its profile on RelocateAmerica.com. The unemployment rate was 5.6% in January, more than three points below the national average. The median price of an existing single-family home in Tulsa was $136,900 in 2008, according to the National Association of Realtors.
2. Dallas/Ft. Worth: Dallas has a concentration of high-tech companies, corporate headquarters and wholesale trade markets. Ft. Worth has had more than 900 major business expansions or relocations there over the past decade, according to the site. The median price of an existing single-family home in the area was $145,800 in 2008, according to NAR.
3. Pittsburgh: The city's biggest emp loyers are in the education and medical fields; a diversified economy and sustainable financial corporations have also contributed to keeping Pittsburgh somewhat "recession proof." The median price of an existing single-family home in Pittsburgh was $118,400 in 2008, according to NAR.
4. Raleigh/Durham, N.C.: The area's Research Triangle Park employs thousands of area residents. Raleigh is also a center for commercial shipping, and a new 500,000-square-foot convention center opened in town last year, according to RelocateAmerica.com. Durham's economy is driven by education and medicine, and 2,000 new jobs were created there last year. The median price of an existing single-family home there was $223,400 in 2008, according to NAR.
5. Huntsville, Ala.: Huntsville is home to the NASA Marshall Space Flight Center, and the U.S. Army's Redstone Arsenal. One-fifth of workers are employed in manufacturing, including technology-based precision manufacturing. The median home price in March was $159,900, said Oscar Gonzales, spokesman for the Huntsville Area Association of Realtors. Housing inventory there is actually shrinking in the area, as is days a property stays on the market, he said.
6. Houston: Houston is known as the Energy Capital of the World. Its oil and gas exploration and production was still adding jobs "at a prodigious rate" in early 2009, according to the site. The city added 87,000 jobs in 2007 and 17,800 in 2008. The median price of an existing single-family home in Houston was $151,600 in 2008, according to NAR.
7. Albuquerque, N.M.: The growing presence of the film industry has brought more jobs to Albuquerque over the last four years, providing high-paying positions for local crews. Within the past five years, $400 million has been spent in the local economy by the film industry. The median price of an existing single-family home in Albuquerque was $192,600 in 2008, according to NAR.
8. Lexington, Ky.: Lexington is a regional center for health care, which includes the University of Kentucky Medical Center. Other major employers include Toyota Motor Manufacturing and Lexmark International. The median price of an existing single-family home was $144,300 in 2008, according to NAR.
9. Little Rock, Ark.: The city has a growing wind energy industry, which has helped create jobs in the area. The median price of an existing single-family home in Little Rock was $129,800 in 2008, according to NAR.
10. Oklahoma City: Major employers in Oklahoma City include Tinker Air Force Base, the U.S. Postal Service, the University of Oklahoma and the FAA Mike Monroney Aeronautical Center. Last year Forbes magazine named it the most recession-proof economy in the country. The median price of an existing single-family home was $128,100 in 2008, according to NAR.
The entire list can be found at RelocateAmerica.com.
Amy Hoak is a MarketWatch reporter based in Chicago.
Copyrighted, MarketWatch. All rights reserved. Republication or redistribution of MarketWatch content is expressly prohibited without the prior written consent of MarketWatch. MarketWatch shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon. |
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Tulsa Named Best Place to Live in in the U.S.
4.21.2009
The secret is out. Relocate America has declared Tulsa the No. 1 place to live in America.
Relocate America's TOP 100 Places To Live! list is compiled using data regarding local economy, housing, education, employment, crime, parks and recreation, and other statistics used to make home-buying decisions.
Communities around the country are nominated by residents, and information is submitted about neighborhoods, the city's beauty, the quality of schools, recreational activities and economic growth. The TOP 100 Places to Live! list is published annually.
“This ranking corroborates exactly what the Chamber uses to sell the Tulsa region 365 days of the year,” said Mike Neal, president and CEO. “We are faring much better during the national recession than many of our peer cities because of our diversified industries, quality of life and cost of living.”
Tulsa has also been identified as the fifth best city in the nation to ride out the recession, according to Forbes.com.
"We have one of the strongest real estate markets in the country, and Tulsa is experiencing job growth other cities are not during this national recession," said Bob Ball, economist for the Chamber. "Additionally, our cost of living is 11.5 percent below the national average. When you consider all of this quality of life data, Tulsa is an attractive community to both businesses and relocating families."
To view the Top 100 Places to Live!, visit RelocateAmerica.com.
Top 10
Tulsa, Okla.
Dallas, Texas
Fort Worth, Texas
Pittsburgh, Penn.
Durham, N.C.
Raleigh, N.C.
Huntsville, Ala.
Houston, Texas
Albuquerque, N.M.
Lexington, Ky.
Little Rock, Ark.
Oklahoma City, Okla. |
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Tulsa ranks No. 2 for jobs
Forbes magazine says the city is one of the nation's best for finding employment.
By KYLE ARNOLD World Staff Writer
Published: 4/17/2009 2:24 AM
Last Modified: 4/17/2009 3:48 AM
Tulsa
keeps showing signs of resisting the recession, and now Forbes magazine
says it's one of the best places in the nation to find a job.
The metropolitan area ranked No. 2 among midsize cities for "Best
Cities for Job Growth," according to the financial magazine, and ranked
10th among all cities.
The magazine crowned Odessa, Texas, as the nation's best city
for job growth and McAllen, Texas, as the best in the midsize category.
Oklahoma City ranked ninth in the large cities category.
Joel Kotkin, a Forbes columnist who helped put together the
article, said the top cities all have something in common: strong ties
to energy and a good housing market.
"Almost all the cities were pretty well focused on the middle
part of the country, and a lot had expanding energy industries," Kotkin
said. "They were also in states that were generally considered
business-friendly."
Texas had eight of the top 10 cities in the survey.
The survey combined long-term, medium-term and short-term job growth data to come up with the rankings, Kotkin said.
Even though oil prices have fallen sharply since last summer,
energy jobs and spending have kept unemployment rates in Tulsa lower
than other parts of the country, said Bob Ball, an economist with the
Tulsa Metro Chamber.
"Certainly there are people losing jobs, but there are people
getting jobs," he said. "Before this recession, we had a hard time
getting enough people for skilled positions."
The
Forbes article cited strong job growth in the Tulsa area's business
services, education and health, government, manufacturing and retail
sectors.
Tulsa just missed out on being ranked in the large cities
categories. Large cities, according to the survey, had metropolitan
area employment of more than 450,000 people. Tulsa has some 436,600
workers.
However, the article uses data from January 2008 and did not
account for the effects of the recession, which has pushed up the Tulsa
area's unemployment rate to 6.2 percent, according to the U.S. Bureau
of Labor Statistics.
Tulsa ranked 38th among midsize cities in the survey for last year's Forbes story.
Best places for job growth
Midsize cities
1. McAllen, Texas
2. Tulsa
3. Lafayette, La.
4. Durham-Chapel Hill, N.C.
5. Kansas City, Kan.
All cities
1. Odessa, Texas
2. Grand Junction, Colo.
3. Longview, Texas
10. Tulsa
44. Oklahoma City
Forbes magazine
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4/16/2009 |
(Press Release) |
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PMC HOMES IS RECOGNIZED WITH A 2009
ENERGY STAR® LEADERSHIP IN HOUSING AWARD
PMC Homes earns award for building new homes that protect the environment through energy efficiency
Bixby, OK– PMC Homes is pleased to announce that it has been recognized by the U.S. Environmental Protection Agency (EPA) with a 2009 ENERGY STAR Leadership in Housing Award. This award recognizes the important contribution PMC Homes has made to energy-efficient construction and environmental protection by building more than 78 ENERGY STAR qualified homes last year. Collectively, these homes will save our customers approximately $34,866 on utility bills each year.
The environmental benefits of these ENERGY STAR qualified homes are equal to the equivalent of:
• Eliminating the emissions from 38.22 vehicles;
• Saving 231,192 lbs of coal;
• Planting 63.18 acres of trees; or
• Saving the environment $34,866 pounds of CO2 per year.
To earn the ENERGY STAR, a home must meet strict guidelines for energy efficiency set by the U.S. Environmental Protection Agency. These homes are at least 15% more energy efficient than homes built to the 2004 International Residential Code (IRC), and include additional energy-saving features that typically make them 20–30% more efficient than standard homes.
President of PMC Homes, Steve Harris said, “PMC Homes is committed to build all of our homes as ENERGY STAR. We are proud to have been the first 100% ENERGY STAR builder in our area and today, our homes average saving our clients 32% on their monthly utility bills. With PMC Homes and ENERGY STAR, our clients are the big winners with not only thousands in energy savings, but a better built home too.”
ENERGY STAR qualified homes offer homebuyers all the features they want in a new home, plus energy-saving features like effective insulation systems, high performance windows, tight construction and ducts, properly-sized and installed efficient heating and cooling equipment, efficient products, and third-party verification of energy performance.
“Most homebuyers focus on what's outside the walls,” said Sam Rashkin, National Director for EPA's ENERGY STAR Homes Program, “but they also need to look behind the walls for the energy-efficient features found in ENERGY STAR qualified homes that help ensure comfort, quiet, improved indoor air quality and low utility bills for years to come.”
About PMC Homes
PMC Homes is locally owned and operated and has been in business for 22 years. PMC has earned many local and national awards for excellence in homebuilding and was the first 100% ENERGY STAR builder in Northeast Oklahoma. In 2009, President, Steve Harris became one of the first Certified Green Professionals in the area and is constructing the area’s first NAHB “Green” home. For more information on PMC Homes, visit www.pmchomes.com or call their local office at 918-366-4144.
About ENERGY STAR
ENERGY STAR was introduced by the U.S. Environmental Protection Agency in 1992 as a voluntary market-based partnership to reduce greenhouse gas emissions through increased energy efficiency. Today, ENERGY STAR offers businesses and consumers energy-efficient solutions to save energy, money and help protect the environment for future generations. More than 12,000 organizations are ENERGY STAR partners committed to improving the energy efficiency of products, homes, buildings and businesses. For more information about ENERGY STAR, visit www.energystar.gov or call toll-free 1-888-STAR-YES (1-888-782-7937).
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Home Builder Introduces Mortgage Protection Plan
04/14/09 3:54 pm | reporter: Cindy Morrison producer: Kevin King
Tulsa - Many families are cutting back on everything from meals to mortgage payments. And, that has created a lot of opportunities for you as businesses compete for your hard earned money.
It's not surprising when a store has a sale, trying to entice you to buy something. But, as the money has gotten tighter, those so-called sales have gotten bigger.
Car companies are throwing all kinds of things at consumers to get them to buy now. And, a local homebuilder is also pulling out all the stops.
Mortgage rates are low. And, we hear constantly that there is no better time than now to buy a home. But, what about building a new one?
"PMC will cover your mortgage payment for up to six months if you have a voluntary termination, layoff, something of that nature," Steve Harris says.
PMC Homes is apparently the first homebuilder in northeastern Oklahoma to do something like this.
"If we can remove the fear of, 'Oh my gosh, I'm going to lose my home' through no fault of theirs, we wanted to remove that barrier," explains Harris. "And we wanted to do that especially for the starter home market because of the $8,000 tax incentive from the federal government if you're a first time home buyer."
But, there is a catch. You have to use PMC's mortgage and closing companies.
"The reason for that is because some of the fundings from those closings will help offset some of the costs if that happens," Harris says.
Since PMC is underwriting the program itself, how long can the company afford to offer this incentive?
"We have committed to the rest of this year," Harris says. "Then, we have to take a look at the economy before we go forward and see how it worked for us, if it was well received and see what our risk was."
Because of that risk, PMC has a cap on the mortgage payment. So, a one-million dollar home isn't covered. Instead, the Mortgage Assurance Program is made for buyers wanting a home somewhere between 100-thousand and 500-thousand dollars.
While there is no fee to be a part of this latest building and buying incentive, there is another option, although it costs money. You can opt to buy mortgage protection insurance when you buy a home. |
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* SEE PROMOTIONS PAGE FOR DETAILS
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Tulsa-area home prices up 4 percent
The year-over-year increase bucks the national trend and tempers slower sales numbers in January.
By ROBERT EVATT World Staff Writer
Published: 3/4/2009 2:27 AM
Last Modified: 3/4/2009 4:00 AM
The pace of Tulsa-area home sales continued to slow in January, but prices bucked the national trend by taking a significant step higher.
A total of 536 homes changed hands in the Tulsa area, nearly 21 percent below January 2008 and 32 percent below December, according to the Greater Tulsa Association of Realtors.
Harriett Dunham, president of GTAR, said the decline was largely due to the typical winter slowdown and lingering political and economic uncertainty.
"We went through a seasonal market and the election," she said.
Nationally, home sales dropped 5.3 percent in January to a 4.49 million-unit rate, according to the National Association of Realtors.
Dunham said local sales appear to have picked up in the last few weeks, at least partially due to economic recovery efforts coming from President Barack Obama and Congress.
"With the stimulus and the $8,000 home purchase credit that's coming in, a lot of people have come out and started buying," she said.
Though fewer homes were sold in January, they went for more money. The median sales price, or the price at which 50 percent of homes sold for more and 50 percent for less, was $124,700. That's 4 percent higher than a year earlier and more than 7 percent above December.
The average rose as well; the $155,074 price in January was 10.5 percent above both the month before and last year.
Higher prices here went against the national home picture. The NAR reported that January's national median of $170,300 was down nearly 15 percent from a year earlier.
Tulsa's inventory of 7,639 unsold homes was lower than last year's level but slightly higher than December. |
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First-Time Home Buyer Tax Credit: 6 Things to Know
February 17, 2009
06:19 PM ET |
Luke Mullins
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Permanent Link | Print
While the proposed $15,000 home-buyer tax
credit died in negotiations between the House and the Senate, the $787
billion stimulus bill that President Barack Obama signed into law
Tuesday includes a similar--albeit smaller--measure designed to help
revive the real estate market. Here are six things you need to know
about the freshly-enacted $8,000 first-time home buyer tax credit.
1. Eight grand, new buyers: The tax credit included in the economic stimulus legislation is much narrower than the $15,000 proposal.
This credit is equivalent to 10 percent of the purchase price of the
home--although it's capped at $8,000--and applies only to first-time
home buyers and principal residences. But unlike an earlier $7,500 home
buyer tax credit, this one does not have to be repaid.
2. First time buyers defined: For the purpose of
this legislation, a "first-time home buyer" is someone who hasn't owned
a principal residence for three years before buying a house. (The date
of purchase is considered the day that the title is transferred.) That
means if you've owned a vacation home--but not a principal
residence--within the past three years, you would still qualify for the
credit.
3. 2009 buyers only: Only those who purchase a home
on or after January 1 and before December 1, 2009 are eligible for the
credit. Anyone who bought a home last year won't be able to take
advantage of it.
4. Income limits: The tax credit is subject to
income limitations. Single buyers need a modified adjusted gross income
of $75,000 or less to qualify for the full credit, that's $150,000 for
married couples. Those earning more than these thresholds may be
eligible for reduced credits.
5. Refundable: Because the tax credit is "refundable," qualified buyers can take advantage of it even if they don't have much tax liability.
6. Recapture: Buyers have to own the home for at
least three years in order to capitalize on the credit. If they sell
the home before then, they will have to return the credit to the
government. (Exceptions will be made in certain cases, such as death or
divorce.)
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Builder To Debut Certified Green Home
Posted: Jan 11, 2009 09:20 PM
Updated: Jan 12, 2009 08:18 AM
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FEATURED VIDEO |
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This home in Broken Arrow is the first in the area to be certified "Green" by the National Association of Homebuilders.
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"Really, you're
trying to build a home with as little intrusion into the natural
habitat as possible and using earth-friendly recycled materials and
stuff like that," said Bo Armentrout with PMC Homes.
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PMC claims the future homeowner will save as much as 30% a month on energy bills.
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By Chris Wright, News On 6 BROKEN ARROW,
OK - A local homebuilder is set to debut the first certified "green
home" in Green Country. It's being built in Broken Arrow and is
expected to be completed in about two months.
The home may be the first of its kind in Northeastern Oklahoma and a bit of a novelty, but homebuilders say the "green" trend is here to stay. When
you first look at the home, it may look like any other home in any
number of sprawling suburban subdivisions. But, the company that built
the house says it's an original. Bo Armentrout is with PMC
Homes. He says the home is the first in the area to be certified
"Green" by the National Association of Homebuilders. "Really,
you're trying to build a home with as little intrusion into the natural
habitat as possible and using earth-friendly recycled materials and
stuff like that," said Bo Armentrout with PMC Homes. The home
also had to meet strict guidelines for energy efficiency and use of
recycled materials. PMC claims the future homeowner will save as much
as 30% a month on energy bills. The company contends it had
little interest in building green homes until recently. Armentrout says
they simply cost too much, but that has changed. Homebuilders say recent advancements in green technology makes green homes possible and profitable. "Now you can actually buy green products and they're comparable in pricing to normal constructed homes," said Armentrout. For that reason, Armentrout says the home will be the first of many environmentally-friendly homes PMC Homes will build in the Tulsa area. "As
long as it's not cost-prohibitive, people are demanding it so it just
makes sense. It's better for the environment, better for the people
living there," said Armentrout. PMC says the house will go on
the market for about $190,000. The company says that is comparable to
the price of similar homes in the area. |
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Tulsa housing ties for No. 6
A survey puts the city among the nation's top markets. It predicts a dip, followed by recovery.
By ROBERT EVATT World Staff Writer
Published: 1/10/2009 2:24 AM
Last Modified: 1/10/2009 2:32 AM
Tulsa's
housing market will lose 1.1 percent of its value before it starts to
recover by the end of the year, according to an estimate by Economy.com, a division of Moody's.
Despite the expected depreciation, the prediction was good enough to
put Tulsa in a tie for the sixth-best-performing home market during the
recession.
The survey, published on Forbes magazine's online component,
indicates that U.S. home values as a whole will drop 15 percent by the
time the downturn hits bottom late this year or sometime in 2010.
Forbes' article on the survey — reported Friday on tulsaworld.com — singled out Tulsa for having relatively low home value growth since 2004, moving from an average of $100,000 to $130,000.
As a result, home prices in Tulsa and other metro areas cited
in the survey don't have nearly as far to fall compared with housing
markets that skyrocketed during the housing boom, Mark Zandi, chief
economist for Economy.com, said in the Forbes article.
"None participated in the housing boom," he said. "Some are down just because the economy is bad."
Of the 25 areas listed, none showed gains in home values in the near
future, and only two — McAllen, Texas, and Syracuse, N.Y. — were
predicted to have no change in prices.
The figures are based on comparisons between home prices during the second quarter of 2008 and price projections through
2011, and examined metro areas larger than 500,000 people.
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PMC HOMES to build the 1st NAHB CERTIFIED GREEN HOME in the Tulsa area.
Bixby, OK – January 6, 2009 – PMC Homes Corp., has announced that they will be the pioneer of Green Homebuilding in the Tulsa area by constructing the first National Association of Homebuilders Certified “Green Home”. PMC will partner with KTUL so that viewers will be able to watch the evolution of the build and get educated at the same time on the benefits of building green. You can view the entire process from the ground up on PMC’s website (www.pmchomes.com) where there will be weekly updates and photos with a link to KTUL’s footage. Bo Armentrout, Sales Manager for PMC Homes says, “Building Green used to be too expensive and impractical. Now, building Green is a better investment for the earth and your bank account by using both earth friendly techniques and materials while saving you money with lower heating/cooling bills. A Green home is simply a great investment.” The PMC Green Home is located at 20511 E. 32nd St. South in the Renaissance Park subdivision (East of 193rd St. on 31st St.) in Broken Arrow and will be the PMC Model home in that neighborhood.
PMC Homes has been in business for over 21 years. They have been the industry leader in Green Building practices for the Tulsa market and are currently the only 100% Energy Star builder in Northeast Oklahoma. PMC has been practicing Green building principles for years and was the first local builder to mandate that each of their homes are built up to the rigid Energy Star requirements- saving their clients up to 30% on their monthly utility bills.
Recently, Steve Harris, President and Founder of PMC Homes Corp., was certified as a “Certified Green Professional” by the National Association of Homebuilders. This distinctive certification (CGP) is currently held by only 5 Greater Tulsa Homebuilders.
For more information on the NAHB’s Green Building program, visit NAHBGreen.org. To find out more about PMC Homes, visit their website at PMCHomes.com or call 918-366-4144.
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10/20/2008 |
(Press Release) |
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Veros Releases Latest Real Estate Market Valuation Forecasts
—Proven forecasting authority unveils market risk levels; Reveals strongest and weakest markets—
SAN FRANCISCO (Oct. 20, 2008) — Santa Ana. Calif.-based Veros Real Estate Solutions, a proven leader in enterprise risk management and collateral valuation services, announced from the 95th Annual Mortgage Bankers Association Conference and Expo, announced the results of the company’s latest 12-month forecast for the nation’s residential real estate markets covering the period from Sept. 1, 2008 through Sept. 1, 2009.
The forecasts, based upon the VeroFORECAST models reflect projected market gains and declines for single family residences in most major metropolitan areas and a large number of non-metro areas resulting in coverage of 75 percent of the nation’s population. Veros delivers forecast data on geographic levels that include CBSA, county and zip codes as well as by property type and price range. VeroFORECAST is licensed standalone or combined with Veros’ Risk-Based Default Management suite that includes traditional and default/REO AVMs and Market Risk and Fraud scores. These forecasts enable users, such as servicers and investors, to quickly determine collateral risk levels and establish a “priority of action” on their accounts, proactively manage likely default exposure, and make more effective decisions about non-performing assets in a very challenging environment.
Results from VeroFORECAST reveal the nation’s five strongest and five weakest markets, per predicted values nearly a year from now:
FIVE STRONGEST MARKETS
1. Peoria, IL 3.9%
2. Lubbock, TX 3.8%
3. Springfield, IL 3.7%
4. Amarillo, TX 2.9%
5. Tulsa, OK 2.8%
FIVE WEAKEST MARKETS
1. Las Vegas - Paradise, NV -17.3%
2. Naples - Marco Island, FL -16.4%
3. Cape Coral - Ft. Myers, FL -14.9%
4. Miami - Ft. Lauderdale - Miami Beach, FL -14.8%
5. Port St. Lucie - Ft. Pierce, FL -14.7%
“We are smack in the middle of a market dealing with unprecedented volatility and uncertainty. As a result, many market sectors and participants have frozen up compounding the issues. Having a reliable tool that enables accurate short-term and long-term views of the market horizon is an invaluable advantage,” said Darius Bozorgi, President and CEO of Veros Real Estate Solutions. Today’s collateral risk assessment requires a 360 degree view. Success in this market requires an objective determination of not only where you stand today – considering a number of risk factors – but also where you are likely to be standing tomorrow and thereafter.”
Since the initial release of quarterly forecasting reports over 5 years ago, Veros has been developing and releasing market forecasts, building on years of established collateral risk analytics experience. With more than 50 factors in its analytics to develop these trends, this makes the VeroFORECAST models the most accurate forecasts in residential real estate markets.
“Our forecast models have consistently outperformed the competition across all primary performance metrics,” said Eric Fox, vice president of Technology for Veros. “The key word in this market is ‘consistently’ as Veros’ forecast models have demonstrated very low volatility in performance year over year. If you are going to make decisions based on analytics, it is critical to be assured that the models will perform within expectations when you need them the most.”
Also available is the company’s 18-month forecasting report, which provides all the features, detail and analysis of the 12-month report. A more expansive report than the 12-month, Veros 18-month forecasting report offers the option of HPI analysis results, results that equip the user with a historical reference, providing insight into both past and current trend analysis.
About Veros Real Estate Solutions
Veros Real Estate Solutions, a proven leader in enterprise risk management and collateral valuation services, uniquely combines the power of predictive technology, data analytics and industry expertise to deliver advanced automated decisioning solutions. Veros products and services, integrated into industry leading companies, are now optimizing millions of profitable decisions throughout the mortgage industry from loan origination through servicing and securitization. Veros provides solutions to control risk and increase profits including automated and secured valuations, fraud and disaster risk detection, portfolio analysis, forecasting and next-generation collateral risk management platforms. Veros is headquartered in Santa Ana, Calif. For more information, visit www.veros.com or by calling Veros at (714) 415-6370.
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Family Circle Magazine Honors BA
Nationally renowned Family Circle Magazine has named Broken Arrow one of the top 10 cities in America in which to raise a family. The article, featured in the new August 2008 issue, highlights cities and towns that offer quality educational and workforce opportunities, low crime rates and affordable housing.
Broken Arrow, Oklahoma
Population: 78,854
Median income: $65,219
Median home price: $142,000
Households with children: 51%
Student/teacher ratio: 20:1
Residents who recycle: 44%
Its population has nearly doubled since 1990, but this Tulsa suburb hasn't gone through many growing pains. Homes are still a bargain, and the streets are safe, thanks to a team effort by local police and neighborhood watch groups. "You never hear sirens," says Leslie Purcell, 34, a stay-at-home mom to Colin, 14, Connor, 5, and 8-month-old Cooper. "This is the kind of place where farmers can set up their stands and leave because they know people will pay." Kids hang out at swimming pools, tennis courts, and soccer and softball fields (the town's 38 parks span 750 acres) by day, and at the new youth complex under the Friday night lights. Rush hour is gridlock free, which means Leslie's husband, Shon, 34, an energy-company businessman, can commute to his Tulsa office in just 20 minutes. For Leslie, nothing's nicer than tooling around and running errands in her neighborhood. "When you drive down the block people wave at you, and you wave back," she says. "You feel like you belong."
Going for the Green: Residents can use the Green Traveler web site to start a carpool or hook up with one. On Ozone Alert Days they can ride the bus for 50 cents.
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7/24/2008 |
(Press Release) |
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PMC Homes Wins First At 2008 Greater Tulsa Parade of Homes
Bixby, OK -- July 24, 2008 -- PMC Homes started off the summer with a bang, as one of their most popular homes was a winner at the Home Builders Association of Greater Tulsa 2008 Parade of Homes. PMC Homes’ Edgecott model at Millicent Pond in Broken Arrow took first place in the $300,000-$349,999 category. The annual Parade, held June 21-29 this year, featured 196 homes from the Tulsa region.
Bo Armentrout, PMC Homes Sales Manager, said this in regards to PMC Homes recent award, “We have received excellent feedback regarding our most recent updates to the Edgecott. Our clients enjoy, among many things, the indoor/outdoor fireplace, the large utility/craft room that is connected to the master closet, and the luxurious spa-style master bath. With over 21 years of home building, it is exciting to integrate both PMC Homes’ experience, as well as our clients demands in order to build the highest quality, award winning homes.”
The President of PMC Homes, Steve Harris, gave this comment, “PMC Homes is committed to providing Northeast Oklahoma residents with a home that is energy efficient, of the upmost quality, and visually stunning.”
Millicent Pond is in South Tulsa, offering the intimacy of a small neighborhood with big city appeal and Union schools. Community amenities include two ponds with fountains, a gazebo with a fishing pier, and a play park with a volleyball court. Home prices at Millicent Pond range from $250,000 - $375,000. Visit the award-winning Edgecott model at 1214 S. Nyssa Place, between 81st and 91st off 129th Avenue. ?
For information: www.pmchomes.com or
Contact: erint@pmchomes.com
Phone: 918-366-4144
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‘Green’ Features Beat Out Luxury Amenities in Buyer Poll
by Ted Cushman
When it comes to choosing a neighborhood, buyers listed crime rates as the top concern (56 percent). But proximity to work and shopping was also rated as a major factor. While potential buyers were willing to cut personal spending and sacrifice comfort to afford a home, few respondents were willing to take on a longer travel time to purchase a home in today’s market. Just 6 percent of home buyers said they would sacrifice proximity to work to purchase a home in today’s market, while 6 percent said they would give up proximity to shopping. Only 3 percent would give up proximity to public transportation.
In any case, the data on feature and location preferences are somewhat academic in light of the survey’s finding that a large majority of potential buyers, 81 percent, say they face big financial obstacles in purchasing a home. Those barriers include high prices, lack of confidence in the economy, and, especially among younger adults, lack of income.
However, the survey revealed hope in the long run, and a strong underlying demand for houses. Almost half of respondents (49 percent) expect conditions for buying a home to improve after the next President takes office. Among those who already own a home, 44 percent said they would like to purchase a different house. And a huge majority of renters--80 percent--say they plan to purchase a home someday, with 47 percent saying they would like to make that purchase within five years.
Ted Cushman is a contributing editor to BUILDER Online. |
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7/16/2008 |
(Press Release) |
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PMC Homes Announces Winner of 2008 Greater Tulsa Parade of Homes Gas GiveawayBixby, OK -- July 16, 2008 -- This year for the Greater Tulsa Parade of Homes, PMC Homes decided to do something big. As the grand prize for visiting a participating PMC Model Home during the 2008 Greater Tulsa Parade of Homes, PMC Homes decided to give away Free Gas for One Year! The only requirement was that participants fill out a survey completely about their Parade of Homes experience.
The winner was chosen from over 100 entries. PMC Homes is pleased to announce that their Grand Prize winner is Kayode Bajela of Tulsa, OK. Mr. Bajela currently lives in Tulsa and works for Coca-Cola. He was attending the 2008 Greater Tulsa Parade of Homes to hopefully find a new home for himself. When contacted about winning the Grand Prize, he said, “It’s awesome! God sent this to me! Gas is four dollars right now, go figure! It’s unbelievable! Just entered the contest and didn’t expect to win anything. Very timely! PMC has to be doing something right!”
PMC Homes has been building homes in the Greater Tulsa Area for over twenty years. They were the first builder in the area to be certified as a 100% Energy Star builder saving their homeowners up to 30% per year on their utilities. PMC Homes recently completed the National Home Builders Association certification to become a Green Builder continuing PMC’s commitment to provide the most energy efficient, earth friendly homes in the area.
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2/13/2008 |
(Press Release) |
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PMC Homes head Steve Harris named Life Director of National Association of
Home Builders
June 14, 2007 – Steve Harris, founder and owner of PMC Homes in Bixby, has been
designated as a Life Director of the National Association of Home Builders (NAHB) at
the Association’s Spring Board of Directors Meeting in Washington, D.C. Mr. Harris has
been an active member of the Home Builders Association of Greater Tulsa for 17 years,
serving as president of the local organization in 1999, and as director at the national and
local levels.
Life Directors are elected by the NAHB Board of Directors, and have permanent
voting privileges on the Board. Harris was recommended by the Home Builders
Association of Greater Tulsa, after serving 10 years as a voting director and attending at
least two national board meetings per year.
Steve Harris, NAHB Life Director
“I am honored to receive this distinction and be among an elite group of respected
colleagues,” said Harris. “Over the years, my involvement in the Home Builders
Association has helped me to enhance PMC’s top-of-the-line homes and service, and
with this appointment, I look forward to playing an active role in continuing the forward
progress of the home building industry in Tulsa and across the country.”
In 2007, PMC Homes celebrates 20 years of building high quality homes in the
Tulsa area. PMC offers high-quality homes in three divisions: Bungalows by PMC,
starting in the $120,000’s; Cottages by PMC, starting in the $160,000’s; and PMC
Homes, starting in the $200,000’s. PMC Homes is a 100% Energy Star Home Builder,
meaning every home built meets the Energy Star guidelines for an energy-efficient home.
For more information, call 918-366-4144 or visit www.pmchomes.com
Harris currently serves on the Board of Directors of the Home Builders
Association of Greater Tulsa, and has been recognized by the Association as a former
Builder of the Year and Spirit Award Winner, two of the Tulsa HBA’s highest honors. A
graduate of Northeastern University in Tahlequah, he and his wife Norma reside in Tulsa,
and have 3 grown children. |
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Veros Forecasts Ten of the Nation’s Strongest and Weakest Markets
— Proven Forecasting Technology Indicates Some Markets Still Have Home Price Appreciation —
SANTA ANA, Calif.--(BUSINESS WIRE)--Veros Real Estate Solutions has released some results of the company’s quarterly review of their forecasts for the nation’s residential real estate markets. Covering the period from December 1, 2007 through December 1, 2008, the numbers reflect both the current and anticipated prospective impact of the current mortgage credit “crisis.” Veros has been developing and releasing these quarterly forecasts for nearly five years, with the first forecast report released in October 2003.
“We’ve been releasing results over the past five years, in both up and down markets,” Darius Bozorgi, president and CEO for Veros explained, “and our models are consistently accurate in both. Our models forecast market swings and changes better than any product on the market.”
The forecasts, based upon the VeroFORECAST models, reflect projected market gains and declines for single family residences in most major metropolitan areas and some non-metro areas, reflecting 75 percent of the nation’s population. These forecasts are not based on a single variable. Veros applies more than 50 factors in its analytics to develop these trends, including interest and unemployment rates, inflation, current housing inventory and other economic and geographic factors. This contributes to making VeroFORECAST results the most accurate forecasts in residential real estate markets.
The predicted five strongest markets are Wichita, Kansas, up four percent; Raleigh/Cary, North Carolina; Sioux Falls, South Dakota; Fargo, North Dakota; and Tulsa, Oklahoma, all up three percent.
The predicted five weakest markets are where the greatest impacts occur. Each reflect double-digit declines and represent some of the nation’s largest population areas. These markets are: Sacramento/Roseville, California, down 12 percent; Cape Coral/Ft. Myers, Florida, down 13 percent; Palm Bay/Melbourne/Titusville, Florida, down 14 percent; and the Riverside/San Bernardino and Modesto, California markets are both down 15 percent.
The heavy decline in the coastal markets, California and Florida, is due to the extended time properties remain on the market, combined with the excess residential inventory much of which is in condominium projects purchased speculatively. Also contributing to this decline is the need of sellers to dispose of their properties by lowering prices, often more than once.
The central part of the nation has thus far been largely unaffected by the rapid price appreciations that were seen in many other geographic areas. Consequently, this region is moving forward without distress from the depreciation felt elsewhere and is experiencing minor growth.
Veros uses two metrics to validate their models. R-squared measures how well any forecast model predicts an actual market change; an R-squared score of 1.0 indicates a perfect forecast, whereas an R-squared of 0.0 reflects no predictive capability in the model. The “Veros R-squared” is consistently in the 60-75 percent range.
The second metric is Mean Absolute Error; this measures the “typical error” in the model, where smaller is better. Typical error ranges for the Veros forecast are in the 2.5 percent to 5 percent range, well below that of their competitors’ efforts. These two metrics demonstrate that Veros is able to produce a forecast that is more accurate than their competitors. In business, having accurate data in hand often means the difference between profit and loss.
“If you’re looking for an accurate market forecast – consistently accurate – year after year, you’re looking for VeroFORECAST,” Eric Fox, vice president of Technology for Veros, added. “Ours are the only models with consistent, proven track records.”
About Veros Real Estate Solutions
Founded in 2001, Veros Real Estate Solutions is a proven leader in enterprise risk management and collateral valuation services. The company uniquely combines the power of predictive technology, data analytics and industry expertise to deliver advanced automated decisioning solutions. Veros products and services, integrated into industry leading companies, are now optimizing millions of profitable decisions throughout the mortgage industry from loan origination through servicing and securitization. Veros provides solutions to control risk and increase profits including automated and secured valuations, fraud and disaster risk detection, portfolio analysis, forecasting and next-generation collateral risk management platforms. Veros is headquartered in Santa Ana, Calif.
For more information visit www.veros.com. For access to Veros’ quarterly forecast updates, or to request a color graphic of the ten strongest & weakest markets (available in .pdf, .eps or .jpeg format), please call 404-626-9969.
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Can You Trust a 15-Year Parade of Homes Veteran to Build Your Dream?
Every year the Home Builders Association of Greater Tulsa puts the latest in home design and building technology on display in their annual Parade of Homes tour. A stroll through these homes reveals cutting edge, Energy Star efficiency, elegant architecture and the very best home builders in the greater Tulsa area.
What kind of house do you want to come home to?
Chances are, you’ve dreamed of incorporating these same elements in your own home. Choosing a home builder in good standing with the Home Builders Association of Greater Tulsa is the first step toward constructing the kind of house you’ve always imagined coming home to.
PMC Homes builds the best homes in Tulsa
For 15 years the innovative houses built by PMC Homes have impressed home owners and fellow builders alike at the Greater Tulsa Parade of Homes. http://www.pmchomes.com/design/homeFeatures.aspx From luxury kitchens and baths to energy-saving features, PMC Homes continues to build the highest quality into ever detail.
Saving the world (and money) one house at a time
PMC Homes was among the first builders in Greater Tulsa to showcase homes built with the environmentally safe and economically sound Energy Star standards. Over the past year, PMC Homes has raised the bar across the industry by being the first to build 100% of its homes according to the strictest Energy Star guidelines.
No one knows Tulsa like PMC Homes
If you look long enough, you might find another homebuilder who understands the importance of quality construction and energy efficiency. But PMC Homes understands Tulsa. They know how to keep a home standing for a century, even in tornado alley. They also know Tulsa’s style. They’ll give you the custom details you long for, while keeping the look and feel your community loves and expects.
Trust PMC Homes with your dreams
PMC Homes has been sculpting dreams into the shape of houses for nearly twenty years. Their customers build with them again and again, confident that PMC Homes will create a home they’ll always be proud to show off.
Start planning your dream home today! http://www.pmchomes.com/contact/default.aspx Click here to contact PMC Homes or e-mail them directly at information@PMCHomes.com. You can also talk to a PMC Homes representative by calling 918-366-4144.
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PMC Homes: A Foundation of Quality and Integrity
A house is only as strong as its foundation. Here at PMC Homes, we believe that the same is true of our company. Our founder, Steve Harris, is an award-winning builder and an industry leader who keeps us standing firm and towering above the competition.
An award-winning builder builds award-winning homes
Steve has dedicated his life to building homes that exceed every industry standard and live up to every home owner’s dream. He’s been a member of the National Association of Home Builders for 17 years and served as president of the local chapter. Steve also won numerous awards, including Builder of the Year and the Spirit Award from the NAHB.
Choose a builder who’s earned respect
Your home is the most important investment of your life. You can trust PMC Homes with that investment, thanks to the experience and unbending standards of Steve Harris. Throughout the years, PMC Homes has impressed industry peers and customers alike with their innovation and commitment to excellence.
Cheryl Hutchison, two-time PMC Home owner, knows firsthand how PMC built homes stand the test of time.
“We recently sold our house of fourteen years that was built by PMC Homes,” she said. “The inspectors repeatedly stated they had never seen a house in such good shape.”
What you can expect from a PMC Home
- A money back guarantee
- Control of the design choices for your home
- Comprehensive Energy Star efficiency
Still going strong after twenty years
It’s been twenty years since PMC Homes emerged as one of the strongest home builders in the greater Tulsa area, and they’ve only gotten better. Recently, they became one of the nation’s first builders to build every home to exacting Energy Star standards - a move that not only helps the environment, but saves money for home owners as well.
Build your house on a strong foundation
You won’t find a home builder with better standards than PMC Homes. If you want a home that stands strong and stands out, PMC Homes is the builder for the job. Click here to read PMC’s Code of Ethics. For more information send e-mail to information@PMCHomes.com or call us at 918-366-4144.
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5/15/2007 |
(Press Release) |
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Building Peace of Mind: Money Back Guarantee
A house is more than just a solid financial investment. It's the place where you will raise your children, entertain your friends, relax after a long day and make the memories that will last a lifetime. It becomes more than a house. It becomes a home.
When you're looking for somebody to help you build your new home, it can be a process fraught with worry and apprehension. What if your new home is built, but you haven't been able to sell your old home? Can you afford two house payments? What if you have concerns about your new home? Will the builder listen to you?
All these are viable questions that should be answered to your satisfaction so that your worries are put to rest. You deserve peace of mind in building your home, and that is where PMC Homes comes in.
Peace of mind, guaranteed
PMC Homes offers a money-back guarantee: you will be satisfied with your home, or they will refund your money. If you have a complaint with anything under the builder's control, PMC Homes will do their best to ensure that your concerns are addressed to your satisfaction. If they are not, then your initial deposit will be refunded and you are under no obligation to purchase the house.
PMC Homes is the only builder in the country that offers such a guarantee. They believe strongly in customer satisfaction, and they'll bend over backwards to make sure it happens. You need to be able to trust the builder of your home. After all, they're the ones helping you build the place you'll make your life.
A worry-free purchase
If you're more worried about the possiblity of not selling your old home, PMC Homes has a solution for that as well. If your old home hasn't sold before your new home is ready, PMC Homes will buy your old home. That way, you have no need to worry about two house payments.
Trust your builder
Quality is crucial for homes. You're entrusting them with your life and the lives of your family. A shoddily built home can be more than just an annoyance; it can actually be harmful to those living inside.
With their money-back guarantee, PMC Homes can give you something other builders can't, and that's relief from your worries. They have unwavering confidence in their quality, their people and their process to offer you a guarantee like that.
If you've been mulling over a way to build your dream home but aren't sure it's worth the stress, PMC Homes's money-back guarantee is a way of giving you the house you've always wanted without the worry. Click here to ask about a specific area or model home.
Demand quality for the home of your dreams and give PMC Homes a call or visit our offices today at:
PMC Homes Office
14716 S. Grant
Bixby, OK 74008
(918) 366-4144 Office
(918) 366-4142 Fax |
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