The latest job numbers from the Workforce Commission shows Austin having 37,700 more jobs in January over the same time last year. Thatâ€™s an annual increase of 4.5%.
Austinâ€™s rapidly increasing job growth has helped keep the local unemployment rate well below the seasonally adjusted state (5.7%) and national (6.6%) averages. This despite the regionâ€™s booming population and work force growth as Austin continues to experience significant expansion.
Now that the worst of the foreclosure crisis is in the rearview mirror, former home owners who lost their homes to a short sale or foreclosure are re-entering the housing market. They've spent the last few years rebuilding their credit â€” and they're ready to buy again.
"We're about three years past the peak of the foreclosures, and that's about the time when most people would qualify for another loan," says Daren Blomquist, spokesman for RealtyTrac. "The market really needs boomerang buyers to maintain the current recovery."
The Connor Group in Centerville, Ohio, is adding to its portfolio of Austin apartments. The company has purchased four luxury communities in the past couple of years, including most recently Broadstone at Great Hills near Capital of Texas Highway and Spicewood Springs Road.
The 256-unit complex at 8501 Bluffstone Cove has been renamed Canyon Resort at Great Hills. CBRE Group Inc. handled the transaction and financial details aren't disclosed.
Alliance Residential Co. based in Phoenix was the seller through an entity named Broadstone at Great Hills PRISA 1059 LP.
In a new report released by the Texas Association of Realtors yesterday, some interesting statistic of how Texas compares to the rest of the country on the housing front â€¦
The report showed that the median household income of Texas homebuyers increased 9.6 percent to $91,700 from 2012 to 2013. This is nearly double the increase in median household income among U.S. homebuyers, which increased 5.6 percent to $83,300 during the same time frame.
For the fourth straight week, the averages on fixed-rate mortgages edged higher, Freddie Mac reports in its weekly Mortgage Market Survey.
"Mortgage rates edged up, with new-home sales exceeding expectations and rising to a seasonally adjusted pace of 468,000 units in January, the strongest annual rate since July 2008,â€ť notes Frank Nothaft, Freddie Macâ€™s chief economist.
Freddie reported the following national averages with mortgage rates for the week ending Feb. 27:
Websense Inc. will move its corporate headquarters to Austin and bring with it a projected 470 jobs, many are high-paying executive positions, and about a $10 million investment, according to a report from the Austin Business Journal on Friday. In exchange, the city has approved a $438,000 incentive package and the state came through with a $4.5 million performance-based grant from the Texas Enterprise Fund.
San Diego-based Websense is a technology security company that was founded in 1994.
In his annual letter to shareholders, billionaire and Berkshire Hathaway CEO Warren Buffett talks about how two small non-stock investments in real estate from years ago were keys to teaching him about investing.
Buffett says in the letter that in 1986, he purchased a $280,000 400-acre farm about 50 miles north of Omaha, Neb. From 1973 to 1981, the Midwest saw an explosion in farm prices, but then the bubble burst and prices declined up to 50 percent or more. That's when Buffett decided to buy.
Websense Inc. will move its corporate headquarters to Austin and bring with it a projected 470 jobs and about a $10 million investment.
The company's Feb. 28 announcement follows City Council's approval of a $438,000 incentives deal that also allowed the company access to a state-funded $4.5 million incentives package. San Diego-based Websense is a technology security company that was founded in 1994.
The University of Texas System plans to build a 15 story, $102 million headquarters building on the north side of West Seventh Street between Colorado and Lavaca streets in downtown Austin.
The plan essentially revives one that was shelved in December 2012 when state lawmakers questioned it on the eve of a tight-budget legislative session.
Studies show that consolidating about 550 system employees into one building would save more than $125 million during the next 30 years, he said. Current UT buildings will be raised or leased.
Lenders are returning to the subprime market â€“ although still at only a fraction of what subprime lending was before the mortgage crisis, BusinessWeek reports.
Some subprime lenders that collapsed during the financial crisis are coming back into business with new nonprime loan offerings.