Monthly Review Of The Tx Economy (Dec 2009)

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Monthly Review Of The Tx Economy (Dec 2009)

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Austin's GMP growth top in nation
(Austin Business Journal) 1/11/2010

The Austin economy has grown more than those of any of the largest 100 American metros during a period when 95 percent of those metro economies contracted, according to a December Brookings Institution report.

Austin’s gross metropolitan product — or GMP, the value of goods and services produced — expanded by 2 percent from the end of fiscal 2008 until now. The average U.S. metro area saw its GMP decline 2.4 percent.

GMP accounts for a lot of things. It is not just exports. It is income growth, consumer spending, business investment.

Income in Austin has grown by about 35 percent in the past decade, which fuels more consumer spending. Since the end of fiscal 2008, income has grown by about 1 percent, according to data from IHS Global Insight.

Top five for GMP growth
1. Austin — 2%
2. Washington, D.C. — 1.6%
3. McAllen, Texas — 1%*
4. Virginia Beach, Va. — 0.7%
5. San Antonio — 0.5%

Foreclosures show signs of easing
(Austin American-Statesman) 1/15/2010

Austin area foreclosure postings rose just 2 percent for the February auction from a year earlier, the smallest increase in months. According to Foreclosure Listing Service Inc., 1,286 properties were posted for the Feb. 2 auction, up from 1,261 a year earlier. It was the lowest level in five months.

Postings were up 32 percent in Travis County from a year earlier and up 13 percent in Williamson County. They fell 7 percent in Hays County and 31 percent in Bastrop.
George Roddy Sr., president of Foreclosure Listing Service, said the trend was encouraging, but cautioned that “a change for one month does not establish a new trend. We will just have to wait and see what happens next month.”

The Travis County postings include repeat postings on a number of high-profile commercial properties, according to Real Estate Foreclosures Inc. in San Antonio. They include the stalled Star Riverside condominium development on East Riverside Drive and the Avana housing development in South Austin.

The list also includes the bankrupt $192 million Hill Country Galleria in Bee Cave. A private auction was conducted for the mall. The outcome is not expected to be public until next week.

3606 Abbate Cir, Austin, TX | Powered by Postlets

$10,000 PRICE REDUCTION - LESS THAN 5 MI TO DT AUSTIN

3606 Abbate Cir, Austin, TX Powered by Postlets

Q4 home construction down slightly - Austin Business Journal:

Q4 home construction down slightly - Austin Business Journal:

Expanded texting while driving ban hits Austin Jan. 1

Expanded texting while driving ban hits Austin Jan. 1
Updated: 12/28/2009 5:56:35 PM - www.news8austin.com
By: Ashley Porter

With a new year comes a new texting ban for Austin. Starting Jan. 1, it will be illegal for drivers within Austin city limits to use a cell phone for most operations other than making a phone call. The ordinance was passed by Austin City Council earlier this year.

"You won't be allowed to text. You can't use it for GPS, unless it's a permanently installed device, [and you can't do] any kind of scrolling through the Internet," Austin Police Department Commander Stephen Baker said.

To allow Austin drivers some time to get familiar with new rules, the ordinance begins with a 30-day grace period.

"If we observe these violations, we'll be making the stops, talking to the drivers, and issuing a written warning," said Baker.

After the 30 days, a violation of the ordinance could come with a penalty of up to $200. The ban does not prohibit talking on the phone, and it does allow drivers to check texts while at stop signs and red lights and in emergency situations. The ordinance also applies to bicyclists.

Officers said they'll be on the lookout for drivers and bicyclists looking down at their phones for an extended period of time.

To demonstrate why officers are gearing up to enforce the ban, APD Officer Jim Riley maneuvered a golf cart while texting Monday. By the time Riley made it around the course, he had knocked over a few orange cones and his text message read, "Laf I meedvu tn gry?"

"I was trying to say, 'Pat, you need to get me out of here,'" Riley said.

According to the National Highway Traffic Safety Administration, drivers using cell phones are four times more likely to get into a crash serious enough to hurt themselves.

Nov 2009 Austin Area Market Statistics

November 2009 Austin Area Market Statistics

Austin area home sales continue to rise
Austin Board of REALTORS® releases November 2009 real estate statistics

December 21, 2009 - According to the Multiple Listing Service report by the Austin Board of REALTORS®, the volume of Austin-area home sales continues to surge, increasing 58 percent in November 2009 compared to November 2008.

“This is the largest increase in year-over-year homes sales the Austin market has seen in more than ten years,” explained Jay Gohil, chairman of the Austin Board of REALTORS®.

In November 2009, there were a total of 1,576 home sales, contributing $377,603,296 to the local economy. The median home price for Austin in November 2009 was $179,000, a two percent decrease from the same month the prior year.

“The combination of steady home prices with increasing demand is very encouraging for the Central Texas real estate market,” said Gohil.

In the face of increasing sales volume, the Austin real estate market is seeing a decrease in home inventory. The Real Estate Center at Texas A&M University cites 6.5 months of inventory as a balanced market, meaning demand for homes is evenly balanced with inventory of homes for sale. At approximately 5.4 months of inventory for November 2009, demand for homes in the Austin real estate market is slightly outpacing inventory.

November 2009 Statistics
$377,603,296 – Total dollar volume of single-family properties sold, a 62 percent increase from November 2008.

$179,000 – Median price for single-family homes, a two percent decrease from November 2008.

1,576 – Single-family homes sold, a 58 percent increase from November 2008.