The ailing US economy sent ripples across the greater Houston area in November as fewer properties were bought and sold versus one year earlier. According to monthly data compiled by the Houston Association of Realtors (HAR), overall property sales fell 33.7 percent last month when compared to November 2007, with sales of single-family homes down 31.7 percent. Rental properties remained in demand for the month, with leases of single-family homes up 16.0 percent and townhouses/condominiums up 2.8 percent on a year-over-year basis.

The average price of a single-family home dropped 7.0 percent last month to $187,766 from $201,862 in November 2007. At $137,500, the median price of a single-family home in November fell 7.7 percent year-over-year. The median price represents the figure at which half of the homes sold for more and half sold for less. However, on a year-to-date basis, home prices are 2.0 percent above 2007 levels, continuing to place Houston on more solid footing than markets throughout California, Florida and Nevada that have experienced double-digit home depreciation since the housing market downturn began more than a year ago.

Sales of all property types in Houston for November 2008 totaled 3,906, off 33.7 percent compared to November 2007. Total dollar volume for properties sold during the month was $719 million versus $1.1 billion one year earlier, a 37.4 percent decline.

"These are some of the toughest economic times our country has ever experienced, and Houston consumers are understandably cautious as they absorb news about layoffs, declining oil prices and other negative financial reports," said Michael Levitin, HAR chairman. "Many are opting to rent property for the time being."

During a late November stop in Houston, National Association of Realtors Chief Economist Lawrence Yun praised the stability of Houston home prices and predicted that Houston and Denver would be the nation's top performers in 2009. Yun forecast at least a five percent increase in Houston home pricing, also noting that local month's inventory has held around six months while the national rate has been approximately 10 months, another positive indicator. He stated that despite weakness in the oil patch, overall local job growth would help Houston maintain its healthier performance relative to the nation.

Source: Houston Association of Realtors

More people are moving to Texas from other states than from other countries as the state's relatively strong employment base attracts families struggling with foreclosures and layoffs elsewhere, the Census Bureau reported in late December.

Between July 2007 and July 1, 2008, nearly 141,000 people moved to Texas from other states, compared with about 92,000 international migrants, the bureau said.

The data provide a fresh indicator of how longstanding immigration patterns into Texas are changing.

In the early years of this decade, international migration into Texas was two to three times as great as domestic, but the trend reversed starting in 2006.

Much of Texas' international migration historically hails from Mexico and Central America, where immigrants fled poor conditions. But the surging domestic migration into the Lone Star State is now likely to come from economically depressed states such as Michigan, which lost about 46,000 residents between July 2007 and July 1, 2008.

Texas gained 484,000 residents last year, more than any other state. In percentage growth, Texas' 2 percent tied for third with North Carolina and Colorado behind Utah, 2.5 percent, and Arizona, 2.3 percent.

Karl Eschbach, the state demographer, said Texas has continued to produce jobs while employment declined in many other states. He said this was the key factor driving the increased domestic migration.

"For the past several years, job growth in the United States means Texas," Eschbach said. "The Texas economy has so much outperformed the rest of the country."

Source: Houston Chronicle

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As American consumers look for ways to live "greener" lives and reduce their energy usage, home improvement projects have trended toward measures to optimize the energy efficiency of existing homes.

One way to improve energy efficiency is to insulate the space between existing walls by blowing in cellulose fiber loose-fill insulation by way of pneumatic equipment. This method is a fast, effective way to fill the stud cavities of houses built with regularly spaced studs. It is less effective for post and beam houses, which have irregular framing that results in odd-shaped spaces (such as triangular spaces between the braces) that are hard to fill.

Blown-in insulation works best where the wall cavities are empty. You won't gain much insulating value if existing insulation already fills most of the cavity. But even when there is no insulation in the wall, some cavities will always be partly blocked by pipes, wires, and built-in obstructions such as horizontal fire-stops. Sometimes, the blown-in insulation will fill around the blockage. Usually, however, a new hole will have to be drilled higher on the wall to feed insulation into the blocked section.

The installation of blown insulation requires special expertise and pressurized equipment, so hiring an insulating contractor may be the best bet. A contractor can fill the empty spaces by cutting small holes through the drywall, inserting a hose, and pumping insulation into the bay between each pair of framing members.

Many times, however, it's easier for the contractor to gain access from the outside of the house, by removing courses of clapboards and cutting holes in the sheathing. It depends on which way into the wall cavity causes the least damage while providing the best access. In most cases, it's simpler to remove and replace exterior siding than it is to patch and repaint dozens of small holes in an interior wall. But even working blind with a hose through a hole, experienced contractors should be able to gauge how much insulation the cavity should take and know when the flow of loose fill has been blocked by something like a construction brace or plumbing. In those cases, they may have to make a second hole to be sure that the bay is completely filled.

Although this job is best done by a contractor, those who have experience working with this material may still opt to do it themselves. Some building supply centers rent out the necessary equipment.

Source: National Association of Realtors

Trends show Americans moving toward smaller homes, perhaps in light of the uncertainty in today's economy. If you're living in a smaller property, considering listing one for sale or getting ready to move into a more modest home, it's important to know how to arrange furniture and decorate with smaller digs in mind.

Better Homes and Gardens suggests some of the following "Do's" and "Don'ts" for smaller spaces:

Do: Start at the ceiling

Hang window treatments at the highest possible point on the wall to draw the eye upward.

Do: Include built-ins.

Built-in bookcases and cabinets take up almost no floor space but yield ample storage.

Do: Use mirrors.

Mirrors and panes of glass visually expand small spaces. Place something pretty, like a blooming plant, in front of a mirror for maximum visual appeal.

Do: Open rooms to each other.

Though it's important to clearly define separate spaces, some openness between adjoining rooms makes all of them feel bigger.

Do: Define different spaces subtly.

Separate one room from another without choosing completely different wall colors or flooring.

Do: Opt for light colors.

One law of color is that pale tones advance, thus expanding a room, while dark colors recede and shrink a space.

Do: Keep flooring continuous.

Maintaining the same flooring material throughout the house imparts a sense of continuity; the eye does not jump from one room to the next but rather wanders easily between the spaces.

Don't: Overcrowd a small space with furniture.

Figure out how much seating you need for the number of people in your household and the number you typically entertain, and buy enough furniture to suit that amount.

Don't: Waste an inch of space.

Even the closets should work hard. Use a closet shelving system to maximize storage space for less clutter throughout the house and more storage space in the closets.

Information source: Realtor.org

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