midland-odessa real estateThe reports are in for August and it’s not just the temperatures that are hot, hot, hot in Midland-Odessa. The real estate market is ranking among the top performing in the nation.

Realtor.com listed Midland as the No. 8 market in the country—check out their graph below. 20-Hottest-Markets

They summed up these ten markets:

“This year we are seeing inventory continue to grow in August, and while overall demand is strong, the trend in median days on market is suggesting that the market is finding more of a balance,” concluded [Realtor.com chief economist Jonathan] Smoke. “This bodes well for would-be buyers who have been discouraged by the inability to find a home to buy this spring and summer.”

The recent stock market correction could offer benefits to prospective buyers. “A temporary drop in demand by those negatively affected by stock market instability might be just what strained would-be buyers need to gain the advantage in a market that has given sellers the upper hand so far this year,” said Smoke, adding that postponement by the Fed due to the market correction could extend accessibility of attractively low mortgage rates.

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Lawrence Yun

Lawrence Yun is the  Chief Economist and Senior Vice President of Research at the National Association of Realtors, and he is a honey. He was in Dallas Friday for Realtor University, which offers a master’s level degree to qualified Real Estate agents, kind of like an industry PhD program. Realtor University is committed to giving agent members life-long learning opportunities in their field. It’s the only institution of higher education focused exclusively on real estate, and it was founded in 2002. Speaking at lunch, Dr. Yun was as bright as the weekend weather forecast on his prognosis for Dallas and Texas.

Rest of the country, not so much. Rest of the world, ugh. (more…)

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Like they say, there’s good news and there’s bad news.

Realtors and brokers won’t come out unscathed from the federal government shutdown, as a report from the National Association of Realtors shows. If you’ve got a closing coming up, best be prepared to have some hiccups.

While the NAR report says that FHA will “continue to endorse new loans in the Single Family Mortgage Loan Program, multi-family loans won’t be processed. VA loans will be processed, too, and flood insurance from FEMA will get a government stamp, and Fannie Mae and Freddie Mac are still keeping the gears greased.

On the flip side, if you have to process IRS forms or verify Social Security numbers through the SSA, you’re out of luck because these offices are closed.

Read the whole document below.

NAR Government Shutdown Brief