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From the Austin Business Journal

Austin was named third on the Forbes.com list of the top 10 "Recession-Proof Cities" in the United States.

To create the list, the magazine looked at the 50 largest U.S. metros, examining key measures, such as unemployment data, non-farm related job growth, median home prices and data from a 2007 report, "U.S. Metro Economies: The Mortgage Crisis" by the U.S. Conference of Mayors.

At number three, Austin was right behind San Antonio, which grabbed the second spot thanks to solid employment figures and affordable home prices that continue to rise.

Oklahoma City took the No. 1 spot because of its strong housing market and solid growth in agriculture, energy and manufacturing.

For its part, Austin was lauded for being a hip town with one of the lowest unemployment rates in the country.

Forbes magazine's list of recession-proof cities also included: Houston, Dallas, Charlotte, N.C., Raleigh, N.C., Salt Lake City, San Jose, Calif. and Seattle.

Forbes says that Texas cities such as San Antonio, Austin, Houston and Dallas-Fort Worth have benefitted from historically lower home prices, land availability and 'little zoning'.

All four Texas cities boast falling unemployment rates, according to Forbes, with Austin dropping from 3.8 percent to 3.6 percent.

AP
Sales of existing homes fall 1 percent in April
Friday May 23, 10:05 am ET
By Martin Crutsinger, AP Economics Writer Sales of existing homes fall 1 percent in April, eighth drop in past 9 months

CNNMoney.com
Home prices continue sharp descent
Tuesday May 13, 10:29 am ET
By Les Christie, CNNMoney.com staff writer

Single-family home prices dropped 7.7% in the first quarter in the largest year-over-year decline since the National Association of Realtors began reporting prices in 1982.

The median sales price fell to $196,300, down 4.8% compared with the last three months of 2007.

Lawrence Yun, the chief economist of NAR, attributed much of the record decline to liquidity problems dragging down high-priced markets.

"These are highly unusual results because there were very few jumbo loan originations in the latest quarter," he said. "So sales are much slower in high-cost areas."

Sun-Belt cities were among the biggest losers. In California, Sacramento prices plummeted 29.2% to $258,500 compared with last year and Riverside prices fell 27.7% to $287,100. Prices in Las Vegas fell 20.2% to $247,600 and those in Phoenix dropped 15.4% to $222,200.

Midwestern cities, hard hit by factory closings, also suffered huge losses with Lansing, Mich., prices falling 26.9%.

The best performing market in the nation was Binghamtom, N.Y., where prices rose 11.8% to $109,700. Second was Peoria, Ill., up 10.4% to $119,000 and Spartanburg, S.C., where prices rose 10.2% to $130,300.

Hurting home prices were bigrises in foreclosure rates over the past 12 months, which threaten to get even worse. Delinquencies more than doubled over that time and more than 155,000 lost their homes in bank repossessions during the first three months of the year.

All that foreclosure activity added to the glut of homes on the market. The total inventory has risen to an average of 10 months worth of unsold homes. In addition, a record number - 2.9 million - of vacant homes are up for sale, according to the Census Bureau.

The big inventory has led to aggressive price slashing and increased incentives by builders looking to sell homes. They've also cut way back on housing starts, which are at a 17-year low.

The pace of existing home sales, at about 492,000 a month, is about a third less than its peak during the summer of 2005.

Are you having a difficult time deciding which type of home mortgage is the best for your needs? You're not alone. The world of home finance offers so many variables and options that it's often hard to keep them straight. The authors of these books help you do just that as they provide all the information you need to compare home mortgages and find a home loan that's right for you.

1) "All About Mortgages"

This text by Julie Garton-Good provides a thorough analysis of home finance and refinance. The queries included in the book's Q&A format offer comparisons and detailed information about specific types of home mortgages, and will answer your questions about home loans. Credit and credit repair are discussed, too. For anyone who wants to learn more about the home mortgage industry.

2) "How To Get the Best Home Loan," 2nd Edition

W. Frazier Bell takes the reader on a complete tour of the mortgage industry. His discussion of the secondary loan market helps you understand how lenders earn money and why loan underwriters must follow certain guidelines. An excellent book that even seasoned home buyers will find useful.

3) "The Mortgage Kit"

Here's an easy-to-understand home mortgage primer from Thomas C. Steinmetz. The author teaches you how to use simple number-crunching formulas to compare different types of loans. This thorough book will answer just about any question you might have about home mortgages.

4) "How To Save Thousands of Dollars on Your Home Mortgage"

Author Randy Johnson leads you through the maze of home loans, explaining the different types of loans available, which lenders specialize in each type, and how those lenders make money in the home mortgage market. He teaches you which questions you must ask to make sure you are getting the best possible deal. Includes information about credit scoring and other credit-related topics.

5) "Steiner's Complete How-To-Talk Mortgage Talk"

Shari and Clyde Steiner's book will help you decipher what a lender is actually offering you. Protect your interests by learning how to answer the lender's questions and know instinctively when a lender makes statements that could signal future problems. Learn home mortgage jargon and be more confident as you analyze and compare different types of home loans.

GREAT ARTICLE ON ABOUT.COM

Home Buying Myth Number 1

I'll get the best deal on the house if I call the agent listed on the For Sale sign.

Maybe, maybe not. That agent represents the seller and is contractually bound to get the best deal for the seller. That doesn't mean the agent can't work with you in a fair and professional manner as a dual agent, but it does mean you should not disclose confidential details to the agent until you are assured that the agent will keep your information confidential.

Bottom Line
If you tell a seller's agent the top dollar you will pay for a house, the agent must pass that on to the seller.

Home Buying Myth Number 2

The agent told me I had to sign a Buyer Agency agreement before he would work with me, so I did, and now I'm unhappy with the relationship.

You might know you are a good match with an agent on the very first day you meet, but what if you aren't sure? If an agent asks you to sign an agency agreement before you feel comfortable about it, try one of these alternatives:

· Ask the agent to work under a verbal buyer agency agreement for a short time. Some states allow this, giving you time to become familiar with the agent before you sign a formal agreement.

· Ask the agent to write a buyer agency agreement that covers a very short period, a day or a week.

· Find out if the agent can offer a non-exclusive buyer agency agreement. The agent would be your buyer's agent, but you would not be tied exclusively to her.

· Let the agent continue to be a seller's agent--just don't disclose confidential information.

Bottom Line
If the agent will only work with you if you immediately sign a lengthy buyer agency agreement, you might be better off seeking another agent.

Home Buying Myth Number 3

I can find more homes for sale by calling lots of agents.

Maybe--but maybe not. If you are home shopping in a specific area, and the agencies belong to Multiple Listing Services, it means they all have access to the same properties.

Ask agents what areas they cover. Small-town agents might work a multi-county area. Agents in a city might restrict themselves to certain neighborhoods or subdivisions.

If you sign agreements with more than one buyer's agent, make sure the contracts are worded so that areas and duties do not overlap. For instance, Agent X works for you only in County A. Agent Y works for you only in County B.

Bottom Line
Researching and showing properties is time-consuming, so you'll get better service if you find an agent you like (within a given area) and stick with that agent.

Home Buying Myth Number 4

The agent with the most listings in town is the best agent to call.

Think about that. If an agent has that many listings to deal with, how much time do they have for buyers, especially buyers who might want to look at properties other than theirs?

Many top agents are turning to team systems, so time might not be an issue, but it's something to ask about when you interview an agent.

Bottom Line
A brand new (competent) agent can be every bit as effective as a seasoned pro. Someone working with fewer clients will have your needs in mind constantly. Hire the person, not a lineup of listings.