Pending Home Sales Jump

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According to the National Association of Realtors, the pending sales for homes have risen 6.7 percent in April, which equals a full 3.2 percent higher than last year. These types of sales are specifically pending sales on existing homes, or mortgage contracts that are signed but not closed.

NAR chief economist Lawrence Yun states that this index can actually be difficult to measure absolutely, as the processing time varies from sale to sale. "The relationship between contracts on pending home sales and closings on existing home sales is taking longer than in the past for several reasons: mortgage processing time has increased, it is taking many months to close on those homes requiring short sales with lender approval, and some sales are falling through at the last moment," he said.

As many experts have gathered, the housing market has reached so low recently that it can only rise back up again now, as seen by the increase in pending homes sales, NAR’s housing affordability index at its second-highest level on record in April, and also the 2.9 percent increase of reported closed home sales.


Houston Area Undergoes Wide-Swept Changes

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A number of positive changes have been sweeping across the greater Houston area. First off, according to new research from Pitney Bowes Business Insight, Houston is one of the top metropolitan areas expected to see quarterly retail sales growth from now and into 2010.

The top contenders are all Texas cities, with the exception of Seattle. Houston ranks fifth on the list for notable scores of strong comparative sales growth, specifically in the drug store and high-end retail. The city was able to earn this rank due to its sales history and ability to remain stable for the past six quarters, despite rough economic conditions elsewhere.

Houston’s strength in the retail sector can be seen to continue as the unemployment rate for the city falls. New figures from the Texas Workforce Commission state that joblessness decreased from 6.6% in March to 6.3% in April, the first major decrease in more than six months. The rate is expected to continue to decline for May, as sales growth comparatively increases. For Texas as a whole, the unemployment rate has held steady at 6.7%, well below the national average of 8.9%.


Homebuilder Confidence on the Rise

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Newfound hope is now in sight for the Houston housing market, helping it get back on track after its economic slump.

The National Association of Home Builders has recently issued an index reporting an increase in the confidence levels measured among U.S. homebuilders, which rose from 12 points in April to 14 in May. The numbers have been increasing slowly and steadily since February, and have reached their highest in the past eight months, marking a shift in a positive direction.

NAHB’s index reads 50 points as a stable midway point, indicating that the majority of builders still view conditions as poor, but that will soon be changing, step by step.


Texas Foreclosures Down 9%

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After the record-high levels in April of foreclosures throughout the nation, May is looking to be the month of changes, with Texas in the lead.

The U.S. Foreclosure Market Report by RealtyTrac has estimated that one in every 347 housing units received a foreclosure notice last month, about 342,000 properties, the highest record in the last four years. In the same report, Texas showed 11,314 properties in the foreclosure process, a high amount due to the large size of the state, and therefore its corresponding population and number of homes.

As of May 13th, the percentage of foreclosures throughout the state has declined by 9%, indicating that Texas is performing better in the housing market than many other areas of the country.


Fort Bend Seeks Funds To Extend Westpark Tollway

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The current 20 miles of the Westpark Tollway stretch from the southwest 610 Loop to the Grand Parkway in Fort Bend County. But the county has recently requested state funding to help extend the Westpark Tollway corridor from its endpoint at Grand Parkway west into the city of Fulshear, TX.

The plan calls for an initial fund total of $36.7 million, starting with the construction of a two-lane frontage road. This asking price is part of a $300 million allocation for statewide toll road projects authorized by the state Legislature, assures County Judge Bob Hebert. The next phases will require an additional $101 million for the development of the actual toll road, with possible financial assistance from the city of Fulshear and its developers.

County Commissioner Andy Meyers is pushing for the plan and permission for state funding. He states that the goal of “the project is to improve the mobility of the area [and] if we can get the state money, the project can move forward faster.” This means mobility in Fulshear as well as its surrounding communities, like nearby River Park West of Richmond, TX.


Mischer Shapes Communities and Enriches Lives Within River Park West

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Mischer Development, developers of River Park West in Richmond, TX, prides itself on shaping communities to enrich the lives of its residents. This goal is achieved through careful planning and execution of the master plan of each of its communities. Mischer designs communities with a wealth of amenities like swimming pools, playgrounds, hike and bike trails, lake and water features, sports fields and on-site schools. With prices starting at approximately $200,000 in each of its communities, Mischer has created communities that are not only beautiful, but also affordable.

River Park West is located south on Hwy 59 at Williams Way Boulevard. Located just south of Town Center, shopping and restaurants are within close proximity as well as a host of major employment, medical and recreational opportunities. Amenities in River Park West include the newly opened and exemplary rated on-site school—Hutchinson Elementary, and a newly expanded recreation center complete with a swimming pool, a playground and a sports field including soccer and baseball fields.

River Park West offers new homes from Meritage Homes and Perry Homes with prices ranging from the $200’s to over $300,000. The 60-foot section starts from the $200’s and the 70-foot section starts from the $230’s.


ROY BEHRENS: Developer of the Year 2008

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The Greater Houston Builders Association has named Roy Behrens with Mischer Investments, LP. Developer of the Year for 2008.   Roy has been a longstanding and hardworking member of the Developers Council for many years.  He is committed to his profession as he quietly works within the industry with an uncompromising level of professionalism. Roy, as Vice President, has been with Mischer Investments for 33 years and has completed over 30 developments in and around the Houston Area.

Roy has been active not only within the GHBA but also in the formation of regulatory policies concerning Harris County, actively participating on the Harris County Monumentation and Landscape task force as well as representing the Community Developers Council on the Harris County Frontier Drainage Committee. Roy’s current activities include the West Houston Associations Plan 2050 committee on regional wastewater initiatives, President of HCMUD #196 and is an advisory committee member of the Houston Community College West Campus.  He has also been a member of the Advisory Committee for The Association of Water Board Directors since 1985.


Welcome to the River Park West Blog

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Celebration is on order for the new blog section of River Park West! Now, current and future homeowners, as well as realtors and community leaders can remain updated to all of the new developments shaping the community. These blog posts will act as the main source of the latest news, events and any important information.

Realtors and residents should feel free to stay in tune by subscribing to this page via RSS or check back frequently to remain connected.

As we strive to consistently provide access to this continual source of all manner of useful information concerning the River Park West community, we hope that you further your support and interest in our endeavor. In return, we will do our best to always bring you the best.


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