Texas Economy Still Ahead of Nation's

COLLEGE STATION (Real Estate Center) (Feb 3, 2009) - The Texas economy is cooling but continues to create jobs. While the U.S. economy lost more than 2.8 million jobs from December 2007 to December 2008, Texas gained 154,600 jobs over the same period.

The state's seasonally adjusted unemployment rate rose from 4.2 percent in December 2007 to 6 percent in December 2008. By comparison, the U.S. seasonally adjusted unemployment rate rose from 4.9 percent to 7.2 percent during the same period.

Recent decreases in oil prices have begun to adversely affect the Texas oil and natural gas industry's ability to generate jobs. The industry's employment increased 3.7 percent from December 2007 to December 2008, a drop from 7.1 percent for the period November 2007 to November 2008. Even so, the industry ranked first among Texas industries in employment growth rate.

The professional and business services industry and the leisure and hospitality industry posted annual employment growth rates of 3.3 percent from December 2007 to December 2008 and ranked second among Texas industries in job creation.

All Texas metros experienced positive employment growth rates from December 2007 to December 2008. McAllen-Edinburg-Mission ranked first in job creation followed by College Station-Bryan, Houston-Sugar Land-Baytown, and Killeen-Temple-Fort Hood.

The state's actual unemployment rate in December 2008 was 5.7 percent. Midland had the first lowest unemployment rate followed by Amarillo, Lubbock, Odessa and College Station-Bryan.

The complete Texas economic report is available on the Real Estate Center's website.

A Message from the President of Navy Federal Credit Union

02/03/2009

We are entering an era of renewed emphasis on personal responsibility. As a nation, we are being urged to return to those bedrock values – hard work, fair play, loyalty and patriotism – that have made our country great. At Navy Federal, we honor those values and applaud this focus on personal responsibility.

As your credit union, it's our responsibility to serve you well with loans, savings and services to help you achieve your financial goals. That's our commitment to you, our members. And, as a member-owned organization, we depend on fulfilling our shared obligations to each other, our fellow members. We are all connected: when one member pays his mortgage regularly, another is able to get a loan for her child's education, and yet another gets a great rate on a certificate of deposit. This connection, this cooperative spirit, has been the fundamental basis for our success for the past 75 years.

Now, amid a challenging economy, the commitment to honor debts and obligations has never been more important. Yet, the daily news is often filled with stories of people casually walking away from their debts – and that this behavior might somehow be condoned. Such behavior surely does not belong in any era of personal responsibility, old or new.

At Navy Federal, we expect our members to fulfill their obligations to fellow members by repaying their loans and managing their finances prudently. We understand that this isn't always easy, but we are here to work with members who may be having trouble. We do this in support of the collective interests of all 3.2 million Navy Federal members. We are all connected.

I embrace this reemphasis of personal responsibility. As Navy Federal's President, I am deeply committed to our strong, conservative financial practices; they serve us well. As your credit union, we are also committed to making billions of dollars available for new mortgages, automobiles, and education loans. And, to providing outstanding return on savings.

In this spirit, let us all reaffirm our commitment to our fundamental values, to our fellow members, to the continued strength Navy Federal, and the success of our great nation.

Cutler Dawson

President/CEO

Short sale and foreclosure rates are at an all-time high in the housingmarket.Many have found themselves unable to make their mortgage payments and lenders are taking action to recoup their losses. This potentially means good deals are out there, but you should also be aware
of the ramifications of purchasing a foreclosure or a short sale.

It's imperative that you prepare for the process and are flexible since it takes longer than a normal purchase. It's also important to choose an agent that has experience in these kinds of listings who can guide you through every step as seamlessly as possible. You may also want to speak to a real estate attorney to determine the potential drawbacks.

Although foreclosed homes are oftenpriced much lower than regular listings, there are some things you should look out for. Foreclosed homes are often sold "as is." You will be able to have the house inspected before you buy it; however, the bank will not be required to make any necessary repairs. It will be up to you to pay for the inspection and to decide if you should continue with the purchase of the property thereafter.

Any people think another option for a good deal is a short sale, meaning the homeowner is negotiating with the bank to be able to sell the house for less than what is owed on the mortgage. Homeowners who find themselves buried by overwhelming mortgage payments may choose this alternative over foreclosure to avoid bankruptcy and destroying their credit. However, short sales are a notoriously lengthy process, rendering any prospective buyer unable to write a contract on any other home for what could be weeks or months. If you are not restricted to a lease termination, a short sale may be an alternative for you.

With either type of transaction, keep your budget and time constraints in mind when considering the offer. The price may be great, but the possible issues with purchasing an "as is" property may cost you more in the long run.

Courtesy of Navy Federal Credit Union (navyfederal.org)

THE FUTURE OF GREEN

LAS VEGAS (Real Estate Center) - While "green" may have become little more than a buzzword to some skeptical consumers, some building industry insiders say the vast majority of consumers have embraced the long-term benefits and understand that going green is "the right thing to do."

At the International Builders Show today, representatives for several home appliance manufacturers were on hand to talk about the future of green as well as their efforts to create products that are more energy efficient.

So what does the future hold?

For Marvin Windows and Doors, it's all about daylight. Company spokesman Brett Boyum said they are working on products that bring more sun - and the sun's natural health benefits - into the home.

Energy efficiency gets all the press and attention within political circles, but what about finding more efficient ways to use the world's water supply?

"In the very near future, water will be a bigger issue than energy is today," said Omer "Butch" Gaudette.

Guadette, director of trade relations for Whirlpool Corporation, said 97 percent of the world's water supply is salienated. Two percent of the remaining drinkable water is tied up in polar ice caps, leaving 1 percent for immediate consumption.

To help ensure that 1 percent is used as efficiently as possible, companies such as Whirlpool and Kohler are stepping up their efforts to create more efficient appliances. Among those efforts are waterless urinals and dual-flush toilets.

Does it cost more to be green? Gaudette says no. While some added cost goes into developing energy efficient products, he said consumers will see value in the long run.

The Real Estate Center is part of the Mays Business School at Texas A&M University in College Station - the heart of the Research Valley.