May 2003 Newsletter

Contents

• May 2003 Sales Update
• North Texas April Home Sales Downshift
• Introducing www.cindyruppert.com
• Robin Hood's Demise?
• Property Tax Relief?
• Farmers Insurance Settlement
• A Little Real Estate Humor
• Residential Retail Electric Providers
• Insurance Bill Passed
• A little more real estate humor...

May 2003 Sales Update

Inventories are increasing; there is some downward pressure on prices. If you're selling-price your home correctly and stage it well! Remember there are still buyers out there; your home just have more competition than before. If you're thinking about buying - now may be the prefect time. You'll have a great inventory to select from and interest rates remain low. Call me at 817-230-4008. I can help!   [Top]

North Texas April Home Sales Downshift

DALLAS, Tex. (DallasNews.com) - Existing home sales in North Texas dropped 10 percent in April, a time when home sales are usually getting into high gear. Inventories have jumped, and at the end of April, almost 39,000 existing single-family homes were for sale. That is 29 percent more homes on the market than last April. The median price of a home in the area has remained steady at $135,000.   [Top]

Introducing www.cindyruppert.com

I'm delighted to introduce you to my new website. I've tried hard to make it a comprehensive, user friendly site where all your real estate questions can be answered. It contains lots of useful information, links to many other relevant sites and access to property search engines. You can also meet my pets! Please check it out. I'd love to have your input, positive or not. Just drop me an email.   [Top]

Robin Hood's Demise?

AUSTIN, Tex. (DallasNews.com and AP) - The Texas House of Representatives approved legislation that would repeal the current "Robin Hood" system of financing Texas schools in 2004. The current system depends heavily on local property taxes and requires affluent districts to help finance poorer districts. Many school districts have reached the maximum tax rate allowed by law. The House legislation was introduced by Rep. Kent Grusendorf of Arlington. It does not offer an alternative but does include a provision that one be found by fall 2004. The bill also provides $1.2 billion in new funds for public schools over the next two years. "This legislation establishes a deadline for action and will provide temporary relief while we solve the problem," said Grusendorf.  [Top]

Property Tax Relief?

Shocked and awed by your property tax bill? You are not alone! Tax appraisals have skyrocketed over the past 3 years, even as the real estate market has begun to cool down from its rapid appreciation days in 1999 and 2000.

Help may be on its way, however, if the Texas House can back away from its deadlock over redistricting and turn itself to Lt. Gov. David Dewhurst's plan to reform school financing, which has already been passed by the Senate.

The bill shifts much of the burden of funding public schools from property owners to businesses. State sales tax would increase from 6.25 percent to between 7.5 and 7.85 percent and be expanded to many services that are now exempt, including by the way new construction and real estate services.

School property taxes, by far the largest bite of anyone's property tax bill, would be cut in half. Most local property taxes would be abolished and a new state property tax would be capped at 75 cents per $100 of valuation. (DallasNews.com)   [Top]

Judge Approves Farmers Insurance Settlement

AUSTIN, Tex. (Austin American-Statesman) - A $117.5 million agreement between Farmers Insurance Group and the state has received initial approval from State District Judge Scott Jenkins. About 700,000 Texas homeowners the state claimed were overcharged for homeowners insurance because of unfair and deceptive practices will receive restitution. The agreement had been challenged on the grounds that it was politically motivated and gave Farmers too much in an effort to keep the firm operating in the state.

Jenkins rejected these arguments after three days of testimony. "There is not, in my view, a scintilla of evidence of collusion," Jenkins said. "I think there was zealous representation" of consumers.

Under the terms of the settlement, Farmers must roll back homeowners insurance rates, give policyholders millions in refunds or credits and change some of its practices.

All policyholders are included in the settlement unless they opt out. Refund checks will be mailed in the fall.   [Top]

A Little Real Estate Humor

The trouble with owning a home is that no matter where you sit, you're looking at something you should be doing.

A Happy Home is a place where each spouse entertains the possibility that the other may be right - though neither believes it.   [Top]

Residential Retail Electric Providers

Competitive Retail Electric Providers (REP's) compete to provide your electric service, often by offering lower prices, renewable energy options, added customer service or other incentives. REP's conduct functions such as billing and customer service. For more information on the Texas deregulation of electricity, visit the Texas Electric Choice Website, www.powertochoose.org or call 1-866-797-4839.

Texas Senate Insurance Bill Passed

Senate Bill 14, which requires the insurance commissioner to approve homeowner and auto insurance rates, has been passed by the Texas Senate. The bill also limits insurance companies in their use of credit data in approving and rating insurance.

Opponents of the legislation felt that it did not go far enough because it does not guarantee that insurers will lower their current rates and it still allows use of credit data.

Lt. Gov., David Dewhurst, said that he expects larger insurers' premiums to be reduced by 12 to 18 percent and those of smaller insurers by as much as 25%. (Austin American Statesman)   [Top]

A little more real estate humor...

A housewarming is the final call for those who haven't sent a wedding present   [Top]