NEW YORK - CNNMoney – Texas had the highest net migration in the country in 2008, according to the U.S. Census Bureau.

As other states suffered through a falling economy last year, the Lone Star State experienced an influx of residents, thanks to relatively stable housing and employment markets.

The population grew by 140,000 in 2008, after subtracting those leaving the state from those moving into it.

The Census Bureau also reported that fewer residents were moving within their home states.

The percentage of people who lived in different homes within the same state dropped to 12.6 percent during 2008. It was 12.8 percent in 2007 and 13 percent in 2005, when housing markets were hopping.

AUSTIN (Austin Business Journal) - The Texas economy is predicted to begin a slow, steady recovery in 2010, according to BBVA Compass' U.S. Regional Watch third-quarter report.

The report predicts a 1.7 percent increase in the state's gross domestic product (GDP) in 2010, following a small contraction in 2009. This will be aided in part by a surge in home sales, according to the bank's economists.

Home sales across Texas are predicted to increase by 4.5 percent in 2010 after declining by 12 percent by the end of 2009.

Though Texas projected a 9.5 percent deficit at the beginning of the year, it is the only state among the seven Sun Belt states covered by BBVA Compass to forecast a balanced budget in 2010.

The report also said that Texas will benefit the most from funding through the federal government stimulus program, considering the amount of money to be received by the state equates to its entire 2009 budget shortfall.

TEXAS CITIES' HOUSING FORECAST STABLE

CARY, N.C. (Local Market Monitor) – Five large Texas cities and ten smaller ones are among the nation's top markets when it comes to expected home price performance, according to Local Market Monitor’s latest Home Price Forecast.

Among the largest markets — those with populations exceeding 600,000 — Dallas-Plano-Irving, Fort Worth–Arlington, Houston–Sugar Land–Baytown, San Antonio and Wichita Falls filled five spaces on the ten-slot list of cities with the best expected performance in home price over the next year.

The same survey of the smallest U.S. markets revealed ten Texas cities were tops, tied with other cities across the country. These were Abilene, Amarillo, Brownsville-Harlingen, College Station–Bryan, Corpus Christi, Killeen–Temple–Fort Hood, Laredo, Lubbock, Texarkana and Waco.

The study predicts local market behavior over the upcoming 12 months in over 300 markets, identifying those that are stable and have opportunity for growth.

The American Recover and Reinvestment Act of 2009 provides a tax credit up to $8,000 for qualified first-time homebuyers who purchase their principal residence between January 1st, 2009 and December 1st, 2009.  My, how times flies, especially since you have to close escrow by December 1st to reap those benefits.  What on earth are you waiting for?    Most buyers think that it only takes about 30 days to locate and close the purchase of a home; nothing could be further from the truth.  Most purchase transaction take 45 to 60 AFTER the right home has been located and the offer accepted.  Most REO's and Short Sales take much, much longer.  The United States government is willing to give away up to $8,000 in tax credits and all you have to do is find a house you want - it’s not like there is a shortage of those.

Here's the information that most buyers want and need to know about this program:

Who is eligible?

First time buyers are defined as a buyer not having owned a principal resident within the 3 years immediately preceding this purchase.  That means both spouses must meet this requirement.

Does everyone get an $8,000 tax credit?

Nope, only first time homebuyers with modified adjusted gross income of $75,000 for a single taxpayer and $150,000 for married taxpayers.  The $8,000 is the maximum credit and is adjusted down for buyers with more income.

What kinds of homes qualify for the tax credit?

Any home that will be used as a principal residence.  This includes single-family detached homes, townhouses, condominiums, manufactured and mobile homes and houseboats.  Please note that you cannot purchase a home from you relations such as parents, grandparents, children, grandchildren or your spouse.  Those purchases won't qualify.

How does a buyer claim their credit?

Easy!  Just claim it on your income tax form so long as it meets the criteria.

Is this credit "refundable"?

Yes, even if the taxpayer has little or no federal income tax liability to offset this amount, the appropriate amount will be refunded.

Is this tax credit a tax deduction?

It’s a credit; it is a dollar-for-dollar reduction in what the taxpayer owes.  That means that a taxpayer who owes $8,000 in income taxes and qualifies will receive an $8,000 tax credit and owes the government $0.

It is pretty obvious to me that this is a smokin' deal that buyers should NOT pass up.  It is also obvious that you need to know a great REALTOR® who will be able to tell you exactly what this program will mean to you.  Please keep in mind that specific questions about legal issues and tax issues, you need to see your attorney or tax consultant.

For more information, call our office 254-690-4321.

COLLEGE STATION (Real Estate Center) – Texas beats the rest of the country when it comes to housing affordability, according to first quarter 2009 Texas Housing Affordability Index (HAI) numbers compiled by the Real Estate Center at Texas A&M University.

The numbers reflect the ability of a median-income family to purchase a median-priced existing home in their area. Texas had a ratio of 1.95 in first quarter 2009 compared with the nation's 1.55.

"The slowdown in the housing market nationally and within Texas has led to significantly increased housing affordability everywhere, and Texas continues to maintain its place as the most affordable high-growth state in the country," said Dr. Jim Gaines, research economist with the Center.