Homes Sold By jessica Harless | NextHome Realty Center

Latest Unemployment Report: Great News…for the Most Part

From Keeping Current Matters
Monday July 6th, 2020 For Buyers, For Sellers, Housing Market Updates
The Bureau of Labor Statistics (BLS) released their latest Employment Situation Summary last Thursday, and it again beat analysts’ expectations in a big way. The consensus was for 3,074,000 jobs to be added in June. The report revealed that 4,800,000 jobs were added. The unemployment rate fell to 11.1% from 13.3% last month. Again, excellent news as the unemployment rate fell for the second consecutive month. However, there’s still a long way to go before the economy fully recovers as 17.8 million Americans remain unemployed.

Here are two interesting insights on the report:

What about a supposed misclassification?
The BLS addressed this at length in a blog post last week, and concluded by saying:

“Regardless of the assumptions we might make about misclassification, the trend in the unemployment rate over the period in question is the same; the rate increased in March & April and eased in May.”

They specifically noted the issue in the latest report by explaining that if they adjusted the rate for the potential miscalculation, it would increase from 11.1% to 12.1% (which is lower than the adjusted rate of 16.4% last month). They went on to say:

“However, this represents the upper bound of our estimate of misclassification and probably overstates the size of the misclassification error.”

Does the shutdown of parts of the economy skew the unemployment numbers?
Because the uniqueness of 2020 impacts the employment situation in so many ways, each jobs report is now examined with a microscope to make sure the headlines generated by the report accurately convey what’s happening in the job market.

One such analysis is done by Jed Kolko, Chief Economist at Indeed. He believes the extraordinary number of people in the “temporary” unemployed category confuses the broader issue of how many people have permanently lost their job. He adjusts for this when calculating his “core unemployment rate” (which subtracts temporary layoffs and adds unemployed who didn’t search for a job recently).

The bad news is that his analysis reveals that the number of permanently unemployed is still rising (from 4.6% in April to 5.9% last month). The good news, however, is when you use his methodology to look back at the Great Recession, today’s “core unemployment rate” is significantly lower (5.9% versus 10.5% in April 2010).

Bottom Line
Last week’s jobs report was much better than most expected. However, we should remain cautious in our optimism. As the Wall Street Journal explained in their analysis of the jobs report:

“U.S. job growth surged last month, underscoring the economy’s capacity for a quick rebound if businesses continue to reopen and consumers regain confidence. A recent coronavirus spike, however, could undermine trends captured in the latest jobs report.”

Homes Sold By Jessica Harless | NextHome Realty Center

Should We Be Looking at Unemployment Numbers Differently?

Should We Be Looking at Unemployment Numbers Differently?

The New York Times recently ran an article regarding unemployment titled: Don’t Cheer Too Soon. Keep an Eye on the Core Jobless Rate. The piece suggests we should look at unemployment numbers somewhat differently. The author of the article, Jed Kolko, is a well-respected economist who is currently the Chief Economist at Indeed, the world’s largest online jobs site. Previously, he was Chief Economist and VP of Analytics at Trulia, the online real estate site.

Kolko suggests “the coronavirus pandemic has broken most economic charts and models, and all the numbers we regularly watch need a closer look.” He goes on to explain that the decline in the unemployment number reported by the Bureau of Labor Statistics (BLS) earlier this month was driven by a drop in temporary layoffs. If we strip those out, we’re left with what Kolko calls the core unemployment rate. Many economists have struggled with how to deal with the vast number of temporary layoffs, as a complete shutdown of the economy has never happened before. As the article states, in the last unemployment report:

“73 percent of all unemployed people said they were temporarily unemployed, which means they had a return-to-work date or they expected to return to work in six months. Before the pandemic, temporary unemployment was never more than one-quarter of total unemployment.”

The core unemployment rate handles this issue and also deals with another concern economists have discussed for years: the exclusion of the marginally attached. These are people who are available and want to work, but count as out of the labor force rather than unemployed because they haven’t searched for work in the past four weeks.

Kolko’s core rate does three things:

  1. Takes out temporary unemployment
  2. Retains the rest of the standard unemployment definition: permanent job losers, job leavers, and people returning to or entering the labor force
  3. Adds in the marginally attached

Removing the temporarily unemployed makes sense according to the article:

“Initial pandemic relief efforts focused on money for people to manage a temporary loss of income and funds to keep businesses afloat until they could bring their workers back. The hope and the goal is for the temporarily unemployed to return to their old jobs, rather than have them lose their jobs and have to search for new ones when jobs have become scarcer.”

The Bad News and the Good News

Clearly, the adjustments Kolko makes dramatically impact the way we look at unemployment. The bad news is, using his core rate, there was an increase in unemployment from April to May. The conventional rate reported by the BLS showed a decrease in unemployment.

The good news is that the core rate compares more favorably to the last recession in 2008. Here’s the breakdown:Should We Be Looking at Unemployment Numbers Differently? | MyKCM

Bottom Line

The unemployment rate is a key indicator of how the economy is doing. Heading into a highly contested election this November, the BLS report releasing next week will be scrutinized like no other by members on both sides of the aisle. Mr. Kolko’s take is just one additional way to evaluate how unemployment is impacting American families.

CFISD Growth

CFISD – Growth – 2019 Bond Vote

Did you know that CFISD enrollment has increased by 70,000 students since 1992? With 68 campuses now north and west of FM 1960 and Hwy. 6, a new centralized instructional support center on the 26-acre site at Hwy. 290 and Matzke Road is included in the 2019 bond package.

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Harvey Debris - Jessica Harless - one 2 Sell

After the Storm – Helpful Information

RENTING AFTER HARVEY

 

from Mike Mengden at Terra Residential Property Management:

Landlords and Tenants and floods. I have been talking to a lot of people in the last few days and thought I’d put something here because the questions are flying now. As an FYI, I am a long time property manager, run a residential property management office, teach leasing and property management to REALTORS, and I AM NOT AN ATTORNEY. These comments are just from my experience and knowledge.

First of all, agents getting contacted. Please know that your responsibility and fiduciary duty ended when the lease was signed, but we are all helpful people and like to do so, just don’t get yourself sued. There will be lots of tense times ahead on both sides, some bad information going around, and it should be cleared up somewhat. I have lived through more disasters than I can remember and the first thing I will say is that everyone needs to be reasonable. We are dealing with maybe the Landlord’s entire retirement fund, and the tenant’s home with all their possessions.

Tenants – please contact your Landlord, even if just to tell them that you are OK and the property is fine.

Landlords – same, contact the tenant to see if they are OK and if the property is OK. If not, there are rules and options.

Tenants – if you don’t have renters insurance for your stuff – you are out of luck. The Landlord is not responsible for your possessions. That is what renters insurance is for and only if it covers floods.

Landlords – if the property is flooded and it is serious, then both parties have rights, options, etc. to properly terminate the lease and allow the tenant to move and get their deposit back. However, they can’t abandon everything because the roof leaked in a closet.

Landlords, be reasonable – you can’t make a tenant stay in a house no longer habitable.

The issues and the lawsuits come up when the 2 parties can’t agree on how bad or how long the repairs might take. Tenants, understand that the Landlord may not have flood insurance, most won’t in this storm, and even if they do, most that I have ever seen do not pay lost rents, meaning if you move out, the Landlord has no rent coming in while repairs are being made. So be reasonable and have the conversation soon. Also, repairs won’t be made overnight. This is the worst disaster in Houston history, and the worst I have experienced before took months and months to have claims filed estimates done, even qualified contractors to show up. The 2 winter storms we had in the 90’s that caused massive frozen pipe breaks had plumbers from around the country descending on Houston and they still took months to get around to all the homes flooded with water from broken pipes. (Hint: In these cases, with the time frames involved, until those pipes are fixed, the water was off, the sheetrock could have been growing mold, and those homes were uninhabitable). Hurricane Ike took us 6 months to get some roofs replaced as there simply weren’t enough tarps and adjusters and roofers to fix it all timely. So everyone please be reasonable and try to get through this disaster without suing everyone.

One last thing – Tenants – you owe rent until you move. Withholding rent while you are arguing can get you evicted. I have seen a lot of well meaning and troubled tenants evicted from slumlords when they didn’t follow the rules. Follow the rules. Get assistance if needed. But don’t bully.

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RETAIN PROOF OF YOUR FLOODING BEYOND PICTURES / KEEP A FEW ITEMS IN CONJUNCTION WITH PICTURES AND VIDEO FOR ADJUSTER

 

WASHING CLOTHES AFTER FLOOD

FLOODED HOMES CAN BE FIXED BUT DO NOT DIY THE PROCESS

Many homes are being demo’ed right now that flooded 2016 and/or 2015 and mold is being found growing behind the walls. This did not occur from the Harvey Hurricane flood YET but from the prior years and not properly remediating the home.
 

MOLD INSPECTORS STATE OF TEXAS:

Search by County
searching for other names you want to look under Mold Assessment Technician

FILE NOW FOR FEMA CLAIMS

WHAT IS COVERED ON MY FLOOD INSURANCE

TRANSITIONAL HOUSING

DISASTER UNEMPLOYMENT

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DEBRIS REMOVAL IN HARRIS COUNTY

RESIDENTIAL DEBRIS AND DAMAGE ASSESSMENT

For Immediate Release

HARRIS COUNTY, TEXAS—The Harris County Residential Debris and Damage Assessment Hotline is now open to assist Harris County residents living in unincorporated areas of the County with recovery and rebuilding after Hurricane Harvey.

Harris County Residential Debris and Damage Assessment Hotline – 713-274-3880

The Harris County Residential Debris and Damage Assessment Hotline staff is available to help residents answer questions about the following list of services:

Debris separation and removal from public roads and residential subdivisions.
Residential/Commercial Permits for repairing or replacing a damaged structure.
Phone numbers for other general recovery resources related to other basic needs.
The major goal of the Harris County Residential Debris and Damage Assessment Hotline is to ensure that public roads and other infrastructure do not pose an immediate threat to public safety. Harris County Residential Debris and Damage Assessment teams are currently working to conduct safety and damage assessments while clearing debris from public roads in areas where flood waters have receded. If you are in the process of clean-up and debris removal from your property, please take precautions to prevent disaster-related casualties and fatalities.

Be aware of damaged water, gas, and electric lines.
Be aware of damaged building and construction materials.
Do not attempt to conduct major tree work or reconstruction without proper equipment, permits, and training.
Be aware of household hazardous waste and contaminants.
Report any hazardous materials spills to: Harris County Pollution Control Services Department at 713-920-2831.

DEBRIS REMOVAL FORT BEND:

DEBRIS REMOVAL MONTGOMERY COUNTY:

DEBRIS IN WALLER COUNTY:

No Information has been updated on the county websites at the time of this email. The link below is where you might check for information on Debris Removal in Waller County will be found once they update it. At the very least it contains the contact information for Waller County OEM.
 Fema - Jessica Harless - One 2 Sell
NextHome - Jessica Harless

THE NEXTHOME FRANCHISE ANNOUNCES 200TH FRANCHISED LOCATION

Pleasanton, CA— August 9, 2017—Real estate franchisor NextHome proudly announces the opening of their 200th office location – Palm Harbor, Florida.

The company’s growth has been unlike anything seen in the real estate industry. NextHome began franchising in January of 2015 and since launching, the company has expanded nationally into 41 states.

“To be able to grow our company from zero to 200 offices in less than 30 months has been an incredible ride,” said NextHome’s Chief Executive Officer, James Dwiggins. “It has been a humbling journey and still having the family feel while building a national network of NextHome agents and brokers has been inspiring.”

“We are looking forward to what the next 30 months has in store for our company,” added Dwiggins.

Key to the expansion has been the work of the sales team, led by NextHome’s Vice President of Sales, Charis Moreno.

“I’m excited about our company’s expansion and how quickly we have grown,” said Moreno. “But what truly impresses me is the quality of the NextHome agents and brokers that have become a part of our company. The best companies are driven by the quality of the people in it.”

Based in Pleasanton, California, NextHome’s headquarters features nearly 20 staff members dedicated to serving more than 1,600 NextHome members nationally. The team, led by NextHome’s Chief Operating Officer, Tei Baishiki, handles more than 8,500 member services inquiries per month.

With NextHome’s highly automated Intranet system, the Member Services team can focus on highly personalized, first-class interactivity with members who are in need of real estate assistance.

New additions to NextHome’s technology platform has substantially increased broker interest in franchising with the company. NextHome’s Chief Strategy Officer, Keith Robinson, focuses on identifying and implementing new products to the NextHome suite of tools. These tools include the integration and connectivity of real estate technology products such as: SmartZip, Ylopo, BombBomb, RealScout, Homespotter, and Spacio.

Once these programs have been added to the franchise’s platform, members are shown the benefits of NextHome services through various live in-person trainings, as well as online webinars. These courses, taught by NextHome’s Franchise Development Director, Mackenzie Baishiki, allow a flexible, yet interactive experience that caters to today’s REALTOR®.

With NextHome’s goal of having offices in all 50 states by mid-2018, the company looks to grow not only in total offices, but also in agent count.

“Our company has seen a pretty significant increase in agent count over the past year,” said NextHome’s Vice President of Business Development, Imran Poladi. “As our brokers get more comfortable and confident in what their NextHome brokerage has to offer, their ability to add talented agents has been exceptional.”

“I remember being in a room just three years ago with a dedicated corporate team who wanted to change the industry. And here we are, just 30 months into our journey and I’m so proud to see our company growing with productive, career-oriented REALTORS®,” added Poladi.

 

Interested in being a part of the NextHome Real Estate Franchise? Contact VP of Sales Charis Moreno at Charis@NextHome.com.

CFISD - Keeps on Growing

Major construction projects underway within Cy-Fair ISD

 Cy-Fair ISD makes preparations to open 5 schools in 2 years

In response to the growth and new development in Northwest Harris County communities like Cypress, Cy-Fair ISD has embarked upon an aggressive expansion plan. This article from the Community Impact | Cy-Fair provides an insight into the projects underway and planned. September 16, 2015

Construction is underway on two multischool sites, several new facilities and updates to older campuses as Cy-Fair ISD works to keep up with student growth.

“Because of the economic downturn in 2008, there were a lot of construction projects planned several years ago that had to be delayed,” Superintendent Mark Henry said. “We’re in the process of catching up. On the other hand, over the next five years we’re expecting around 9,000 or 10,000 new students, so we’re dealing with growth that occurred over the last seven years and growth that will occur over the next five years.”

Construction projects

CFISD was the fifth-fastest-growing school district in Texas during the 2014-15 school year, adding nearly 1,600 new students, according to a study by demographic firm Population Survey Analysts.

“The district is growing rapidly, and we’re pushing 115,000 students this year,” said Dillon Brady, CFISD assistant superintendent for facilities and construction. “Between now and 2017 we’re opening two high schools, two elementary schools and replacing an elementary school. We’re trying to stay in front of our needs.”

Construction is nearly 50 percent complete on Cypress Park High School, which is part of a 175-acre property at FM 529 and Westgreen Boulevard. The site will also house a middle school, expected to open by 2019, and an elementary school, which will open by 2020.

There are numerous advantages to building a multi-school site—or educational village—ranging from cost savings to shared roadways and providing a sense of community for the students, Brady said.

“It’s an advantage for students and families in that your child can start kindergarten at that site and go all the way through 12th grade,” Henry said. “We think there are advantages with bus routes and transportation costs, and we have a centralized kitchen so it’s easier to deliver meals to those campuses. There are a lot of cost savings.”

The multi-school site in Bridgeland is located between the Grand Parkway and future Mason Road, south of the future Bridgeland Creek Parkway. Construction began in late August on High School No. 12, which will be 570,000 square feet and four stories tall.

Construction is also underway on an adjacent 120,000-square-foot elementary school that will open for the 2017-18 school year. A middle school is planned for the site as well but has not been included in a bond.

The new campuses were designed with flexible spaces in mind, giving teachers the ability to create a unique culture of learning, Brady said.

“The way that High School No. 12 is placed and oriented allows for indoor and outdoor learning activities in a safe learning environment,” he said. “Inside you’ll see more glass, learning walls and activities built into the facility.”

read the complete article at CI-CyFair

 

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Lakeland Village Center Update – Bridgeland

THE HOWARD HUGHES CORPORATION® BREAKS GROUND ON LAKELAND VILLAGE CENTER,

FIRST COMMERCIAL DEVELOPMENT IN BRIDGELAND®

CVS/pharmacy® will Serve as Anchor of Highly-Anticipated Lakeland Village Center

Cypress, TX (June 15, 2015) – Executives from The Howard Hughes Corporation® (NYSE:HHC), Bridgeland® and The Woodlands® Development Company broke ground today on Lakeland Village Center in which CVS/pharmacy® will be the anchor retail tenant. LakelandVillage Center is the first commercial development in Bridgeland, an award-winning master-planned community in Cypress.

Set on 20 acres along Fry Road, Lakeland Village Center will include 84,000 square feet of mixed-use development in Phase One consisting of retail, restaurants, and professional and medical offices. The center will feature abundant landscaping, views of two bordering lakes and expansive sidewalks. The contractor for the project is VCC, LLC. Completion of Phase One of Lakeland Village Center is slated for spring 2016.

Lakeland Village Center is within walking distance for residents of Lakeland Heights®, a traditional neighborhood development in Bridgeland, and provides easy accessibility for those in the remaining enclaves of Lakeland Village, the first of four villages planned for the community.

“We are excited to announce Lakeland Village Center as the inaugural commercial venture in Bridgeland. The new village can be accessed through Fry Road and is in close proximity to the Grand Parkway and Highway 290,” said Paul Layne, Executive Vice President of Master Planned Communities for The Howard Hughes Corporation. “Having CVS/pharmacy as the anchor will offer even more convenience to residents and nearby communities.”

The 15,300-square-foot CVS/pharmacy will feature a drive-thru pharmacy along with a wide assortment of health, beauty and personal care products and best in class pharmacy care. Construction is expected to begin in mid-July of this year, and the store is scheduled to open in early 2016. Genesis Design Group is the Architect for CVS/pharmacy.

“We are pleased that our next Cypress store will be part of Lakeland Village Center,” said Roger Francis, Area Vice President of CVS/pharmacy in Texas. “We are looking forward to joining this exciting development and bringing our pharmacy products and services to the Bridgeland community to help them on their path to better health.”

First Hartford Realty-Preferred Developer represented CVS/pharmacy®. Rip Reynolds, Director of Leasing & Commercial Land for The Howard Hughes Corporation, and the J. Beard Real Estate Company represented Bridgeland in the lease transaction. Both Rip Reynolds and Zak Hudnall, Leasing Associate for The Woodlands Development Company, handle leasing for Lakeland Village Center.

“The debut of Lakeland Village Center and CVS/pharmacy really solidifies the Main Street concept we envisioned for the first commercial site in Bridgeland,” said Peter Houghton, Vice President of Master Planned Communities for Bridgeland. “Bridgeland’s walkability and easily accessible amenities are distinguishing features of the community, and we’re excited to see Lakeland Village Center further that precedent.”

 

Please click HERE to visit the Bridgeland Community Associations web site.[/vc_column_text][/vc_column][/vc_row]

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Kluge Corner – Cypress, TX

I was very proud to put my Sign out in front of this gracious Cypress home. This was one of the prettiest homes I have listed.  Built by Gerald Surface of Isaacson Signature Builders, there were many beautiful custom touches in every room.  I know the new owners are loving it; and will for many years to come!

Enjoy the video – Jessica

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Birds-Eye View of Bridgeland’s Newest Neighborhood

Bridgeland continues its westward expansion.  At the same time the developers respect the wildlife that have been calling this their home for many years…

“Developers started with a land plan that embraced the bountiful natural environment. Bridgeland is located along the eastern boundaries of the Katy Prairie, an environmental gem that has provided refuge and foraging areas for more than 300 species of resident and migratory birds, mammals, reptiles and amphibians. Bridgeland developers worked carefully to protect the valuable land, including the historical Cypress Creek Corridor, a substantial creek system that runs along Bridgeland’s northern boundaries. Careful planning has not only preserved these natural attributes, but also revived the areas through thoughtful development of amenities such as the Cypress Creek Nature Trail. The first 1.5 miles of the nature trail opened in 2008. An additional mile opened this year.  Upon completion, the trail will stretch for 6 miles.” – http://www.bridgelandlife.com/

A special thanks to Mike McCurdy for the use of his video …   You’ll see more videos from  Mike in posts to come!