In the city of Fort Worth, Texas, $184,000 is the median home value. In Fort Worth, the home value has increased by 8.5 percent in the last year. It is predicted that it will increase 9.8 percent in the following year.
$120 is the per square foot list cost median in the city of Fort Worth. The Metro Area of Dallas-Fort Worth-Arlington has a higher per square foot list cost median of $137.
$254,900 is the cost median of houses in Fort Worth listed presently. For houses that have been sold in Fort Worth, $214,800 is the cost median.
$1,600 is the rent cost median in the city of Fort Worth. The Metro Area of Dallas-Fort Worth-Arlington has a higher rent cost median of $1,700.
When it comes to the health of the real estate economy, the foreclosure rate is an important ingredient. Why is that? A very high foreclosure rate can sink the real estate economy. And at a national level, a high foreclosure rate can be a big contributing factor to starting a recession.
For every 10,000 homes in Fort Worth, 0.4 are foreclosed. This is the same foreclosure rate as that of the Dallas-Fort Worth-Arlington Metro Area which is 0.4. The United States has a foreclosure rate which is 4 times higher. It is 1.6.
When it comes to foreclosure, there is a first step that a homeowner will experience. And that first step is called mortgage delinquency. A mortgage delinquency occurs when a homeowner does not come through on making a payment regarding their mortgage.
1.5 percent is the percentage of mortgages that are delinquent in Fort Worth. The United States has a slightly higher mortgage delinquency rate of 1.6 percent.
The 2008 recession wreaked havoc on the real estate economy and the U.S. economy in general. One of the negative effects of the recession was that the value of real estate in our nation decreased by greater than 20%.
This tremendous drop in value still impacts the value of homes in the United States because many homes are still underwater currently. What does it mean for a homeowner to be underwater concerning their mortgage? It means that the homeowner has a bigger amount of mortgage debt than the value of their home.
There are currently 4.8 percent of homeowners who are currently underwater on their mortgages in Fort Worth. The Metro Area of Dallas-Fort Worth-Arlington has a lower underwater rate of 4.4 percent.
It can be a serious financial problem for homeowners who are underwater on their mortgages. This is particularly true for homeowners who are stressed financially and want to sell their home.
Not only are they likely to have to pay the bank money to be able to sell their home, but they will have other costs to sell their home. If they cannot afford these expenses, it could be very difficult for them to move.
Moving on to commercial real estate, we are going to look at a new bank headquarters in Fort Worth. It is Amegy’s new headquarters in a Class A office-building called the Westbrook. It’s on Sundance Square and It’s address is 425 Houston Square.
Brandon Bledsoe, Fort Worth market president of Amegy Bank said, “We are excited about our new office in the heart of downtown Fort Worth.” Bledsoe continues by talking about the big potential for growth in the market of Fort Worth. And he mentions that the bank’s abilities, business culture, and roots based in Texas will fit in well.
The office lease for Amegy Bank’s new headquarters is for 8,091 square feet. It’s the first location for Amegy Bank in the Fort Worth market, and Amegy Bank wanted to make sure that it put effort in to find a location that is right for its headquarters in Fort Worth.
The location gives space to take care of future plans for growth, gives their clients excellent accessibility, and gives the members of their team a work experience that they can enjoy.
The Westbrook location has great amenities that are walkable, as well as a location that is central in Fort Worth.
Walter Johnson founded Amegy Bank more than 25 years ago. He was born in Fort Worth, a member of the Texas Business Hall of Fame, and an alumnus of TCU.
Amegy Bank from its beginning has expanded in Texas to more than 75 locations. It has assets of $13 billion.
Households in Fort Worth, TX have a median annual income of $56,428.