“Home prices in Texas have defied the overall downward trend seen in other U.S. housing markets, according to a study by First American Loan Performance.

In the San Antonio area, home prices increased 7.89 percent over the 12 months ending in October. Other Texas markets included in the study’s top 30 statistical areas include Austin-Round Rock, which increased 8.62 percent; Dallas-Fort Worth-Arlington, up 3.92 percent; and Houston-Sugar Land-Baytown, with a 4.52 percent increase.”

That means that the San Antonio Area ranked 4th nationwide in appreciation. In all, only 10 of the nation’s largest metro area’s had increases in home prices, with 4 of those in Texas.

According to the Express News:

“San Antonio, however, seems to be escaping the brunt of the housing downturn because a strong job market and affordable prices have kept the city, as well as the rest of Texas, relatively insulated from the most distressing problems facing other parts of the country.In September, the annual new-home sales rate was 16,371 in the San Antonio area, down just 1.8 percent from the annual rate for September 2006, according to the most recent data available from the housing research firm Metrostudy. Builders this year, however, have increased incentives to buyers to unload their excess inventory.

While there were fewer new home sales and housing starts, 2007 is likely to be the third-best year on record for new-home construction in San Antonio, with builders starting 14,328 homes between September 2006 and September 2007, according to Metrostudy.

That’s a 27 percent drop from the record set between the same period in 2005 and 2006, when there were 19,600 home-starts.”

Generally the higher your credit score, the better the interest rate, allowing you to receive a smaller mortgage payment or purchase a more expensive home. The difference between a 620 score and a 660 score can mean the difference of a 1%, which on a $200,000 home loan can mean over $100 per month over 30 years, or a whopping $36,000.

If you have had some credit challenges, it can also mean the difference between getting a loan and not. For many first time home buyers, the FHA loan is a popular choice because of its low down payment and low interest rate, but many lenders require a minimum score of 580. You may qualify for that today, but with the changes to the credit scoring system, that could change. If you are unsure what you score is, have it checked out at Equifax Credit. If you want to raise your score, check out Veracity Credit Optimization, a company that many mortgage companies refer clients to.

The sky may be falling elsewhere, but the San Antonio area remains a strong area for real estate investment…