Elvis Slept Here...

 

On this date in 1977 Elvis Presley left this world that he had impacted so much. All around the world fans will be celebrating his life today. As a tribute to the King of Rock and Roll, I would like to share this blog about Elvis Presley in Killeen, Texas.

For nearly six months in 1958, Elvis Presley was stationed at Fort Hood while completing basic and advanced military training. He left an entertainment career, where he was at the top of his game, to serve his country as a tanker. What a great American.

While Elvis was at Fort Hood, he lived with his parents on Oak Hill Drive in Killeen, a small town right outside the base. I grew up in Killeen and the fact that Elvis once lived here was a part of our small town lore. An older lady who lived on Oak Hill when Elvis lived there loved to share a story of how he used to have to get out of the car a couple blocks up the street, sneak down to the creek that runs behind the houses (including her house) and work his way down to the back of his parent's house to avoid all the girls on the street out front.

The house at 805 Oakhill in Killeen was listed for sale in 2003 and I had the pleasure of showing it. At that time it was in very good, mostly original condition. The kitchen and bathrooms were 1950's classics with all the modern ammenities of that time. The house sold agian in 2006 and that buyer "updated" the entire house (kitchen, bathrooms, etc.) to modernize it, and in essence destroyed what it is that made it a piece of Elvis history. In 2009 the house was listed and sold again, this time as a foreclosure.

While Elvis' time here may have been short, the effect on what was then a very small military and farming community was long reaching. Today, Killeen is still a military community, though no longer tiny, supporting one of the largest military bases in the free world. As such, the majority of our clients and customers are new arrivals to the area. One of the things I enjoy most is driving my new buyers by the "house where Elvis lived" and watching their shock that someone as large as Elvis once lived in a town as small as Killeen.

Richard W. Overall, Jr REALTOR
http://www.overallrealtor.com/

Can You See Yourself as a REALTOR?

Killeen-Ft Hood Area Home Prices Down Slightly

The Texas Association of REALTORS® has just released the Texas Quarterly Housing Report for the second quarter of 2011 which reflects what's going on in 47 of the state's markets. This latest report shows that while recent real estate prices indicate strength in the Texas market as a whole, the Killeen-Ft Hood market has not fared as well.

The median price of homes in the Killeen-Ft Hood market was $121,800, 2.71% lower than the same quarter of 2010. Statewide the median price was $150,400, 1% higher than the same quarter on 2010.  The average price of homes in the Killeen-Ft Hood area in 2011-Q2 was $126,780, 5.36% lower than 2010-Q2 versus Texas as a whole which had an average price of $201,288, or 4.6% higher than the second quarter of 2010.

The decrease in the average price of Killeen-Ft Hood, Texas homes seems to indicates more activity among lower priced homes. This interest in lower priced homes includes many investors buying foreclosed and distressed properties at below market value. Investors are returning to real estate as a preferred investment vehicle due to instability in other investments, such as stocks and bonds. 

Another important market indicator is the inventory of homes available for sale compared with the demand to

buy homes. The Killeen-Ft Hood area had 7.1 months of inventory in the second quarter of 2011 compared to 6.9 months in Q2-2010. Statewide, Texas had 8.1 month of inventory in the second quarter of 2011 versus 7.2 months of inventory in the second quarter of 2010.  A market with 6 to 9 months of inventory is considered to be in balance.

To find out more about the Killeen-Ft Hood real estate market or for information on how you can take advantage of these great home prices, please visit http://www.overallrealtor.com/ or call me today at 254-394-6637.

VA Foreclosures in Killeen, TX

Being that Killeen is home to Fort Hood, the largest military installation in the free world, it is no surprise that more Killeen homes are bought using VA guaranteed home loans than any other loan type. As such, and as might be expected, there are also more VA foreclosed homes in the Killeen area than any other type of foreclosed home.

A VA foreclosure happens when a veteran purchased a home using his/her VA entitlement to get a VA guaranteed loan and then defaults on the note. The name VA guaranteed loan is somewhat misleading since the guarantee is not to the veteran that he/she will get the loan, but guarantees the lender against loss of principal if the buyer defaults. The veteran must meet certain eligibility requirements from VA and financial qualification requirements from the lender.

When a veteran loses their home to foreclosure, it is taken back by the bank or lender servicing the loan at a trustee's sale (held the first Tuesday of every month on the courthouse steps). The lender then makes a claim to the VA, exercising their guarantee. The VA settles with the lender and takes ownership of the property. Once VA has ownership of the property, they turn it over to the VA Property Management Contractor (currently Bank of America) for disposal. Bank of America assigns the property to one of a network of local real estate offices to prepare the home for market. The process from the trustee's sale (actual foreclosure) to the house being available for sale can range from a few weeks to several months or longer.

If you are interested in VA, or any other Killeen foreclosures (and surrounding areas) you can get a complete FREE list of Harker Heights, Copperas Cove and Killeen foreclosed homes at http://www.overallrealtor.com/102/FREE-Foreclosure-List. You can also sign up for free daily email notices of new and changed foreclosure listings.