In a recent report, Kiplinger magazine ranked Houston number one on a list of the best cities in which to work and live.

Calling Houston the "comeback kid," Kiplinger cited Houston's 100,000 new jobs in 2007, its low cost of living and housing prices that "run half those of other metro areas its size."

Trailing Houston on the list in second, third and fourth positions were: Raleigh, North Carolina; Omaha, Nebraska; and Boise, Idaho.

Source: Kiplinger.com

Single-family home sales across greater Houston fell again in May while the average price of those properties rose for the fourth consecutive month to the second highest level ever, according to statistics released mid-month by the Houston Association of Realtors (HAR). Sales of single-family homes slid 15.3 percent on a year over year basis, with May marking the ninth straight monthly decline. But the number of closed sales was the highest since last August.

The average price of a single-family home rose by 0.6 percent last month to $214,732 from $213,430 in May 2007. That's the second highest average price since the figure peaked at $218,583 in June 2007. At $155,000, the median price of a single-family home in May represented the highest point for 2008, but was unchanged from one year earlier.

Sales of all property types for May 2008 totaled 7,110, reflecting a 17.1 percent drop compared to May 2007. Total dollar volume for properties sold during the month was recorded at $1.4 billion versus $1.7 billion one year earlier, a 14.9 percent decline.

"Appreciating home prices remain the bright spot in our monthly report of property sales activity in the Houston market, with homeowners deriving solid value from their properties," said Michael Levitin, HAR chairman. "Buyers are benefiting from an attractive selection of housing inventory from which to choose along with historically low interest rates. We continue to look forward to the start of a turnaround in overall sales performance later this year."

Source: Houston Association of Realtors

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If you're selling your house this summer, or even thinking about selling in future, there are some things you can do to maintain, and even boost, the value of your property. Your Realtor can give you pointers on how to upgrade your specific home, based on the competing properties in your neighborhood. In the meantime, here are some basic upgrades for universal application:

Think "curb appeal." Buyers decide whether or not your property is worth top dollar before even getting out of the car. Take a look at your house from the street, and try to be objective. Do your landscaping, paint, windows and doors convey a sense of a well-maintained home, or are they sending subtle messages that the property needs some upkeep? Attention to detail is critical, particularly in that critical 'first impression' from the curb.

Embrace a soft, warm color palette. Forget everything you learned about painting a house white before selling. That may have been true when your parents sold houses, but it isn't true today. Update the insides of the house with warm, soft, neutral colors, like those you would find in a woman's cosmetic bag. Avoid anything too unusual or abrupt; think subtle, soft and welcoming.

Update your kitchen and bathrooms. These are the rooms in which it makes financial sense to "keep up with the Joneses." If yours is the last house on the block to add granite countertops and stainless appliances, you can't expect to compete for the highest sales price when you're on the market. Consult your Realtor for a sense of neighborhood standards, and be sure to keep these critical rooms looking fresh, bright and current.

Reduce clutter. Your home will sell more quickly and at higher value, if it appears to be well-maintained. Removing excess "stuff" let's buyers imagine what their life would be like in a clutter-free, sparkling, clean home. If you have an extremely cluttered home, you may want to consider renting a storage unit or hiring a personal organizer to help you get all of your extra things into containers and neatly stowed away.

Update your switch plates and outlets. Subtle details in a room can upgrade its overall appeal without adding much additional expense. Visit your local hardware store to see the various colors and finishes that are available for your light switch and electrical outlet plate covers. Choose a metallic or ceramic finish that matches your decor, and see how quickly and cheaply you can change small but important details in a room.

Check your grout work. Take an honest look at the grout in your bathroom. Would you feel uncomfortable allowing a mother-in-law or other special guest to use your shower? Is the grout looking a little cracked, colored or aged? A prospective buyer is, perhaps, the most "special" guest who will ever view your bathroom. To get your house ready to draw top dollar, invest a Sunday afternoon and a few dollars in regrouting the tub and any other appropriate areas. If you're not a do-it-yourselfer, hire a local handyman or service who can quickly fix this important area.

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Texas continues to lead the country in the volume of home loans insured by the Federal Housing Administration.

With the recent shakeout in the sub-prime sectors of the mortgage industry, federally backed FHA loans have dramatically increased in volume.

These mortgages provide consumers with long-term, fixed-rate financing insured by the government.

FHA market share has jumped from about 3 percent in 2005 to about 12 percent.

As much as 45 percent of the loans the FHA insures are people refinancing from mortgages – including subprime loans with rising interest rates, causing the payments to increase.

Source: Dallas Morning News

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