Builders

utlook

www.elpasobuilders.com

2014: issue 3

Pending home sales down

10.5% from February 2013
Down 0.8% from January as investor sales dry up
Pending home sales fell for the eighth
straight month, down 0.8% from the
downwardly revised January report and
down 10.5% from February 2013,
according to the index from the National
Association of Realtors.
NARs pending sales index is an
indicator of closings that usually happen
within three months.
"Contract signings for the past three
months have been little changed,
implying the market appears to be
stabilizing," said Lawrence Yun, chief
economist for NAR. "Moreover, buyer
traffic information from our monthly
Realtor survey shows a modest
turnaround, and some weather delayed
transactions should close in the spring."
Existing home sales have been down
since September 2013, with buyers
facing the challenges of an increasing
affordability gap as investors have driven
up prices and lending requirements have
tightened.
Upon first glance, it may seem high
that a quarter of all ZipRealty home sales
closed without financing in 2012 and

2013, said ZipRealty CEO and president

Lanny Baker. But based on our own
internal analysis and data from the
National Association of Realtors, the
percentage of all-cash real estate
transactions may actually be moderating.
Nationwide, the percentage of all-cash
real estate transactions reached a fiveyear high in 2010 at 27%, and the
percentage of all-cash property sales has
slowly declined or flattened every
subsequent year.
All-cash transactions accounted for
20% of the residential real estate market
in 2009, and 25.6% of the market in
2011, NAR reports.
According to ZipRealtys analysis, in
2013 26% of all the real estate
transactions closed by ZipRealty agents
were purchased with cash, while 25% of
the homes purchased through ZipRealty
agents were acquired with cash.
Mortgage applications dropped 3.5%
from one week earlier, according to data
from the Mortgage Bankers Associations
weekly applications survey for the week
ending March 21, 2014. Refinance

applications dropped 8%. This is the

second week in a row for declines after a
spike of almost 10%. Apps fell last week
1.2% but were revised upward to 0.2%.
Regionally, the pending home sales
index fell 2.4% in the Northeast monthto-month and is 7.4% below a year ago.

In the Midwest the index rose 2.8%, but

is 8.5% lower than February 2013.
Pending home sales in the South fell
4%, and are 9.3% below a year ago in
this the largest housing market. The
index in the West increased 2.3%, but is
16.5% below February 2013.

The cost of closing mortgages officially astronomical

Fannie, Freddie,
FHFA settle
MBS lawsuit
with BofA

First, the Federal Reserve finds

investors prefer to do business with toobig-to-fails, in favor of smaller financial
institutions, leaving a higher cost of
doing business for the little guys.
Now, the Mortgage Bankers
Association is reporting that, per loan,
mortgage-banking profits took a huge hit
in the fourth quarter. What's more, loan
production expenses are going through
the roof. And this doesn't even include
the qualified mortgage rule numbers yet.
Will the MBA first quarter 2014 report
show an even bigger increase? Expect
it.
Why?
It seems it's quickly becoming a
market where it doesn't pay to be a
mortgage banker.
Independent mortgage banks and
mortgage subsidiaries of chartered
banks made an average profit of $150

on each loan they originated in the

fourth quarter of 2013, down from $743
per loan in the third quarter, the MBA
reports in its latest Mortgage Bankers
Performance Report.
The level of profit is at its lowest point
since the MBA started counting in 2008.
The opposite is true for mortgage
servicing, where MSRs are huge right
now. In that space the financial situation
improved on a quarterly basis.
Net servicing income per loan
increased to $355 per loan in the fourth
quarter from $224 per loan in the third
quarter.
In basis points, the MBA reports the
average servicing profit was 19 basis
points in the fourth quarter of 2013,
compared to 12 basis points in the third
quarter.
"However, not all mortgage companies
retained mortgage servicing rights or

generated margins large enough to

offset production losses," Marina Walsh,
MBAs Vice President of Industry
Analysis."It is perhaps not surprising
that only 58% of participating companies
had overall positive pre-tax profits in the
quarter." That 58% profit statistic used
by Walsh is down from 74% in third
quarter, and 92% in second quarter.
Total loan production expenses
increased to $6,959 per loan in the
fourth quarter, up from $6,368 in the
third quarter. Fourth quarter 2013
production expenses were the highest
recorded in any quarter since the
Performance Report was created in the
third quarter of 2008.
The "net cost to originate" was $5,171
per loan in the fourth quarter, up from
$4,573 in the third quarter.

Fannie Mae, Freddie Macand the

Federal Housing Finance Agency
reached an agreement with Bank of
America (BAC) to settle claims
associated with non-agency
mortgage-related securities from 2005
to 2007.
Under the agreement, Bank of
America will pay Fannie $4.4 billion to
satisfy all claims and buyback private
label securities from Fannie with an
unpaid principal balance of
approximately $1.9 billion.
Meanwhile, Bank of America will pay
Freddie $5.1 billion.

According to the FHFA, the

agreement provides for an aggregate
payment of approximately $9.33 billion
by Bank of America that includes the
litigation resolution as well as a
purchase of securities by Bank of
America from Fannie Mae and Freddie
Mac.
FHFA has acted under its statutory
mandate to recover losses incurred by
the companies and American taxpayers
and has concluded that this resolution
represents a reasonable and prudent
settlement of these cases, said FHFA
Director Mel Watt said.

This settlement also represents an

important step in helping restore
stability to our broader mortgage
market and moving to bring back the
role of private firms in providing
mortgage credit. Many potential
homeowners will benefit from
increasing certainty in the marketplace
and that is very much the direction we
should be taking, Watt added.
The FHFA now has only seven out
of 18 PLS suits filed in 2011 against
various institutions.

Builders Outlook

Natural gas is your key to home sales.

By installing natural gas in your new homes and developments, youre opening
the door to added value for potential buyers.
Natural gas kitchens sell themselves, and natural gas furnaces, water heaters
and clothes dryers offer greater efficiency and lower operating costs than their
electric counterparts.
For more information on how to use natural gas to turn prospects into buyers,
contact Eduardo Lucero at ealucero@txgas.com or (915) 680-7216.

2014 issue 3

2014 issue 3

Builders Outlook

Presidents Message |
Frank
Torres

ElPasoDisposal

President,
El Paso Association
of Builders

2014 is moving very fast and we are very busy at your association, here
are some of the issues that your different committees worked on for the last
part of February and the month of March, at local and state level. Once again
thanks to all that participated at the Home Show. It was a well-attended
event.
I like to thank all individuals, groups and organizations that in any way had
something to do with the impact fee issue, by talking and convincing our city
council and PSB representatives not to raise this fee. If you have not heard
or read, they decided to put the increase (about $1,800.00 more per house)
on hold for one year, with the condition that we try to build more homes inside
the city limits. They also acknowledged the problems why developers are not
buying land from PSB. The council has agreed to meet with Development
services and PSB to try to minimize the regulations and restrictions that exist
on this parcels of land due to the smart growth idea. Tthis will help to
decrease or at least stabilize the prices of new lots. Special thanks to Mayor
Oscar Lesser, to all members of City Council and PSB staff for their
cooperation on this matter.
Another major victory at National level: Home builders will save an average
of $6,200 per home on storm water control costs due to a recent settlement
agreement between NAHB and the Wisconsin Home Builders Association
and the Environmental Protection Agency (EPA).
This is your membership at work! Youre looking at about $8,000.00
savings per home. When you invite a builder or an associate to join us and
they ask you, what do I get out of joining the Association of Builders show
them this and ask them to join us. The $500.00 membership is being well
used. The applications can be downloaded from our website at
www.elpasobuilders.com.
See you all April 9 for our Board and General Meeting at El Paso Club and
have fun at our golf tournament at Horizon Golf Club on April 16. My thanks
to StrucSure Home Warranty and all the advertisers we have in the golf
outing.

772-7495

Showroom:
2131 Missouri
915 533 6045

fax 533 6096

Thomas R. Brown, Owner

Builders Outlook

2014 issue 3

Perspective

Ray Adauto,
Executive
Vice President
EPAB

The issue of impact fees for water

and wastewater has not gone away,
not in total and not in the minds of the
foes of growth. Our headline story
last month was concerning impact
fees and the work done by this
association and its members to work
with the current city council and stop
increases wanted by the PSB. Under
the leadership of Mayor Oscar
Leeser and with the facts presented
by PSB CEO John Bailew city council
agreed to hold the line and to look for
alternative methods of paying for
capacity issues. On March 16 I had
the opportunity to once again
demonstrate our resolve on live TV
on ABC news Xtra. I had been told
that the Mayor and City Rep Dr. Noe
would be on the panel but the Mayor
declined and the ABC7 invited former
City Rep Susie Byrd on instead.
Politically Ms. Byrd and I are oil and
water and the issues of her term on
council is a very hard pill to retake.
Nothing has changed as she

Old ghosts continue to haunt issues;

new city hall idea?
supports increases in fees while
disregarding the work of the current
council, Mr. Bailew, and us. She went
so far as to admonish the current city
council on retreating the impact
fees. That is unfair to the city council
and Mayor. The moderator tried to be
fair and Dr. Noe said he felt like he
was invited to keep Ms. Byrd and
myself separated. In the end the city
council did the right thing in holding
the line. It was very apparent that the
old ghosts are still not happy with us
or the new council. Thats fine,
because its the new council under
new leadership that will bring housing
starts back into the city. With it will
come commercial and retail and with
all that well have a way to pay for the
nearly $2Billion in debt those ghosts
from the past have saddled us with.
Is anyone really happy with the City
of El Paso and the way their offices
and departments are scattered all
over downtown? It is a problem that
came about when the 10 story City

Hall was demolished so that the new

Southwest University Park ball park
could be put up. (Opening day, by the
way is April 28.) Not only did
departments get displaced all over
town but soon you will begin to feel
the impact of zero property taxes
from a variety of downtown buildings
now owned by the city. Those
improvements wont come back in
the form of taxes until or unless those
buildings are sold sometime in the
future. Word on the street is that the
County wants to demolish the jail, sell
or lease the land to the city for the
NEW city hall. One would think that
having so many buildings to manage
that someday in the near future a call
will be out there to once again bring
everyone under one roof. May not
happen for a decade but my crystal
ball says plans are already under way
to do just that.
Finally, Id like to say a fond
farewell to one of our most beloved
members, Burgo Gill. He was a

retired Major in the US Army when he

decided to build homes. He and Ana,
our first female president, built some
beautiful homes in El Paso. Burgo
would always remind me of a
neighbor of mine, Mr. Earl. Burgo
had a great sense of humor; spoke
better Spanish than Rudy or Brad,
and loved homebuilding, Ana, and
the association. He also loved his
trips to Laughlin or Las Vegas,
something I got an opportunity to do
with him several times. Burgo was
given a full military honor ceremony
where old friends came to send the
warrior off. Burgo had served in
Korea and Vietnam. He was a mans
man. A friend to many, a good guy.
Adios Burgo, keep the light on as we
make our way. Hes probably hit the
jackpot more than once.

2014 issue 3

Builders Outlook

Industry News
New-Home Sales
Continue to Trend
Relatively Flat
Sales of newly built, single-family homes
fell 3.3 percent to a seasonally adjusted
annual rate of 440,000 units in February,
according to newly released figures from
the U.S. Department of Housing and Urban
Development and the U.S. Census Bureau.
There is no doubt that the persistently
bad weather took a toll on sales in
February, said Kevin Kelly, chairman of
the National Association of Home Builders
(NAHB) and a home builder from
Wilmington, Del. However, builders
continued to increase their inventory of forsale homes, indicating they still anticipate a
relatively strong spring buying season.
We still expect 2014 will be a strong
year for housing, said NAHB Chief
Economist David Crowe. The first twomonth average of 2014 is exactly in line
with where 2013 left off. If not for the
unusual weather, we would easily be
ahead of last years pace. We also

Index (HMI), released today.

The March HMI mirrors last months
sentiment, as builders continued to be
affected by poor weather and difficulties in
finding lots and labor, said NAHB
Chairman Kevin Kelly, a home builder and
developer from Wilmington, Del.
continue to see household formations and
pent-up demand driving sales forward.
Regionally, new-home sales activity fell
32.4 percent in the weather-battered
Northeast, 1.5 percent in the South and
15.9 percent in the West. The Midwest
posted a gain of 36.7 percent, stemming
from an unusually low January figure.
The inventory of new homes rose to
189,000 units in February, a 5.2 month
supply at the current sales pace.

Builder Confidence
Treads Water
Builder confidence in the market for newlybuilt, single-family homes rose one point to
47 on the National Association of Home
Builders/Wells Fargo Housing Market

A number of factors are raising builder

concerns over meeting demand for the
spring buying season, said NAHB Chief
Economist David Crowe. These include a
shortage of buildable lots and skilled
workers, rising materials prices and an
extremely low inventory of new homes for
sale.
Derived from a monthly survey that NAHB
has been conducting for 30 years, the
NAHB/Wells Fargo Housing Market Index
gauges builder perceptions of current
single-family home sales and sales
expectations for the next six months as
good, fair or poor. The survey also
asks builders to rate traffic of prospective
buyers as high to very high, average or
low to very low. Scores for each
component are then used to calculate a
seasonally adjusted index where any
number over 50 indicates that more

A W A R D E D

TEXAS BUILD E R O F THE Y E AR

2013

We build so you can GROW

builders view conditions as good than poor.

The indexs components were mixed in
March. The component gauging current
sales conditions rose one point to 52 and
the component measuring buyer traffic
increased two points to 33. The component
gauging sales expectations in the next six
months fell one point to 53.
The three-month moving averages for
regional HMI scores all fell in March. The
Northeast dropped three points to 35, the
Midwest fell three points to 53, the South
posted a four-point decline to 49 and the
West registered a two-point drop to 61.

Developer
Confidence in
Multifamily Market
Shows Slight Decline
The Multifamily Production Index (MPI),
released today by the National Association
of Home Builders (NAHB), showed a slight
weakening as the index declined four
points to 50 in the fourth quarter of 2013. It
is, however, the eighth consecutive reading
of 50 or above.
The MPI measures builder and
developer sentiment about current
conditions in the apartment and
condominium market on a scale of 0 to
100. The index and all of its components
are scaled so that a number of 50 indicates
that the same number of respondents
report conditions are improving as report
conditions are getting worse.
The MPI provides a composite measure
of three key elements of the multifamily
housing market: construction of low-rent
units, market-rate rental units and for-sale"
units, or condominiums. The MPI
component tracking builder and developer
perceptions
of
market-rate
rental
properties has been the strongest of the
components recently, remaining above 50
for 13 straight quarters, but dipped four
points in the fourth quarter to 60; while the
component for low-rent units fell three
points to 47; and for-sale units declined
four points to 46.
The Multifamily Vacancy Index (MVI),
which measures the multifamily housing
industry's perception of vacancies,
dropped two points to 38, with lower
numbers indicating fewer vacancies. After
peaking at 70 in the second quarter of
2009, the MVI improved consistently
through 2010 and has been fairly stable
since 2011.
Multifamily developers are still seeing
demand for apartments, as the MVI
shows, said W. Dean Henry, CEO of
Legacy Partners Residential in Foster City,
Calif., and chairman of NAHBs Multifamily
Leadership Board. However, the cost and
availability of labor is putting pressure on
the ability to bring new units online.
This quarters MPI results are in line
with NAHBs forecast that calls for
increased production of new apartments in
2014, but at a slower pace than last year,
said NAHB Chief Economist David Crowe.
The results are also in line with recent
downturns in other economic indicators,
due to unusually severe weather in parts of
the country that disrupted supply chains
and affected confidence in several sectors
of the economy.
Historically, the MPI and MVI have
performed well as leading indicators of
U.S. Census figures for multifamily starts
and vacancy rates, providing information
on likely movement in the Census figures
one to three quarters in advance.

Builders Outlook

2014 issue 3

2014 ISSUE 3

Builders

Builders Outlook

utlook on the scene |

Home Show SmashHit

The 2014 Spring Home and
Garden Show was a hit with both
the consumers and the exhibitors.
Show Technology Productions
brought El Paso a show that had a
great mix of education, exhibitors,
demonstrations and fun.
One
particular area that was well
received was the Kids Area where
animal rescue had dogs for
adoption and on the end of the hall
the El Paso Zoological Society
presented Birds of Prey. While the
kids had a lot to do it was the adults
that really enjoyed Brian Santos,
The Wall Wizard, who educated the
audience on the fine art of painting
and wall decoration. Our thanks to
our City and County officials who
came to cut the ribbon in front of the
wonderful house built inside the hall
by Rassette Homes. Exhibitors
reported record sales and good
contacts for future business. Our
next Home Show is in October.

General meeting
welcomes Representative
Marquez
The February general membership
meeting was given an update on the
last legislative session by State
Representative Marisa Marquez.
The meeting, sponsored by Spotlight
Homes magazine was well attended.

March board meeting

The board of directors were
brought up to date at the monthly
meeting held at the EPAB offices.
New members were welcomed
along with the installation of Nick
Bombach. On sad news Margaret
Livingston resigned as she moved
jobs to the El Paso Water Utility.

el paso development news

Retail Update:
Changes for North Hills Crossing
The newest site plan for a future shopping center slated for Northeast El Paso
shows a few changes from the version
revealed last year. The layout for North
Hills Crossing remains generally
unchanged and will take up a 28-acre
spot at the corner of Martin Luther King
Jr. Boulevard and Gateway South, along
the US-54 freeway.
A Chick-fil-a Restaurant has been
replaced by a McDonalds location on
the southern corner of the site, while two
spots that were previously labeled as
future Panda Express and Whataburger
locations are now simply labeled as
Restaurant and Fast Food.
Panda Express now shows up along
the southeastern side of the center and
may share a wall with a Verizon location.
Taco Cabana is still pictured next door to
this structure, though Five Guys and
Dunkin Donuts have been removed.
A Walmart Market will still take the
largest anchor spot in the northwestern
corner, with a 41,000 square foot store
planned along Martin Luther King Jr.
Boulevard. Next to it will be a Petco pet
store, which is a new addition. Previous
versions of the site plan have indicated a
generic Pet Store label as well as
PetSmart.

Continuing to the east along the main

shopping center building, stores include
Dollar Tree, Ross, Marshalls, and Rack
Room Shoes, which have all been previously mentioned. New to the tentative
lineup are Rue 21 and Big Lots.
Other retailers no longer listed on the
site plan include Annas Linens, Office
Depot, and a Michaels crafts store. A
previous version of the site plan also
showed spots for JCPenney and Peter
Piper Pizza, which are no longer shown.
The latest version of the site plan is
included in the newest marketing flyer of
the RJL Real Estate consultants website
(www.rjlrealestate.com) and also shows
up in an El Paso City Council agenda
item which seeks to release certain special conditions from the property to allow
the project to move forward, though
there are slight differences.
As with previous versions of the site
plan, the stores listed may not be set in
stone and will most likely change as the
project moves closer to becoming a reality.
The project is located just south of
the 342-unit Bungalows at North Hills
apartment complex. No timeline has
been revealed for this project.

The newest site plan for the future North Hills Crossing shopping center in
Northeast El Paso is slightly different than the RJL Real Estate version. (City of El
Paso)

Downtown:
San Jacinto Plazas Next Phase of Construction Begins

This concept image of the eastern edge of San Jacinto Plaza shows an interactive splash pad,
shade trees, and benches (City of El Paso)

The next phase in San Jacinto Plazas

evolution into a modern park began recently
in Downtown El Paso, with a groundbreaking
that marked the beginning of the next stage
of construction that is expected to last 12
months.
The first phase, which was completed late
last year, included expanding the park by 10
feet in each direction. The new design took
over the lane of parking that surrounded the
plaza. Other phase one work included
preparing the park for improvements.
Now, the next phase of the multi-million
dollar renovation of the park will fill it with
new amenities as well as keeping some of
San Jacinto Plazas historical elements. A
full-service caf will be added on the western
edge of the plaza and will most likely be
leased out to a food vendor.
On the other side of the park, an interactive water feature will be lit with LED lighting,
and a horseshoe/washer sand pit will be
located just to its north. Other amenities
include caf tables and chairs, bike racks,
drinking fountains, benches, activity spaces
for table tennis and chess, and a stage.
Signage will also be installed throughout the
plaza.
The large Afghan Pine that is used as the
Christmas tree during the holiday season
was saved and will continue to fill that role.
And the Los Lagartos sculpture, currently
undergoing rehabilitation in Ohio, will once
again take its place at the plazas center.
This time, it will have a shade canopy
installed above it that will protect it from the
elements.
Construction is expected to be completed
in early 2015. The project was awarded in
January to Basic IDIQ, Inc., a construction
firm with an office in El Paso.
The groundbreaking was held Wednesday,
February 26, 2014.

Builders Outlook Issue 3.2014

Content provided by
El Paso Development News
visit: elpasodevnews.com

Latest Montecillo Aerial Photo Shows Progress

Mulligan
Building
Renovation
Nears End
Crews Complete Work on
Historic Buildings Exterior

A new birds eye view photograph of the Montecillo Town Center construction site shows significant progress in leveling off the area. The lifestyle center is part of the larger Montecillo
SmartCode development on El Pasos West Side. In the photograph, posted by ZTEX
Construction of El Paso on its Facebook page (facebook.com/ztexconst) last week, the Venue at
Montecillo apartment buildings can be seen across Mesa Street, to the west. The Montecillo Town
Center may open as early as fall of 2014.
Image Courtesy ZTEX Construction

TI:ME at
Montecillo
Debuts New
Website
Non-Traditional Shopping
Center to Open this Year
An urban, compact shopping center
that is part of the Montecillo smart growth
development in West El Paso has
debuted its new website. The site for
TI:ME at Montecillo, which bills itself as a
non-traditional shopping center, can now
be found at
itistimeelpaso.com.
The center will have 12,000 square
feet of leasable space, with options ranging in size from 80 to 1,200 square feet. It
will be anchored by three new full service
restaurants, owned and operated by the
same restaurant group that created Crave
Kitchen and Bar, 1914 Loung, and the
Independent Burger.
In the TI:ME center, the group will operate Stonewood Modern American Grill,
Hillside Coffee & Donut Co., and Malolam
Cantina. The leasable retail areas will be

located on the northern side of the intimate complex, with the restaurants taking
up most of the southern half. The complex of buildings will surround a central
gathering space.
According to the website, the landscaping will be like no other space in town,
going above and beyond the required
amount, making it lush and green
throughout. In addition, the center will be
partially built using shipping containers.
Last month, TI:ME announced its tenant
lineup and includes a diversity of local
shops. The tenants include HommeWork,
GlowDry, Modern Hookah, Black Dot,
ALDesign, Le Trendy, Trendy:Decor,
HommeWork Jewelry, and The Backyard
Patio.
The center takes a spot along North

Triple-A Stadium
Construction Gets Two
Additional Weeks
El Paso Chihuahuas officials are moving forward with their plan to postpone the
Triple-A stadiums opening until the second home stand for the baseball team.
The decision will give construction
crews more than two additional weeks to
finish readying the stadium for the team.
The first four home games will now be

Mesa Street among the four buildings that

make up the Venue at Montecillo apartment complex, which was the first part of
the Montecillo development to be completed. Eventually, Montecillo will have
4,000 apartment units, 400 single family
homes, retail, office, and civic spaces built
in a largely SmartCode environment.
Across Mesa Street from the Venue,
work continues on site preparation for the
Montecillo Town Center, which will include
retail, apartments, and an Alamo
Drafthouse movie theater. That project
should continue through the year.
No official opening date has been set
for the TI:ME at Montecillo shopping center, though construction continues at a
steady pace.

played at the teams former home in

Tucson.
Opening day at the park will now be
April 28, 2014, instead of the original April
11 date.
A few local media outlets were given a
tour of the construction site last week,
which included visits to several areas of
the ballpark, including the team areas
below the stands.
SStadium lights are now being installed
on their respective pole structures, and
roofing materials are being readied for
placement.

An urban, compact shopping center

that is part of the Montecillo smart
growth development in West El Paso
has debuted its new website. The site
for TI:ME at Montecillo, which bills itself
as a non-traditional shopping center,
can now be found at
itistimeelpaso.com.
The center will have 12,000 square
feet of leasable space, with options
ranging in size from 80 to 1,200 square
feet. It will be anchored by three new
full service restaurants, owned and
operated by the same restaurant group
that created Crave Kitchen and Bar,
1914 Loung, and the Independent
Burger.
In the TI:ME center, the group will
operate Stonewood Modern American
Grill, Hillside Coffee & Donut Co., and
Malolam Cantina. The leasable retail
areas will be located on the northern
side of the intimate complex, with the
restaurants taking up most of the southern half. The complex of buildings will
surround a central gathering space.
According to the website, the landscaping will be like no other space in
town, going above and beyond the
required amount, making it lush and
green throughout. In addition, the center will be partially built using shipping
containers.
Last month, TI:ME announced its tenant lineup and includes a diversity of
local shops. The tenants include
HommeWork, GlowDry, Modern
Hookah, Black Dot, ALDesign, Le
Trendy, Trendy:Decor, HommeWork
Jewelry, and The Backyard Patio.
The center takes a spot along North
Mesa Street among the four buildings
that make up the Venue at Montecillo
apartment complex, which was the first
part of the Montecillo development to
be completed. Eventually, Montecillo
will have 4,000 apartment units, 400
single family homes, retail, office, and
civic spaces built in a largely
SmartCode environment.
Across Mesa Street from the Venue,
work continues on site preparation for
the Montecillo Town Center, which will
include retail, apartments, and an
Alamo Drafthouse movie theater. That
project should continue through the
year.
No official opening date has been set
for the TI:ME at Montecillo shopping
center, though construction continues
at a steady pace.

10

Builders Outlook

2014 issue 3

The Economy

Reservations
About The
Dollar
By Elliot Eisenberg,
Ph.D.,
GraphsandLaughs,
LLC

Since the start of the Great

Recession of 2008 and the Feds
decision to inject trillions of dollars into
the banking system, there has been
constant talk of the US dollar losing its
position as the worlds reserve
currency, the position it has held since
the end of WWII. After all, our debt is
huge and growing, DC is thoroughly
dysfunctional, our share of the world
economy is shrinking and China is
increasingly pushing for a post
dollarcentric financial system. Despite
all the concerns above, the dollars
position as the reserve currency of the
world is safe for a long while.
First, which currency can realistically
unseat it? The British pound is simply
too small to do the job as the British
economy is about 1/7th the size of the
US economy. As for the euro, while it is
large enough, there are too many
structural problems including weak
growth, over taxation, an inflexible
central bank and the outside possibility
of the collapse of the monetary union to
entice many central banks to
significantly increase their euro
holdings.
As for the Yen, Swiss Franc or
Chinese renminbi, you have got to be
kidding! With a debt to GDP ratio
greater than that of Greece, Japan
makes the US look downright fiscally
responsible. Moreover, Japan and
Switzerland are both pushing down the
value of their respective currencies
making them that much less appealing
to hold. Lastly, the renminbi does not
freely float and there are significant
foreign exchange controls in place. As
a result, it will take at least a decade
before China has the necessary legal
framework and deep and open financial
markets that are a necessary
prerequisite before the renminbi can
become a credible reserve currency
competitor.
Second, because of increased capital
flows between nations due to increases
in trade and investment, central banks
have been repeatedly told by their
respective governments to hold larger
quantities of safe and easy-to-sell
assets which can be easily liquidated in
time of crisis. As a result, total foreign
reserves have nearly quadrupled in the
past decade and this has dramatically
increased the demand for dollars. For
example, when foreign capital suddenly
flees a developing nation, it puts
downward pressure on the local
currency. By selling some of its dollar
holdings to purchase its own currency,
a country can stabilize its currency and
avoid large currency swings. Moreover,
simply holding a large supply of highly
liquid foreign assets, like dollars,
discourages
speculation
and

demonstrates that a nation has the

necessary reserves to pay foreign
creditors for things like oil and wheat.
Lastly, with large holdings of dollars
the last thing foreign nations want to do
is harm the dollar as that would reduce
the value of their holdings and that, in
and of itself, reinforces the dominance
of the dollar and thus improves its
stability. That is at least partly why for
the past 15 years 60% of world foreign
exchange reserves have consistently
been in dollars. Were that percentage
to slowly fall to 50% over the next few
decades, it would matter relatively little.
To sum up, despite lots of talk, there
exists no strong competitor to the US
dollar and one is unlikely to appear
anytime soon.
Economist Elliot Eisenberg is a
regular contributor to the Builders
Outlook. His wealth of experience on
housing has been the model for HBAs
across the country over the past
decade. Now in private practice, Dr.
Eisenberg brings his insight every
month to our members.

Engineering Manager
MRQ Construction LLC seeks Engineering Manager
in El Paso, Texas. Bachelor Degree in Civil
Engineering required. Candidate must possess at
least 60 months of experience in Civil Engineering.
Qualified applicants may submit resume to:
Mr. Francisco Guillen, Human Resources Manager
via email at: info@mrqconstruction.com

ry edition
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2014 issue 3

11

Builders Outlook

Expert Advice

Joe Bernal
Employee Benefits
of ElPaso

401(K) Basics
Most (85 percent) of employers with ten or
more full-time workers find defined
contribution (DC) retirement plans, such as
401(k)s, valuable in helping to retain, recruit
and motivate employees. And a surprising 72
percent of similarly sized employers that do
not offer a DC plan agree.* To find out why,
read on.
Advantages for Employees
A 401(k) plan allows employees to contribute
to an individual retirement savings account
set up on their behalf by the employer.
Employees enjoy the following advantages:
They can make salary deferral contributions
to traditional 401(k)s, reducing current
taxable income.
They do not have to include employer
contributions in their taxable income until
they withdraw the funds. (Subject to certain
limitations.)
They can direct their funds into various
investment vehicles, if their plan allows,

according to their appetite for risk and other

factors.
Their funds will grow tax-free until they are
distributed.
They can easily see their retirement balances
at any time, unlike traditional pensions,
which require complicated actuarial
calculations.
They own their accounts; they can take all
vested funds with them if they leave your
employ.
A 401(k) plan offers the following
advantages to employers:
Employers can use a well-designed plan to
help attract and keep talented employees.
Employee salary deferral contributions
reduce employers payroll tax liability.
Employers can deduct their administration
expenses and any contributions they make to
employees accounts as business expenses.
Employers limit their liability to a defined
contribution, unlike with traditional pension
plans.
To set up a 401(k) plan, employers must
adopt a written document that serves as the
foundation for day-to-day plan operations. If
you have hired someone to help with your
plan, that person likely will provide the
document.
Once you have decided on a 401(k) plan,
you will need to choose the type plan that is
best for youa traditional 401(k) plan, a safe
harbor 401(k) plan, or SIMPLE 401(k) plan.
Traditional 401(k) Plans
A traditional 401(k) plan allows eligible
employees to make pre-tax elective deferrals
through payroll deductions.
Employers can make contributions on
behalf of all participants, make matching
contributions based on employees elective
deferrals, or both. In traditional 401(k) plans,

you can design your plan so that employer

contributions vest over time, according to a
schedule. Employees forfeit unvested funds
when they leave your employment.
(Employee contributions are always 100
percent vested, or owned, by the employee.)
Traditional
401(k)
plans
cannot
discriminate in favor of highly compensated
employees. This means average deferred
wages and employer matching contributions
for highly compensated employees cannot
greatly exceed average deferrals and matches
for non-highly compensated employees. To
ensure that the plan satisfies these
requirements, the employer must perform
annual tests, known as the Actual Deferral
Percentage (ADP) and Actual Contribution
Percentage (ACP) tests.
Safe harbor 401(k) Plans
A safe harbor 401(k) plan lets employers
avoid the nondiscrimination tests that apply to
traditional 401(k) plans. It resembles a
traditional 401(k) plan, but, among other
things, requires employer contributions that
are fully vested when made. Employers can
make matching contributions limited to
employees who defer, or contributions on
behalf of all eligible employees, regardless of
whether they make elective deferrals.
Employers sponsoring safe harbor 401(k)
must
satisfy
certain
notice
plans
requirements. Each eligible employee for the
plan year must receive written notice of
his/her rights and obligations under the plan.
The notice must describe the safe harbor
method in use and how eligible employees
make elections, and other pertinent
information.
Employers of any size can use a traditional
or safe harbor plan; they can also combine
these plans with other retirement plans.

SIMPLE 401(k) Plans

The SIMPLE 401(k) plan gives small
businesses a simple, cost-efficient way to
offer retirement benefits to their employees. It
exempts plan sponsors from the annual
nondiscrimination tests that apply to
traditional 401(k) plans. As with a safe harbor
401(k) plan, the employer must make
employer contributions that are fully vested.
To be eligible for a SIMPLE 401(k), an
employer must have 100 or fewer employees
who received at least $5,000 in compensation
from the employer for the preceding calendar
year and no other employee retirement plan.
Roth Contributions
Employers with a traditional, safe harbor or
SIMPLE 401(k) plan can allow employees to
make Roth contributions, if plan documents
permit. With Roth contributions, employees
designate some or all of their contributions as
Roth contributions and make them with aftertax dollars. This lets them avoid taxation on
these funds when withdrawn after retirement,
subject to certain conditions.
IRS code limits the total amount
contributed to all 401(k) accounts from both
employers and employees, including Roth
contributions, for any one year. For 2013,
contributions cannot exceed $17,500, plus an
additional $5,500 in catch-up contributions
for participants age 50 or older by year-end.
Limits typically increase every year to reflect
cost of living adjustments.
Over time, a 401(k) fund can grow into a
tidy nest egg and help you retain valuable
employees. For more information on setting
up a 401(k) plan, please contact us.
*Source: American Benefits Institute, Attitudes of
Employee Benefits Decision Makers Toward
Retirement Plan Tax Proposals, December 11, 2012

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12

Builders Outlook

2014 issue 3

Closing a door for

homeowners
A new tax reform plan could be bad
news for housing
Changing the mortgage interest deduction could mean higher
tax bills for some homeowners.
By Robert Dietz

House Ways and Means Committee

Chairman Dave Camp, R-Mich., recently
unveiled a draft comprehensive tax reform
plan that seeks to broaden the tax base
while lowering corporate and individual
income tax rates. The draft makes
significant changes to federal tax rules
connected to housing and homeowning.
While most tax policy observers believe
that the chances of a comprehensive tax
reform plan being enacted in 2014 are slim,
Camps proposal likely establishes the
rough draft of future tax reform efforts in
2015 and thereafter.
Given the large scale of changes in any
comprehensive tax reform proposal, it is
important to review the plan its entirety. For
example, the loss of deductions and credits
that are law today may be offset by lower
marginal income tax rates for some
taxpayers. The plan effectively proposes a
three-tier system for individuals (10
percent, 25 percent, and 35 percent),
although the 10 percent rate phases out for
high-income taxpayers. Additional phaseouts for items like the standard deduction or
itemized deductions and changes to passthrough business income rules could also
be classified as creating additional rates
within the revised rate structure.
In total, the proposal is revenue and
distributionally neutral, as evaluated by the
nonpartisan Joint Committee on Taxation
the official tax policy scorekeeper on
Capitol Hill. This means the proposal does
not change the amount of revenue
collected and there are effectively no
changes in tax liabilities among income
classes, at least as evaluated on a
conventional scoring analysis.
However, revenue neutrality means that
the sum of the changes will produce
winners and losers within each income
class. For homeowners and homebuyers,
there are a number of proposals that would
have direct and indirect impacts on how the
nations tax code treats the costs
associated with owning a home. And the
indirect impacts are in some ways the
largest potential effects that could come
from this type of tax reform.
For example, the plan leaves most of the
rules concerning the mortgage interest
deduction intact. The deductionss primary
beneficiaries
are
middle
class
homeowners, with approximately two-thirds
of the dollar benefit being collected by
families with less than $200,000 in
household economic income. The following
map illustrates the share of mortgage
interest deduction benefiting taxpayers with
less than $200,000 in adjusted gross
income using 2010 IRS data by state.
Under the draft proposal, the overall
principal cap for the mortgage interest
deductionwould be lowered over a number
of years to $500,000 (not indexed for
inflation), but the second home rule would
continue to apply under the new debt limit.
The home equity loan interest deduction
would be repealed, but loans taken out to
improve an existing home via remodeling
would continue to qualify under the new
principal cap. The fact that most of the
existing rules have been retained is a
positive development for housing in terms
of what may be kept in future tax reform
drafts, although the lower cap limit would

have negative impacts in high cost areas of

the nation.
On the negative side, the deduction for
property taxes paid in connection with an
owner-occupied home would be repealed,
along with all other individual taxpayer
deductions for state and local income
taxes. Furthermore, most of the other
existing itemized deductions would be
repealed, and the charitable giving
deduction would be subject to a 2 percent
floor of adjusted gross income (meaning
you could not claim the charitable
deduction unless your dollar value of giving
exceeded 2 percent of adjusted gross
income). These proposed changes would
reduce the number of taxpayers who
itemize their returns, thus reducing the
direct tax benefit from homeownership and
charity.
The draft proposal makes another
significant change that would also alter the
final distribution of tax liabilities. The
standard deduction would be increased to
$22,000 for married taxpayers filing joint
returns ($11,000 for single returns). While
touted as a change to improve simplicity
with respect to tax filing, taxpayers who pay
mortgage interest or engage in charitable
giving would continue to need to tally those
expenses to determine whether they
itemize or not. Thus, the simplicity achieved
here is one of outcome, not necessarily of
process and administration.
The Ways and Means Committee
summary indicates that these changes
would reduce the number of taxpayers who
itemize their returns, and who receive a
direct tax benefit from homeownership or
charitable giving, from 30 percent of all tax
returns to approximately 5 percent. This is
a significant step back from our current
system which provides direct policy support
for goals such as homeownership. It is
worth recalling that numerous academic
studies demonstrate a rich set of social and
private benefits from homeownership.
Now some may argue that the increased
standard deduction provides the same tax
benefit as the current system for those who
currently itemize. However, another change
in the plan rules out this possibility. Under
the draft plan, all personal exemptions are
repealed. For present law, taxpayers in
2014 can claim a deduction in the amount
of $3,950 per qualified family or household
member. The increase in the standard
deduction would help offset this change,
along with a $500 increase in the child tax
credit.
In contrast, under the proposed draft, the
expanded standard deduction would stand
in for a number of permissible adjustments
under present law: the present law
standard deduction, the present law
personal exemptions, and certain itemized
deductions like the mortgage interest
deduction. However, the standard
deduction simply does not increase enough
to make up for all of these current tax rules.
Here are a few numbers to illustrate.
Suppose a married couple with three
children: Under present law, in 2014 the
couple could claim a standard deduction of
$12,400. They would also be allowed
$19,750 in personal exemptions, raising
their household deductions to $32,150 if
they do not itemize. Finally, they would be
able to claim three child tax credits in the
amount of $3,000 total.

Under the new proposal, their standard

deduction would increase from $12,400 to
$22,000, but that benefit is completely
offset by the loss of the personal
exemptions. The approximate $10,150 loss
in deductions is partially reduced by having
the child credit total increase from $3,000 to
$4,500 under the proposal. Assuming a 25
percent tax rate, this boost in the child
credit is equivalent to gaining another
$6,000 in non-schedule A deductions,
leaving the taxpayer with about $4,000 less
in deductions, even before accounting for
potentially lost Schedule A items due to not
itemizing.
Thus, there is no ability for the increased
standard deduction to make up for the loss
of the charitable and mortgage interest
deductions for those taxpayers who itemize
under present law but who would not under
the proposed reform. This example
suggests that under this kind of revenue
neutral tax reform, taxpayers who claim the
mortgage interest deduction and the
charitable giving deduction would likely find
their taxes to be higher.
It is important to analyze any plan in its

entirety, and the lower marginal rates of 10

percent and 25 percent offer a tax benefit to
compensate for the broader tax base. But
whether an individual family wins because
of lower rates or loses because of changes
to deductions depends a lot on family size
and where you live.
Pro-growth tax reform that rewards
investment, including housing, is clearly an
important goal for the future. And the Ways
and Means draft offers an important starting
point that reflects a lot of work and difficult
tradeoffs. But breaking the explicit link
between tax policy and homeownership is
the wrong path as the housing recovery
continues.
Robert D. Dietz is an economist with the
National Association of Home Builders.
Previously an economist with the
Congressional Joint Committee on Taxation,
Robert writes on housing and policy issues
at NAHB's Eye on Housing blog
and@dietz_econon Twitter.

TM

of Texas

2014 Issue 3

13

Builders Outlook

www.elpasobuilders.com
www.epbuilders.org

Membership News
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14

Builders Outlook

2014 issue 2

Associates Council

Sam Shallenberger
Western Wholesale Supply

ome
Your New H eva

Su Casa Nu
e
e best tim
NOW is th
new
to buy your so!
Pa
El
in
home

el
Ahora es
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eva
nu
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ca
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en El Paso

Hi everyone the year is in fast gear

and we are moving quickly. I hope most
of you got to visit the Home Show. It
was great. The crowds were just
unbelievable. I think it is because our
good friends from Rassette Homes did
such a great job building a magnificent
home that showed great. I know Joe
was stressed and tired but he hung in
there and the final result was over the
top.

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Well I am happy to report the great

Golf promotion team of the good
lookingguys Ray and Sam did it again.
Everything is sold out for April 16th and
I do mean everything. I think everyone
who is participating will be surprised by
the facilities and the course. It is our
goal to keep making this tournament
fun. It is not really about the golf it is
about the comradery that this event
generates. Ray and I want to thank

everyone who participated and look

forward to the best weather day of the
year.
More information will be coming soon
on a possible Parade of Homes, as well
as the summer outings well get going.
Stay tuned, theres a lot of things
happening at the association. Dont
forget to bring your new member in, two
for the board. Lets grow this place.

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Builders

utlook

www.elpasobuilders.com
www.epbuilders.org
6046 Surety Dr. El Paso, TX 79905
915-778-5387 Fax: 915-772-3038
execuTive oFFicerS
FrankTorres President
GMF Custom Homes
edgar montiel vice President
Palo Verde Homes
carlos villalobos Secretary Treasurer
Palo Verde Homes
Sam Shallenberger Associates chair
Western Wholesale
edmundo Dena - immediate Past President
Accent Homes
ray Adauto executive vice President
El Paso Association of Builders
Jay Kerr -Attorney of record

couNciL/commiTTeecHAirS
Associates council
Sam Shallenberger
Build PAc
Randy Bowling
Desert Green Building council
Javier Ruiz
Land use council
Sal Masoud
Young Designer Award
John Chaney
remodelers council
Rudy Guel
membership retention
Mike Santamaria, Greg Bowling
Finance committee
Carlos Villalobos
Womens council
Lorraine Huit
ADviSorYToTHeBoArD
J. Crawford Kerr, Attorney, Firth, Johnston
& Martinez
BoArDoFDirecTorS
Beverly Clevenger, Automated Division 6 Builders, Inc.
Leti Navarette, Custom Dream Homes
Kathy Parry, Hunt Communities
Edgar Garcia, Bella Vista Custom Homes, Inc..
Bud Foster, Southwest Land Development Services
Juanita Garcia, ICON Custom Home Builder, LLC
Walter Lujan, DAWCO Home Builders
Joey Najera, Joseph Custom Homes
Rigo Mendez, Mission Homes
Nick Bombach, Casas de Leon, LLC
Lydia Mhouli, Crown Heritage Homes
JJ Vasquez, Pacifica Homes
Dan Ruth, Millenium Homes
Ken Wade, El Paso Building Materials
Ruben Orquiz, MTI Ready Mix
Kathy Carrillo, Pioneer Bank El Paso
Henry Tinajero, WestStar Bank
Chuck Gabriel, Carpets West
Ted Escobedo, Snappy Publishing
John Chaney, Passage Supply
Joe Bernal, Employee Benefits of El Paso
Linda Troncoso, TRE & Associates
Orlando Rodriguez, Mass Media Advertising, Inc.
Bret Thompson, Foxworth Galbraith Lumber
Chris Worm, City Bank Texas
Sal Masoud, Del Rio Engineering

TABSTATe DirecTorS
Randy Bowling
Greg Bowling

NATioNAL DirecTorS
Bobby Bowling IV.
Demetrio Jimenez
NATioNAL ASSociATioN oF
Home BuiLDerS
(800) 368-5242

TexAS ASSociATioN oF
BuiLDerS
(800)252-3625

2013 Builder member of The Year

Edmundo Dena
Accent Homes
2013 Pat cox Award
Sam Shallenberger
Western Wholesale Supply
2013 Associate of The Year
WestStar Bank
Larry Patton, Burt Blacksher
and Henry Tinajero

Honorary Life members

Wayne Grinnell
Don Henderson
Chester Lovelady
Cliff C. Anthes
Anna Gill
Brad Roe
Rudy Guel
E H Baeza
Past Presidents
committed to Serve
Greg Bowling
Kelly Sorenson
Mark Dyer
Mike Santamaria
John Cullers
Randy Bowling
Doug Schwartz
Robert Baeza

Bobby Bowling, IV
Rudy Guel
Anna Gil
Bradley Roe
Bob Bowling, III
E. H. Baeza
Hershel Stringfield
Pat Woods

ePAB mission Statement:

The El Paso Association of Builders is a
federated professional organization representing
the home building industry, committed to
enhancing the quality of life in our community by
providing affordable homes of excellence and
value.
The El Paso Association of Builders is a
501C(6) trade organization.
2014 Builders Outlook
is published and distributed for the
El Paso Association of Builders
by Ted Escobedo, Snappy Publishing
ted@snappypublishing.com
El Paso Texas 79912 915-820-2800