Senate Finance Committee Approves Budget

A two-year state budget that accepts federal stimulus money but hoards cash reserves was approved by Senate budget writers today. The Senate Finance Committee’s budget would protect the state’s “rainy day fund,” so that 2 ½ -year old school property tax cuts won’t vanish after 2011. The panel sent the budget, which could total $177 billion, to the full Senate. The vote was 14-0. More

Texas Republican Pushes for Delay in Voter ID Requirements

Seeking compromise where none had seemed possible, a top Republican leader in the Texas House is pushing for a delay of up to four years before new voter identification requirements are enacted, giving the state time to educate the public and conduct a massive voter registration campaign. More

Opinion: Follow the Money to the TRCC

As always, you can follow the money behind efforts to promote the builder-friendly Texas Residential Construction Commission. As always, most of the money leads back to the largest individual donor in recent state history. The commission is supposed to help homeowners by resolving disputes with builders without expensive lawsuits. But it hasn’t worked that way, according to critics. More

Homebuilder Layoffs: 156 in Houston, 63 in Austin

Homebuilder TOUSA Inc. is preparing to lay off 156 people in the Houston area from its Newmark Homes brand, according to the Texas Workforce Commission. The staff reduction is part of a larger set of cuts of 282 Texas employees by the Hollywood, Fla. builder, which also notified the TWC that it would be laying off 63 Newmark Homes employees in Austin. More

Report: Texas Tech Sector Not Too Shabby

Texas’ technology industry hasn’t been hit as hard as the total private-sector nationally, according to a new report. The number of tech jobs in the Lone Star State declined 0.6 percent during fourth-quarter 2008 compared with 1.3 percent for the national private-sector. Texas lost 38,000 tech jobs during the three-month period, trade association TechAmerica reported. The decline came one year after Texas’ tech job growth (14,700) was the largest in the United States. The number of tech workers in Texas ranks the state No. 2 in the nation following California, the report shows. More

Highlights from the Texas Legislature

The Senate Finance Committee gave unanimous approval Monday to a two-year, $182 billion state budget that includes $11 billion in federal stimulus money. Also discussed: Federal unemployment funds, sobriety checkpoints, Indian casinos. More

State Farm Tells Texas Regulator Some Customers Undercharged

State Farm Insurance, facing state allegations that it overcharged customers by hundreds of millions of dollars, raised the possibility Monday that some customers weren't charged enough for their policies. State Farm attorneys, who vigorously denied the charges of excessive rates in a hearing before state Insurance Commissioner Mike Geeslin, also contended that the company was not required to show "clear and convincing evidence" that its rates were fair. More

Century 21 Poll Finds Market Tempting First Time Buyers

The lowest mortgage rates in decades and new government tax credits are tempting more first-time buyers, a new poll shows. More than three-fourths of the people in a poll commissioned by Century 21 Real Estate LLC said they think it's a good time to buy a home – even with all the economic problems. More

Home Prices Fall by Sharpest Rate on Record

A widely watched index shows American home prices dropped by the sharpest annual rate on record in January. The Standard & Poor's/Case-Shiller 20-city housing index released Tuesday tumbled by a record 19 percent from January 2008. It was the largest decline since the index started in 2000. The 10-city index dropped 19.4 percent, also a new record. More