Last night’s fete was to pump up top agents to bring in the buyers. Hillwood brought in father-son team David and Britt Fair of Hexter-Fair Title Company — David L. Fair closed the Alliance deal for Ross Jr. — for a little state of the LOCAL real estate economy report.  June is when the fat lady sings in the real estate calendar. MLS dollar volume in June, 2007, the greatest year in history for Dallas real estate sales, topped $1.9 billion. June, 2008 topped $1.5 billion. Debbie Downer: April 2009 was about $950,000,000. There is no doubt buyers are seeking the very best purchase prices out there, and the biggest anchors keeping us from taking flight are consumer fears of job loss or loss of home value, and in-migrants who want to buy in North Texas but haven’t sold elsewhere.

And, of course, the banks. 

Mr. Perot stepped up to tell us that 14% of the folks moving out of California are moving to Texas. In the Lone Star State, we just don’t understand how bad it is elsewhere — companies love our low taxes, business-friendly ‘tudes, and lower costs of living. Texas is the 11th largest economy in the world. Perot spoke with Governor Rick Perry recently who told him 18 major companies want to relocate to Texas. North texas is where it’s happening. Overheard: one major company is currently circling us, the CEO hunting for a mega million dollar pad –at least $40m.

But what about lending? We all know rich people have the funds to jet in and buy castles, and the Obama Stim Plan has helped first-time home buyers jump into the market, those being the two major areas of activity currently. What about the bread and butter buyers from $500,000 to $2 million? The folks who have handsome equity but need a mortgage? What about the non-recourse loans coming down the pike that threaten to do in the commercial market? Here’s what Mr. Perot said: “If I had a long-time, good customer who paid his loans on time, I’d take him to lunch, slap him on the back and say see ya’ next year.” That’s not currently happening in the banking world, he says. Banks are wasting huge amounts of time, burning manpower, trying to get re-margins. What that shows me, he said, is that the regulators are calling the shots. Bankers have told him the FDIC is understaffed and loaded with young, inexperienced regulators who are making them jump through ridiculous hoops which are actually costing taxpayers billions of dollars, almost a re-play of the 1980′s when hyper-aggressive, over-regulating banking regulators wiped out Texas banks.

There will be some pain, he said, especially in commercial, until the regulators loosen up so sensible lending can grease the wheels. Meantime buyers will have to pony up more equity. Residential looks a lot brighter than commercial, which means these are the days when folks in business have to really work with their customers and take care of their clients.