REALESTATE

The average cost per sq. ft. for an EXISTING home, three-bedroom:  High $50; Medium $40; low $25.  The average cost per sq. ft. for a NEW home, three-bedroom:  High $75; Medium $65; low $55.  The typical lot size is 80 x 120 sq. ft. and the typical lot cost is $10,000.

Texas has a strong Homestead Law that protects homeowners from foreclosure on their primary residence for minor debts. A major recent revision in the law permits home equity loans against a homestead, but only on the equity above 20 percent held in the property. Most taxing authorities offer a small property tax break to owners who file a homestead exemption with the County Tax Assessor's office between January 1 and May 1.