WASHINGTON, D.C. (San Antonio Express-News) – Federal and state officials yesterday announced a $25 billion foreclosure settlement with five of the nation's largest mortgage lenders. Of that, $428 million will come to Texas. But will it be enough to help?

Of Texas' share, $141 million will go into the state's treasury, while the remaining $287 million will go toward restructuring mortgage loans and to some borrowers whose homes were foreclosed.

But only 2 percent of mortgage holders in Texas may qualify, and they'll probably receive less than $2,000 each. On top of that, the process could take as long as three years.

Real Estate Center Research Economist Dr. Jim Gaines said it looks like the benefit to Texans will be small.

"Of the 3.6 million mortgage loans in Texas, we're going to maybe — maybe — help 85,000 of them," he said.

The five lenders involved in the settlement were Ally Financial, Bank of America, Citigroup, JPMorgan Chase and Wells Fargo.

AUSTIN (Austin American-Statesman) – The state comptroller's estimate of statewide property values showed an increase from $1.67 trillion in 2010 to $1.69 trillion in 2011 — a 1.3 percent difference.

According to the Austin American-Statesman, state budget writers had expected property values to drop 1 percent last year.

Property values affect how much funding schools receive, and although Joe Wisnoski of Moak Casey & Associates, a school financing consulting firm, said the increase will likely make "very, very little difference in the bottom line of school districts," others say it could still be a positive sign for Texas.

"We're certainly above the trend line across the board, but it's still early," said Dale Craymer, president of the business-backed Texas Taxpayers and Research Association. "If current trends hold, we will be in relatively good shape."

COLLEGE STATION (Real Estate Center) – There's been little new apartment construction in Texas during the past couple of years, but with units steadily filling, rents rising and apartment construction financing loosening up, the stage is being set for that to change.

On this week's Real Estate Red Zone podcast, Real Estate Center Research Economist Dr. Harold Hunt talks about how apartments are faring around the state.

Hunt said markets like Odessa, Midland, Corpus Christi and Victoria are benefitting from oil and gas drilling, while the major metros are favored by people in their 20s and 30s looking for Class-A rentals.

How long will these trends continue? Tune in to this week's Red Zone and find out.

You can listen to the free podcast from your computer by going to recenter.tamu.edu/podcast and clicking the “play” button beneath each episode. To subscribe, click on the RSS feed found on the podcast page. You can also subscribe through iTunes and download each episode to your iPod.

COLLEGE STATION (Texas A&M University) – In what is being called a "major expansion" for Texas A&M University's College of Veterinary Medicine & Biomedical Sciences, the A&M System Board of Regents has approved the addition of a $120 million classroom building and the expansion of the college's small animal hospital.

"At this point, the building will be one of the largest construction projects in the history of the university, which speaks volumes about the importance veterinary medicine plays in our state's economy, as well as in our daily lives," said Texas A&M President R. Bowen Loftin.

Site visits from the American Veterinary Medical Association Council on Education and Texas A&M administrators noted the need for improvements in the college's teaching facilities, especially to keep pace with the dynamic growth in the veterinary profession.

The $120 million needed for completion of both facilities will be funded solely from the Permanent University Fund, which was established in the Texas Constitution of 1876 as a public endowment contributing to the support of the institutions of the Texas A&M and University of Texas Systems.

HOUSTON (Houston Chronicle) – Real Estate Alert reports that an Invesco Real Estate partnership will pay about $340 million for 1000 Main, an 837,000-sf downtown office tower.

The 36-story building, previously known as Reliant Energy Plaza, opened in 2003. It is owned by German fund operator KanAm.

Tenants include Shell Oil Co., which leases about 300,000 sf.

AUSTIN (Holliday Fenoglio Fowler, Austin American-Statesman) – DivcoWest Real Estate Investments has paid $53 million for two adjacent Class-A office buildings totaling about 261,240 sf. The purchase gives the San Francisco-based firm more than 700,000 sf in the Austin market.

Remodeled in 2007, Prominent Pointe I has 153,312 sf. The 107,931-sf Prominent Pointe II was built in 2008. The properties are at 8310 Capital of Texas Hwy. They have a combined occupancy of 90.6 percent.

Aquila Commercial brokered the sale. Holliday Fenoglio Fowler arranged $33 million in acquisition financing. The seller was Aspen Properties Inc.

AUSTIN (Marcus & Millichap) – A Texas-based partnership has purchased a 422-unit apartment portfolio. All three properties are in Austin.

The 132-unit Quail Run is at 1200 Mearns Meadow Blvd. The 32-year-old, 130-unit Gateways is at 1804 West Rundberg Lane. Woodmark, a 160-unit complex, is at 1735 Rutland Dr. just north of US 183 and west of I-35.

Marcus & Millichap’s Austin office marketed the property.

AUSTIN (Austin American-Statesman) – University Federal Credit Union has purchased the 246,000 sf 8303 MoPac office building at MoPac Blvd. and Steck Ave. The building will serve as the institution’s new headquarters.

The company has 425 employees, and 250 of those will occupy about 100,000 sf of the building beginning in 2013. The remaining space will be leased out. The building is currently 94 percent leased.

Austin-based Aquila Commercial brokered the sale. The seller was Aspen Properties.