Fed cuts rates by a quarter-point, may be set to pause

"The Federal Reserve cut its key interest rate by a quarter percentage point Wednesday, but the central bank's statement signaled it may be the last rate cut for at least a while.

The cut took the federal funds rate, the key overnight rate at which banks loan money to one another, to 2%. It had been at 5.25% as recently as September, when the Fed started slashing rates in an effort to spur the economy and keep the nation out of recession."

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Fed cuts rates by a quarter-point, may be set to pause

Surprise council OKs study to help recruit employers

"The Surprise Economic Development Department won approval from the City Council last week to use $50,000 of its budget to conduct a study of the city's workforce.

Council members Joe Johnson and Richard Alton voted against the action, expressing concerns that the department's proposal was too vague, did not define the scope and failed to explore outside funding options."

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Surprise council OKs study to help recruit employers

No brakes on housing prices

"Home prices have posted another record decline, as most of the nation's largest markets suffered double-digit drops over last year, a survey released Tuesday shows.

The S&P Case/Shiller Home Price Index, which tracks 20 of the largest housing markets, showed prices plummeting by 12.7% in the 12 months ending February. That's the biggest fall since the index began tracking prices in 2000.

Of those 20 metro areas, 17 posted their largest year-over-year declines ever. Ten of the 20 cities posted double-digit dips."

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No brakes on housing prices

Number of Active & Sold Listings in the Phoenix-Metro Area (4/27/2008)

I will be posting the number of active listings in ARMLS (Arizona Regional Multiple Listing System) covering the Phoenix-Metro Area each week. Check back each week to see the updated numbers:

Total Active Listings - 55,607 (-78)

Single Family Detached - 45,504 (-102)
Patio homes - 946
Townhouses - 3,890
Apartment Style - 3,064
Gemini/Twin Homes - 387
Manufactured/Mobile Housing - 1,516
Modular/Pre-fab - 34
Loft Style - 266

Total Sold Listings (2008) - 14,134 (+1,115)

Single Family Detached - 11,864 (+914)
Patio homes - 282
Townhouses - 864
Apartment Style - 659
Gemini/Twin Homes - 108
Manufactured/Mobile Housing - 338
Modular/Pre-fab - 2
Loft Style - 16

Home builders see a recovery in 2009

"The damaged housing and home construction markets will continue to take a beating at least through the end of the year, according to economists who spoke Thursday at a forecast conference sponsored by the National Association of Home Builders.

The economists said the deterioration of the housing market helped the U.S. economy slip into a recession that will continue through June. They said high oil prices will continue to hamper consumer spending, and the ongoing credit crisis will make home financing difficult, stalling a housing recovery until at least 2009."

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Home builders see a recovery in 2009

30-year mortgage rates top 6 percent

"Rates on 30-year mortgages topped 6 percent for the first time in six weeks as financial markets grew more worried about rising inflation pressures.

Freddie Mac, the mortgage company, reported Thursday that 30-year fixed-rate mortgages averaged 6.03 percent this week after three straight weeks at 5.88 percent. Rates on 30-year mortgages were last above 6 percent the week of March 16 when they averaged 6.13 percent."

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30-year mortgage rates top 6 percent

Mortgage application volume falls, MBA says

"Mortgage application volume fell 14.2% during the week ending April 18, according to the Mortgage Bankers Association's weekly application survey.

The MBA's application index fell to 637.6 from 743.4 the previous week.

Refinance volume fell 20.2%, while purchase volume declined 6.4%. Refinance applications accounted for 49.2% of total applications compared with 53.5% a week earlier."

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Mortgage application volume falls, MBA says

Housing permits signal market trend?

"Home-building permits in metro Phoenix were flat again in March as the housing market continued to search for a bottom.

Last month, 1,278 new-home permits were issued Valley-wide, RL Brown's Phoenix Housing Market Letter reports. That compares with 1,297 building permits in February and 1,370 in January."

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Housing permits signal market trend?

Fed to auction $75B to ease credit woes

"The Federal Reserve announced Wednesday it will auction an additional $75 billion in super-safe Treasury securities to big investment firms, part of an ongoing effort to help strained credit markets.

The auction - the fifth of its kind - will be held Thursday.

In exchange for the 28-day loan of Treasury securities, bidding firms can put up more risky investments, including certain shunned mortgage-backed securities, as collateral."

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Fed to auction $75B to ease credit woes

Second marina to open May 1 at Lake Pleasant

"The second marina at Lake Pleasant, Scorpion Bay Marina and Yacht Club, finally is to become reality May 1 after a series of bruising legal battles delayed construction.

Multiple marinas are common at many other lakes but this will be a new experience for Valley boaters, said Dennis Gorney, one of the developers."

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Second marina to open May 1 at Lake Pleasant

Existing home sales decline

"Sales of existing homes fell in March as a severe slump in housing showed no signs of abating. The median price of a home fell compared with the price a year ago.

The National Association of Realtors said sales of existing single-family homes and condominiums dropped by 2 percent in March to a seasonally adjusted annual rate of 4.93 million units.

The median price of a home sold last month was $200,700, a decline of 7.7 percent from the median price a year ago. That was the second-biggest year-over-year price decline following a record 8.4 percent drop in February. The records go back to 1999."

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Existing home sales decline

March foreclosures rise 57%

"Foreclosure filings jumped 57% in March compared with the same month last year and rose 5% versus February, as the nation's housing market continues to deteriorate.

RealtyTrac, an online marketer of foreclosure properties, said Tuesday that 234,685 homes were hit with foreclosure filings last month, which include default notices, auction sale notices and bank repossessions. Of those, 51,393 homes were lost to foreclosure - a 10% increase over the number of homes lost in February."

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March foreclosures rise 57%

Report: No help yet for most subprime borrowers

"Seven out of 10 seriously delinquent subprime mortgage borrowers are still not getting the help they need to keep their homes.

That's according to a report released Tuesday by the State Foreclosure Prevention Working Group, a coalition formed by eleven state attorneys general and the Conference of Bank Supervisors in the summer of 2007 to work with loan servicers to prevent unnecessary foreclosures."

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Report: No help yet for most subprime borrowers

More homeowners mailing keys to lenders instead of payments

"Instead of mailing in their monthly mortgage payment, a growing number of homeowners are sending lenders their keys.

As housing prices fall and rates on some mortgage loans rise, more homeowners are walking away from their homes, according to housing-market watchers."

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More homeowners mailing keys to lenders instead of payments

Number of Active & Sold Listings in the Phoenix-Metro Area (4/20/2008)

I will be posting the number of active listings in ARMLS (Arizona Regional Multiple Listing System) covering the Phoenix-Metro Area each week. Check back each week to see the updated numbers:

Total Active Listings - 55,685 (-222)

Single Family Detached - 45,606 (-241)
Patio homes - 938
Townhouses - 3,907
Apartment Style - 3,032
Gemini/Twin Homes - 392
Manufactured/Mobile Housing - 1,509
Modular/Pre-fab - 34
Loft Style - 267

Total Sold Listings (2008) - 13,019 (+1,069)

Single Family Detached - 10,916 (+905)
Patio homes - 262
Townhouses - 803
Apartment Style - 607
Gemini/Twin Homes - 99
Manufactured/Mobile Housing - 314
Modular/Pre-fab - 2
Loft Style - 16

New home construction declines in March to 17-year low

"Initial construction of U.S. homes fell to a 17-year low in March, a much steeper-than-expected drop, according to a government report released Wednesday.

Privately owned housing starts fell to a seasonally adjusted 947,000 annual rate in March, according to the Commerce Department. The rate was down 11.9% from February's revised reading of 1.07 million and 36% lower than March of 2007."

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New home construction declines in March to 17-year low

Local solar power firm gets $100M investment

"A Phoenix-based solar power developer has received a $100 million investment from an Irish company to build two huge plants in Southern California.

Stirling Energy Systems Inc. said Thursday the funding from NTR PLC would pay for all pre-construction costs for plants in the Imperial Valley and Mojave Desert. NTR will take a controlling interest in Stirling."

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Local solar power firm gets $100M investment

Ariz. economy reaped $500 mil from Super Bowl

"A new report indicates the Feb. 3 Super Bowl brought an economic jolt of more than a half-billion dollars to Arizona.

A study released today by the Arizona Super Bowl Host Committee estimates professional football's championship game at University of Phoenix Stadium in Glendale generated an economic impact of $500.6 million for the state."

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Ariz. economy reaped $500 mil from Super Bowl

FBI sees surge in mortgage fraud investigations

"FBI Director Robert Mueller on Wednesday described a 'tremendous surge' in mortgage fraud investigations that he said has diverted agents from other cases and is expected to keep growing.

At a Senate hearing, Mueller said the FBI is investigating an estimated 1,300 mortgage fraud cases - including 19 into sub-prime lending practices by U.S. financial institutions.

That's up from three months ago, when FBI officials said they were investigating 14 companies for possible fraud or insider trading violations in connection with loans made to risky borrowers, and investments spun off of those loans."

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FBI sees surge in mortgage fraud investigations

Fannie warns homeowners who walk away

"The country's two largest sources of mortgage money have a blunt warning for anyone thinking about joining the growing 'walkaway' trend, where homeowners stop making payments and months later send the house keys back to their lender: You will feel the pain.

On March 31, Fannie Mae sent out new guidelines to lenders intended for walkaways and other foreclosure situations. Fannie will now prohibit foreclosed borrowers from getting another mortgage through the giant investor for five years, unless there are 'documented extenuating circumstances.' In those cases, the mortgage prohibition is for three years.

Even after five years, borrowers with foreclosures in their files will be required to make at least a 10 percent down payment, and will need minimum FICO credit scores of 680."

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Fannie warns homeowners who walk away

Mixed-use development plan advances at Tempe Town Lake

"Scottsdale-based Wolff Co. is moving forward on a mixed-use project at Tempe Town Lake that eventually could house 3.6 million square feet of residential, office, retail and hotel space.

But South Bank's buildings won't arrive for several years. Wolff began street and utility work on the 27 acre site between Rural Road and McClintock Drive south of the lake in February. Actual construction will likely start in early 2009 and take place over eight years, spokesman Nick Quan said."

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Mixed-use development plan advances at Tempe Town Lake

Phoenix starts to buy up land surrounding Sky Harbor Airport

"Arizona's largest airport is on a multimillion-dollar real-estate shopping spree.

Through two programs, Phoenix is buying hundreds of properties in neighborhoods near Phoenix Sky Harbor International Airport.

On the west side of the airport, Phoenix is relocating families who are tired of sometimes-deafening aircraft noise. On the north end, the city is buying property so that the nation's eighth-busiest airport can grow in the future."

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Phoenix starts to buy up land surrounding Sky Harbor Airport

Number of Active & Sold Listings in the Phoenix-Metro Area (4/13/2008)

I will be posting the number of active listings in ARMLS (Arizona Regional Multiple Listing System) covering the Phoenix-Metro Area each week. Check back each week to see the updated numbers:

Total Active Listings - 55,907 (+171)

Single Family Detached - 45,847 (+111)
Patio homes - 947
Townhouses - 3,893
Apartment Style - 3,040
Gemini/Twin Homes - 401
Manufactured/Mobile Housing - 1,487
Modular/Pre-fab - 35
Loft Style - 256

Total Sold Listings (2008) - 11,950 (+736)

Single Family Detached - 10,011 (+638)
Patio homes - 248
Townhouses - 732
Apartment Style - 564
Gemini/Twin Homes - 92
Manufactured/Mobile Housing - 286
Modular/Pre-fab - 2
Loft Style - 15

Valley Freeway Closures & Restrictions

Here is a great link to the Arizona Department of Transportation (ADOT) up-to-date Freeway Closure & Restriction list:

http://www.azdot.gov/ValleyFreeways/

NASCAR weekend at PIR in Avondale

"When the flag drops at 5:30 p.m. Saturday to start the Subway Fresh Fit 500, spectators will see a noticeable difference."

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NASCAR weekend at PIR in Avondale

Senate passes bipartisan foreclosure bill

"The Senate on Thursday passed a bipartisan package of tax breaks and other steps designed to help businesses and homeowners weather the housing crisis.

The measure passed by an impressive 84-12 vote, but even supporters of it acknowledge it's tilted too much in favor of businesses like homebuilders and does little to help borrowers at risk of losing their homes."

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Senate passes bipartisan foreclosure bill

Torre dubs Surprise facilities impressive

"It did not take long for one of professional baseball's icons to appreciate Surprise's spring training facilities.

Following the Dodgers' first-ever visit to Surprise Stadium for a game with the Royals late last month, Los Angeles manager Joe Torre surveyed the grounds, locker room, adjacent practice fields and the stadium, smiled, and said, 'Impressive, really impressive.'"

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Torre dubs Surprise facilities impressive

Theater Works unveils 2008-09 lineup

"Theater Works has announced the lineup of its 2008-09 season at the Peoria Center for the Performing Arts.

Productions will fall into four categories: large showcase productions, edgier Black Box shows, co-presentations with Algonquin Theater and two youth productions."

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Theater Works unveils 2008-09 lineup

Council backs Bidwill project

"The Bidwill family's first private development, which received approval from the Glendale City Council this week, is a study in contrasts.

In a city that has matured from rural to suburban, plans for the mixed-use project are unapologetically urban, the highest density undertaking in the city's history and among the highest in the Valley."

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Council backs Bidwill project

'True West' feel fuels resort's success

"A 'True West' flavor has brought success to the 3-year-old Cibola Vista Resort and Spa in north Peoria, which has completed its second phase of construction by adding such new features as a lagoon pool, additional rooms, a cactus garden, tennis court and 'Western town.'

Developer Neil Cumsky said time-share buyers and hotel guests have embraced his vision of re-creating the kind of resort that characterized Arizona in the early 1960s.

'We're a throwback . . . to a real, true Arizona vacation experience,' he says."

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'True West' feel fuels resort's success

Price tag for new ballpark goes up

"Glendale has gained money for its spring training ballpark, but it must return some funds related to the deal.

The city will get an additional $6 million from the Arizona Sports and Tourism Authority.

Meanwhile, the city must return, with interest, a $2.4 million state grant received 10 years ago and used to buy the Camelback Ranch property that is now being used for the ballpark for the Los Angeles Dodgers and Chicago White Sox."

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Price tag for new ballpark goes up

Foreclosure prevention funds: Well spent?

"Housing counselors are often the last and best line of defense for borrowers facing foreclosure, and the $15 billion housing rescue bill now before the Senate allocates $100 million for foreclosure prevention counseling.

More funding is certainly good news for people like Jim Carr, chief operating officer for the National Community Reinvestment Coalition, a non-profit neighborhood advocacy group. He'll use any windfall from this bill to hire more counselors who can hammer out solutions for desperate homeowners and lenders trying to minimize their losses."

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Foreclosure prevention funds: Well spent?

Goodyear OKs deal to host Reds spring training

"Goodyear closed a deal Monday that will bring the Cincinnati Reds' spring training to Arizona in 2010.

The City Council agreed, 6-0, to pay $33 million to build the team's clubhouse and practice fields."

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Goodyear OKs deal to host Reds spring training

Realtors: Pending home sales at record low in February

"An index of homes under contract for sale fell more than expected in February, reaching the lowest level since the index's 2001 debut, according to a report released Tuesday.

The National Association of Realtors' (NAR) Pending Home Sales Index fell to 84.6 in February, down 1.9% from a revised reading of 86.2 in January and down 21.4% versus the same period last year."

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Realtors: Pending home sales at record low in February

Some remodeling doesn't benefit seller

"If you're trying to sell your house, you'll probably need to grab a paintbrush - or at least a phone to call a contractor. But as you fix up the place, keep a close eye on costs, as major remodeling projects rarely add to a seller's bottom line.

Even a minor, midrange kitchen-remodeling project would cost $20,634 in the Phoenix area, and a major 'upscale' kitchen upgrade would run $107,346, according to Remodeling magazine's 2007 'Cost vs. Value' report. That report seeks to estimate the costs of common remodeling projects and how much of the investment will be recouped at resale."

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Some remodeling doesn't benefit seller

Surprise wants chance to claim share of trust land

"Managing 9.3 million acres of state trust land is one of the biggest challenges facing Arizona, and Surprise is poised to capture more than 73,000 of those acres, according to local government and business leaders who attended a meeting in El Mirage on Thursday.

The mayors, councilmen and top city officials from Surprise and El Mirage attended a meeting sponsored by Arizona Town Hall, the non-profit civic organization, to learn how the future use of nearby state trust lands might affect their communities. About one-third of Surprise's 300-square-mile general planning area is state trust land."

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Surprise wants chance to claim share of trust land

WaMu poised to get $5B in cash from TPG

"Washington Mutual Inc., the country's largest savings and loan, is close to landing a $5 billion cash infusion from private equity group TPG and other investors, a person familiar with the matter said Monday."

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WaMu poised to get $5B in cash from TPG

CNNMoney.com Market Report

"Stocks rallied Monday afternoon as talk that Washington Mutual may receive a $5 billion cash infusion encouraged investors looking for further signs that the worst could soon be behind the market."

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CNNMoney.com Market Report

Number of Active & Sold Listings in the Phoenix-Metro Area (4/6/2008)

I will be posting the number of active listings in ARMLS (Arizona Regional Multiple Listing System) covering the Phoenix-Metro Area each week. Check back each week to see the updated numbers:

Total Active Listings - 55,736 (-770)

Single Family Detached - 45,736 (-600)
Patio homes - 947
Townhouses - 3,860
Apartment Style - 3,025
Gemini/Twin Homes - 410
Manufactured/Mobile Housing - 1,481
Modular/Pre-fab - 33
Loft Style - 246

Total Sold Listings (2008) - 11,214 (+1,177)

Single Family Detached - 9,373 (+996)
Patio homes - 240
Townhouses - 695
Apartment Style - 535
Gemini/Twin Homes - 88
Manufactured/Mobile Housing - 271
Modular/Pre-fab - 2
Loft Style - 10

Residents near Waddell Road upset over widening

"A 5-foot-7 brick wall is the one barrier Jim Coking has between his $400,000-plus Marley Park home and six lanes of traffic zipping along Waddell Road beyond his back yard.

Coking and a handful of other Marley Park residents assert that their home builder, Element Homes, sold them premium home lots bordering Waddell Road in 2006 without disclosing that the thoroughfare would be widened the next year from two lanes of traffic in each direction to three."

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Residents near Waddell Road upset over widening

National acts enhance Glendale jazz fest

"After 25 years, the Glendale Jazz and Blues Festival keeps getting better. This year the festival, April 12-13 in downtown Glendale, features several top-flight national acts, from Bay Area bluesman Tommy Castro to revolutionary jazz guitarist Stanley Jordan."

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National acts enhance Glendale jazz fest

School, space center deal is worked out

"Peoria has agreed to step in as a middleman to facilitate a $753,000 land sale between the Challenger Space Center and the Peoria Unified School District.

The City Council voted, 7-0, this week to buy the 3.8-acre site from the school district and immediately turn around and sell it to Challenger."

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School, space center deal is worked out

Treasury says mortgage fraud reports up 42% in 2007

"Reports of suspected mortgage fraud rose 42% last year as banks became more leery of lies on loan applications.

The Treasury Department's Financial Crimes Enforcement Network said Thursday that there were 52,868 reports for mortgage fraud in 2007, up from 37,313 a year earlier. Mortgage fraud reports were the third-most common type of suspicious activity."

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Treasury says mortgage fraud reports up 42% in 2007

Valley Freeway Closures & Restrictions

Here is a great link to the Arizona Department of Transportation (ADOT) up-to-date Freeway Closure & Restriction list:

http://www.azdot.gov/ValleyFreeways/

Bell at Dysart among upcoming road restrictions

"The following restrictions and road closures will be in effect in the near future in the Northwest Valley."

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Bell at Dysart among upcoming road restrictions

Council OKs luxury apartments

"The Peoria City Council approved a 364-unit luxury apartment complex to be built on 17 acres at 83rd and Olive avenues.

The council voted 6-1 in favor of the developer's request for a minor amendment to the General Plan and a rezoning of the site. It approved 14 stipulations, including enhancing the development's entries."

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Council OKs luxury apartments

Glendale City Council considers cutting tax rate

"Homeowners might find some reprieve on property taxes as the Glendale City Council considers dropping the tax rate.

If the city maintains its current $1.62 property-tax rate, its budget for capital improvements will increase, based on past growth in the real-estate market."

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Glendale City Council considers cutting tax rate

Surprise ahead of schedule on Bell Road plans

"Surprise plans to push back the next phase of Bell Road reconstruction from this month to July in order to add more street improvements to the project, City Engineer Bob Maki said.

Additions will include signal improvements, new turn lanes and infrastructure for power lines. Packaging these projects in one bundle is the smart move, Maki said."

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Surprise ahead of schedule on Bell Road plans

Washington's housing fix taking shape

"Senate Democrats and Republicans, under election-year pressure to do more about the mortgage crisis, worked around the clock Wednesday to draft a bipartisan housing bill that has been fast-tracked for a debate and vote.

Some details on the agreement were released Wednesday evening, and the bill may go before the full Senate for discussion Thursday."

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Washington's housing fix taking shape

Bernanke says economy could shrink in first half of year

"Federal Reserve Chairman Ben Bernanke, in his most pessimistic and blunt assessment to date, said Wednesday that a 'recession is possible' for the U.S. economy.

Bernanke, speaking before a congressional committee, said he wasn't yet prepared to declare that the economy has fallen into a recession. Instead, he said that he believed the economy is still 'slightly growing at the moment.' But he added that he believed it is possible that the economy could shrink over the first half of this year."

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Bernanke says economy could shrink in first half of year

Mortgage bailout - What's next after Senate surprise

"The Senate, in a surprise move, has agreed to work out a bipartisan housing package that could come to the floor as soon as Wednesday.

Such deals - quickly brokered between Democratic and Republican leaders - will have to be the order of the day in both the Senate and the House if lawmakers hope to stem foreclosures this year."

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Mortgage bailout - What's next after Senate surprise

Lawsuit over home sale focuses on neighbor's odd behavior

"Do you have to disclose the fact that your neighbor is disruptive before selling your house?

That is the subject of a case working its way through Maricopa County Superior Court for the past year.

Glenn Melton thought he was buying the American dream for his daughter. What he got was a neighbor who launches into obscene tirades at any hour."

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Lawsuit over home sale focuses on neighbor's odd behavior