On the path to a housing rebound

"The news that housing starts have fallen to their lowest level in 17 years sounds like one more reason to be depressed about the shrinking value of your home. In fact, it's an almost certain sign that the path to a housing recovery is finally in sight.

If prices are going to stabilize, let alone rebound, the United States needs to produce far more first-time home buyers than new houses. That's the only way to tame the glut of 'For Sale' signs dotting front yards from the Inland Empire of California to the Gold Coast of Florida."

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On the path to a housing rebound

30-year mortgage rises to 6.45%

"Rates on 30-year mortgages rose again this week, climbing to the highest level in more than nine months, reflecting more concerns about how the Federal Reserve will respond to higher inflation pressures.

Freddie Mac, the mortgage company, reported Thursday that 30-year fixed-rate mortgages averaged 6.45 percent this week. That was up from 6.42 percent last week.

It was the highest level for 30-year mortgages since they averaged 6.46 percent for the week of Sept. 9. It marked the fifth consecutive weekly increase and the fifth week that they have been above 6 percent."

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30-year mortgage rises to 6.45%

Number of Active & Sold Listings in the Phoenix-Metro Area (6/29/2008)

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 - 53,178 (+288)

Single Family Detached - 43,552 (+229)
Patio homes - 878
Townhouses - 3,651
Apartment Style - 2,954
Gemini/Twin Homes - 361
Manufactured/Mobile Housing - 1,480
Modular/Pre-fab - 39
Loft Style - 263

Total Sold Listings (2008) - 25,927 (+1,522)

Single Family Detached - 22,127 (+1,355)
Patio homes - 452
Townhouses - 1,502
Apartment Style - 1,113
Gemini/Twin Homes - 183
Manufactured/Mobile Housing - 510
Modular/Pre-fab - 7
Loft Style - 33

Worried residents attend road-closure meeting

"More than two dozen worried people showed up Wednesday for a two-hour meeting in Surprise to discuss the possible closure of part of a north Peoria-area roadway.

Sandy Edwards, 47, who lives near 115th Avenue and Jomax Road, said she is concerned how the proposal may affect efforts to sell her home."

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Worried residents attend road-closure meeting

Property-tax rate trimmed; water, sewer hiked

"Glendale didn't reduce its property tax by as much as neighboring Peoria, but it did take a 2 1/2 cent bite out of it.

Earlier this month, Peoria reduced its property tax by 5 cents.

The Glendale council approved the property tax rate on Tuesday, along with the 2008-09 budget."

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Property-tax rate trimmed; water, sewer hiked

Residents eager for Grand Ave. upgrades

"Peoria residents voiced concerns and asked questions regarding suggested improvements to Grand Avenue at an Arizona Department of Transportation open house this week.

Suggested improvements to the 3 1/4 -mile stretch of road include new streetlights, landscaping in medians, decorative wall fencing along the railroad side and additional right-turn lanes for better traffic flow.

Peoria City Councilman Dave Pearson said he was happy to see the plan include an eight-foot-tall decorative fence along a popular railroad crossing that Peoria High School students use to get to school."

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Residents eager for Grand Ave. upgrades

Real estate brokers busy in West Valley

"Commercial real estate brokerages recently announced sales, grand openings and new leases related to West Valley properties, including neighborhood projects in Glendale, Surprise and Tolleson."

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Real estate brokers busy in West Valley

Developers to build hangars, office building at airport

"Developers with Rightpath Limited Development Group plan to build an office building and two executive hangars on three open acres at Glendale Municipal Airport, which could bring as many as 250 jobs.

The City Council this week signed off on a long-term lease with RLDG Glendale Hangars, which is a part of the Rightpath group.

The Executive Aircraft Maintenance company will rent space in a portion of the new development, which should start going up within six months."

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Developers to build hangars, office building at airport

Senate stalls on housing rescue

"After failing to approve an omninbus housing rescue package this week, the Senate is scheduled take up the bipartisan-supported bill again the week of July 7.

What dragged the bill down this week had little to do with the substance of foreclosure relief. Instead it was stymied by a procedural maneuver on Wednesday by Sen. John Ensign, R-Nev., who is pushing a series of energy tax breaks, and a backlog of legislation that the Senate was scrambling to complete before its July 4 recess."

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Senate stalls on housing rescue

Existing home sales up for 2nd time in 10 months

"Sales of existing homes rose slightly more than expected in May as home buyers responded to plummeting home prices, according to an industry trade group.

The National Association of Realtors (NAR) said Thursday that the number of existing homes sold during May rose 2% to a seasonally adjusted annual rate of 4.99 million units in May from a level of 4.89 million in April.

Sales were 16% below the 5.93 million-unit pace in May 2007, the report showed. Thursday's report marks only the second time in 10 months that sales have increased."

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Existing home sales up for 2d time in 10 months

Fed holds rates steady but hints at increase

"With inflation moving higher on its worry list, the Federal Reserve held interest rates steady Wednesday, ending nearly a year of cuts to bolster the economy and hinted that the next direction for rates could be up.

Fed Chairman Ben Bernanke and all but one of his central bank colleagues agreed that the best course was to leave a key rate alone at 2 percent, as the country slogs through the crosscurrents of plodding economic growth and zooming energy and food prices that threaten to spread inflation."

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Fed holds rates steady but hints at increase

Solar-panel firm hiring installers for Valley work

"A Foster City, Calif.-based company that installs solar panels on homes and leases them to the owners is looking to hire 50 to 100 employees to begin serving Phoenix-area customers, SolarCity announced Monday.

The company began marketing its creative-financing services to Arizonans in the spring, and Chief Executive Officer Lyndon Rive said the company has hundreds of potential customers who have shown interest in the program.

The company should install its first systems in Arizona Public Service Co. and Salt River Project territory next month, when it begins operating out of an 8,200-square-foot warehouse facility near Phoenix Sky Harbor International Airport, Rive said."

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Solar-panel firm hiring installers for Valley work

Calif. utility making plea for power line

"California utility company officials are making their case to residents of the far Southwest Valley today for a new power line connecting California customers to a power plant roughly 17 miles west of Buckeye.

Southern California Edison again is trying to win approval for the 225-mile, 500-kilovolt electrical line from a substation near Palm Springs, Calif., to a switchyard near the Palo Verde Nuclear Generating Station.

The line, dubbed 'Devers-Palo Verde No. 2,' would follow the path of an existing company power line, which begins in California and ends at the nuclear plant, but would hook up to a separate generating station."

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Calif. utility making plea for power line

Senate likely to move forward on housing bill

"An omnibus housing rescue package, some elements of which have been debated in Congress for years, was on track Wednesday to finally move toward enactment.

The Senate voted overwhelmingly on Tuesday to limit the hours of debate on the bill. But much of that debate got pushed due to procedural issues and the start of consideration of more than 40 amendments to the legislation."

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Senate likely to move forward on housing bill

Mortgage application volume falls 9.3 percent

"Mortgage application volume fell 9.3 percent during the week ended June 20, according to the trade group Mortgage Bankers Association's weekly application survey.

The MBA's application index hit its lowest point of the year, falling to 461.3, down from 508.4 a week earlier.

Refinance volume fell 12.1 percent during the week, while purchase volume declined 7.4 percent. Refinance applications accounted for 36.3 percent of total mortgage applications, compared with 37.4 percent the previous week."

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Mortgage application volume falls 9.3 percent

New home sales near historical lows

"New home sales remained near historically low levels in May, as the housing market continues to struggle with a huge oversupply of housing inventory.

The Census Bureau reported Wednesday that May sales of new single-family homes came in at a seasonally adjusted annual rate of 512,000, down 2.5% from April's revised reading of 525,000.

'The market is still very much in distress,' said Jared Bernstein of the Economic Policy Institute. 'We are closer to the bottom than we were a year-and-half ago, but we're not there yet.'"

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New home sales near historical lows

Love the home you're stuck with

"When prices were soaring, credit was flowing and selling was as easy as jamming a FOR SALE sign into your front lawn, the simplest way to upgrade your home was to sell and get the heck out of it. In other words, move to a bigger and better one.

True, some homeowners spent hundreds of billions of dollars renovating their digs during the boom times. But many saw those renos simply as a necessary step to get their homes ready to trade in.

Well, here's a crazy idea. Rather than tackling improvements as a way to move on up, why not do them to make yourself happier staying put for a while? You might not have a choice. With home sales down nearly 18% over the past year, it's a spectacularly lousy time to put your place on the market."

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Love the home you're stuck with

Home prices in another steep drop

"U.S. home prices posted record declines in April, extending a painful losing streak for U.S. home prices.

The S&P/Case-Shiller 20-city Home Price Index fell to a record low of 15.3% on a year-over-year basis, and was down 1.4% from March. The 10-city index was down 16.3% year-over-year and 1.6% for the month.

The 20-city index is based on data going back 19 years, while the 10-city index is 21 years old."

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Home prices in another steep drop

Phoenix ranks 7th in high-tech jobs

"Metro Phoenix ranked seventh among the nation's 60 employment centers for high-tech job growth in 2006, adding 3,800 technology jobs for a total high-tech work force of 91,400, according to an annual report published by AeA, a technology trade association.

Seattle had the largest gain, adding 7,800 high-tech jobs in 2006. The United States, as a whole, added 91,400 jobs for a total of 5.6 million high-tech slots. Overall, the Valley ranked 16th in high-tech jobs."

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Phoenix ranks 7th in high-tech jobs

OK given to improve Paseo Verde Park

"The Peoria City Council has approved a $61,529 contract to improve Paseo Verde Park, which was dedicated in December 2005.

The project calls for a play structure, picnic shelter, shade canopy and needed lights and other amenities for the park."

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OK given to improve Paseo Verde Park

Peoria bolsters fight against foreclosures

"Peoria has stepped up its efforts to identify vacant foreclosed homes before they become blight on a neighborhood.

The city's utility staff and trash haulers are now taking note if they suspect an abandoned home, such as trash cans not placed at the curb. Police are then made aware of the vacant homes and keep an extra set of eyes on them.

'The county is plagued by foreclosures due to the financial crisis,' City Manager Terry Ellis said. 'It's a problem in our neighborhoods.'"

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Peoria bolsters fight against foreclosures

Land slated for development near Surprise

"A parcel of land recently sold for $10.1 million in Surprise's general planning area. It will eventually be part of a 5,000-acre master-planned community expected to contain retail, residential units and possibly a resort.

The project is called Lake Pleasant 5000, though it sits about 12 miles west of Lake Pleasant, which is in Peoria."

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Land slated for development near Surprise

Water-, sewer-rate hike hearing set Tues.

"Glendale residents with questions on proposed water and sewer rate increases can attend Tuesday's City Council meeting.

A public hearing will be at 7 p.m. with a council vote to follow.

Under the proposal, which would take effect in October, the average single-family customers would see about a $6 monthly increase, or $75 annually. It represents a 12 percent increase for the average single-family customer."

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Water-, sewer-rate hike hearing set Tues.

Valley Fourth of July Events

"Don't have anything planned for Fourth of July? Check out what the Valley has in store for this Independence Day for some ideas."

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Fourth of July Event List

Study: Real estate market will grow long-term

"The current housing market is bleak: home prices and sales are plummeting, foreclosure proceedings are skyrocketing and mortgage rates are on the rise.

When will things be better?"

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Study: Real estate market will grow long-term

3 companies may relocate to Glendale, bring 200 jobs

"Three companies are expected to relocate to Glendale soon, bringing with them more than 200 jobs.

A health-care facility and two firms with call-center-type employment are expected to make the move."

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3 companies may relocate to Glendale, bring 200 jobs

Number of Active & Sold Listings in the Phoenix-Metro Area (6/22/2008)

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 - 52,890 (+126)

Single Family Detached - 43,323 (+154)
Patio homes - 890
Townhouses - 3,630
Apartment Style - 2,945
Gemini/Twin Homes - 344
Manufactured/Mobile Housing - 1,451
Modular/Pre-fab - 39
Loft Style - 269

Total Sold Listings (2008) - 24,405 (+1,336)

Single Family Detached - 20,772 (+1,186)
Patio homes - 435
Townhouses - 1,423
Apartment Style - 1,060
Gemini/Twin Homes - 180
Manufactured/Mobile Housing - 498
Modular/Pre-fab - 6
Loft Style - 31

Don't obsess over online home value estimates

"Consider it among the unintended consequences of the national housing bust: Homeowners radiating every shade of anxiety after repeatedly visiting online real estate sites that conjure up instant home value estimates.

These Web sites, like Zillow.com, Cyberhomes.com and others, offer a trove of information, often through dramatic interactive maps. And they can help prospective buyers dial into a neighborhood's real estate trends, such as which nearby homes have recently sold - and for how much.

But for many homeowners, the home value estimates keep them coming back, even though the sites often offer plenty of disclaimers."

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Don't obsess over online home value estimates

Big Arizona mortgage-fraud bust

"Thirty-six people suspected of being responsible for $100 million in illegal home loans have been indicted in the biggest crackdown on mortgage fraud in Arizona.

Most of the defendants were involved in the Valley's real-estate and mortgage industries. All were part of six mortgage-fraud rings in metropolitan Phoenix, some of which have been under investigation since early 2007, according to the indictment.

Federal, state and local agencies busted the rings through Operation Cash Back, part of a national mortgage-fraud investigation that involved 406 indictments and 144 cases. The FBI estimated the schemes resulted in more than $1 billion in losses to lenders, homeowners and borrowers."

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Big Arizona mortgage-fraud bust

Bush, Congress may make deal on housing

"President Bush and Congress have settled their differences on terrorist surveillance and Iraq war money. Now attention turns to a potential housing rescue, probably the last major initiative with any chance of passing before lawmakers scatter to campaign for re-election.

Bush has threatened a veto. But lawmakers in both parties say the housing legislation is a political imperative, and negotiators see the makings of a summertime bargain."

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Bush, Congress may make deal on housing

3 things to know about buying a foreclosed home

"Meet the latest desperate home seller: the bank. According to RealtyTrac, lenders repossessed 197,800 homes in the first four months of 2008 vs. 90,800 in that period last year.

Banks don't want to be in the real estate business, so sometimes they'll accept much less than you might think to get the darn things off their books - especially in markets having lots of trouble. But buying such properties has drawbacks.

Here's what you need to know."

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3 things to know about buying a foreclosed home

Vandals using vacant homes as party pads

"Mesa police and code compliance officers are battling aftershocks from the Valley housing market's meltdown.

Police in east Mesa noticed a 'flare up' earlier this month in vacant houses being broken into and vandalized by teenagers looking for a place to hold parties. The vandalized houses included a winter home near La Sendas, a vacant rental house near Banner Baywood Medical Center and a house in foreclosure.

Code compliance officers, meanwhile, are tackling maintenance problems at vacant houses that include green pools and overgrown weeds. Some problems are so severe, posing serious risks to health, that the city hired contractors to make repairs and billed homeowners."

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Vandals using vacant homes as party pads

Ex-Bear Stearns managers arrested

"Two former Bear Stearns managers have been arrested, federal authorities said Thursday, becoming the first executives to face criminal charges in the wake of the subprime market debacle.

Matthew Tannin was taken into custody outside his New Jersey home on Thursday morning and Ralph Cioffi was arrested at his New York City home, the FBI said.

The U.S. attorney's office in Brooklyn said it planned to announce conspiracy and fraud charges later Thursday."

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Ex-Bear Stearns managers arrested

Delinquency rate for construction loans surges

"More real-estate developers fell behind on their loan payments in the Valley in the first quarter, a sign that the local real-estate market still has not hit bottom.

Metro Phoenix's construction loan delinquency rate of 13.5 percent was the second-highest of the largest 100 metropolitan areas in the country, according to Oakland, Calif.-based Foresight Analytics LLC.

The research firm's data includes both commercial and residential construction loan data that lenders report to the FDIC, which insures banks."

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Delinquency rate for construction loans surges

Over 600 Amazon.com jobs coming

"Online retail giant Amazon.com plans to open a half-million-square-foot warehouse and distribution center in Goodyear, adding more than 600 full-time jobs to the West Valley economy.

The facility also will require 700 temporary positions during the holiday season."

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Over 600 Amazon.com jobs coming

Mortgage application volume fell last week

"Mortgage application volume fell 8.7% during the week ended June 13, according to the Mortgage Bankers Association's weekly application survey.

The MBA's mortgage application index fell to 508.4 during the week, from 557.1 the previous week.

Refinance application volume tumbled 15%, while purchase activity declined 4.3% during the week. Refinance applications accounted for 37.4% of all applications - the lowest level all year."

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Mortgage application volume fell last week

How to Convert Your Yard into Low-Water Landscape

"For nine years, Louis Almaraz and his wife, Debra, watered their front lawn in Fresno, Calif., like any other homeowners. For most of those years, the couple often talked about changing their landscape-to something along the lines of a desert theme.

Having previously lived in Flagstaff, Ariz., where water shortage problems have plagued the city, they brought their water worries with them to Fresno."

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How to Convert Your Yard into Low-Water Landscape

The Homeowners Consumer Center - Now’s the Time to Update Insurance Policies

"Americas Watchdog’s Homeowners Consumer Center is stressing that insurance agents and real estate agents should tell their clients to update or upgrade their homeowners insurance policy before the 2008 storm season gets into full swing.

The President of Americas Watchdog & its Homeowners Consumer Center has good reason to make this appeal. “I was in New Orleans before, during and after Katrina, my house was partially destroyed with eight feet of water, that sat there for 10 days. I never want to see another American go through what I, and my neighbors went through. I now have a number one rule — don’t think it will not happen to you, when it comes to your home or your homeowners insurance policy.”"

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The Homeowners Consumer Center - Now’s the Time to Update Insurance Policies

Vote Yes on Election Day to the Protect Our Homes Initiative

Be sure to vote YES for the Protect Our Homes Initiative on Election Day (November 4th, 2008). A YES vote means no to double taxation with the proposed real estate transfer tax (RETT).

What is a Real Estate Transfer Tax?
A real estate transfer tax (RETT) is a state or local government imposed tax that is collected when you transfer ownership of your home, land or commercial real estate. Typically, once the tax is initiated, the rate can be increased by the state, county or city at any time.

Why YES! Means NO TO DOUBLE TAXATION!
You may wonder why a YES vote stops double taxation? Good question!

By voting yes, you are approving a citizens' initiative that will amend the Arizona Constitution and provide the best protection our homes can have against the damaging effects of a real estate transfer tax... which is a double tax on our homes.

While we currently do not have a real estate transfer tax, there is nothing prohibiting state or local governments from enacting one at any time. The best possible way to stop the state legislature or any special interest from ever enacting this tax is to amend the Arizona Constitution, prohibiting this tax. And to amend the Arizona Constitution you need to vote Yes on the amendment.

So, to ensure there is never a Real Estate Transfer Tax you will need to vote YES on the Protect Our Homes Initiative. This is a unique example of when YES actually means NO to a tax.

To read more on this very important issue, please visit http://www.protectourhomes.com/

Light rail impacts Valley real-estate market

"Light rail is six months from operation, but the transit system's impact on the Valley's real-estate market has been in full swing with new condos, office buildings and mixed-use developments rising throughout metro Phoenix.

Transit officials estimate that since 2004, developers have spent close to $6 billion on public and private projects on and around the future light-rail line. Critics, however, say the transit system has put a burden on taxpayers and construction of the line has shut down businesses.

The figure is based on information Metro light rail routinely gathers from planners in Phoenix, Tempe and Mesa, the three cities in which the 20-mile system will operate beginning in December."

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Light rail impacts Valley real-estate market

Mortgage lenders to pledge speedy response on loan help

"Mortgage companies, facing criticism that they aren't doing enough to stem the housing crisis, are pledging to let troubled borrowers know whether they're approved for help within 45 days of receiving a homeowner's application.

The promise is expected to be announced Tuesday by the Hope Now alliance, a Bush administration-backed industry group, as part of a new set of guidelines for mortgage companies participating in the effort. The Associated Press obtained a copy of the guidelines."

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Mortgage lenders to pledge speedy response on loan help

Builders' confidence survey matches record low sentiment

"Homebuilders' confidence in the weak housing market fell in June, matching the record low in a monthly industry assessment index, a trade group said Monday.

Sales volume will continue to erode in the months ahead and hurt the general economy, according to David Seiders, chief economist of the National Association of Home Builders.

'Obviously, this isn't terribly encouraging,' Seiders said. 'Housing still occupies a major place in the slowdown process ... putting pressure on GDP growth and the labor market.'"

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Builders' confidence survey matches record low sentiment

Anthem residents hit hard by soaring gas prices

"Valley commuters are being hit hard by $4-a-gallon gasoline. The problem is exacerbated in an outlying area like Anthem, which lacks public transportation.

'I'm sure it impacts us (Anthem) more because of the commute,' said Joe Casper, who drives 22 miles each way to work."

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Anthem residents hit hard by soaring gas prices

Peoria on verge of water independence

"Peoria's most expensive public works project debuts Monday.

Initially, the $121 million Butler Water Reclamation Facility will clean 10 million gallons of wastewater a day for reuses such as irrigation.

The plant will be able to treat as much as 13 million gallons of raw sewage a day."

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Peoria on verge of water independence

Glendale is monsoon ready

"Arizona's monsoon season officially began Sunday, and Glendale residents have a new tool to help them prepare.

That day, the city will launch a new Web site, Glendale Monsoon Ready. It will offer information on such topics as preparing a family disaster plan, how to obtain free sand and sandbag information, driving safety tips and information about Arizona's Stupid Motorist Law, and emergency numbers for the Glendale Police and Fire departments and local power companies."

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Glendale is monsoon ready

Home prices continue sharp descent

"Single-family home prices dropped 7.7% in the first quarter in the largest year-over-year decline since the National Association of Realtors began reporting prices in 1982.

The median sales price fell to $196,300, down 4.8% compared with the last three months of 2007."

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Home prices continue sharp descent

Foreclosures up again in May

"The housing crisis grew worse in May, as more than 73,000 American families lost their homes to bank repossessions, up a staggering 158% from the 28,548 households that were dispossessed in May 2007.

Foreclosure filings of all kinds, including default notices, notices of sheriff's sales and bank repossessions, were up 48% from May 2007, according to the latest release from RealtyTrac, the online marketer of foreclosed properties. Filings increased 7% from April."

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Foreclosures up again in May

Number of Active & Sold Listings in the Phoenix-Metro Area (6/15/2008)

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 - 52,762 (-95)

Single Family Detached - 43,169 (-86)
Patio homes - 901
Townhouses - 3,643
Apartment Style - 2,947
Gemini/Twin Homes - 346
Manufactured/Mobile Housing - 1,448
Modular/Pre-fab - 37
Loft Style - 271

Total Sold Listings (2008) - 23,069 (+1,004)

Single Family Detached - 19,586 (+876)
Patio homes - 424
Townhouses - 1,361
Apartment Style - 1,015
Gemini/Twin Homes - 175
Manufactured/Mobile Housing - 474
Modular/Pre-fab - 5
Loft Style - 29

Valley looks to net Final Four

"The Valley will offer a two-city approach to hosting college basketball's Final Four as early as 2012 in a bid that must be shipped to the NCAA by Wednesday.

Glendale would host the Division I men's basketball semifinals and finals at University of Phoenix Stadium, where Super Bowl XLII was played this past February.

Downtown Phoenix would accommodate the bulk of concerts and interactive events for hoops fans."

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Valley looks to net Final Four

No stickiness yet, but Ariz. monsoon season is here

"Today is the first day of the Arizona monsoon season.

Don't run outside to check to see if it's sticky and hot. It isn't. Well, not sticky anyway, but temperatures could hit 110 degrees today.

This year, the National Weather Service decided to give the monsoon set dates, declaring June 15 to Sept. 30 Arizona monsoon season - and yes, monsoon season is redundant - instead of using the system that marked the start of the season when the dew point reached 55 degrees for three consecutive days."

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No stickiness yet, but Ariz. monsoon season is here

Government suspends property-flipping rule

"The Bush administration is temporarily suspending a 5-year-old rule intended to deter property flippers, as part of an effort to help speed the sale of foreclosed properties.

For one year, the Federal Housing Administration will no longer impose a 90-day waiting period before foreclosed properties can be sold to receive government-backed loans.

The policy was put in place in 2003 to deter property 'flipping' schemes, in which buyers are overcharged for foreclosures or other distressed properties. But the surge in vacant properties resulting from borrowers who were unable to afford their mortgages has become a far more pressing concern."

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Government suspends property-flipping rule

Grand Vista development could start in '10

"Planning can begin soon on a community of about 16,500 homes slated for the former DaimlerChrysler proving grounds in north Surprise, with development expected to start by 2010.

Surprise brought the nearly 5,500 acres of land into the city at the end of May in one the largest annexations in its history.

The property is generally located at the northeast corner of 211th Avenue and Dove Valley Road, near the community of Wittmann."

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Grand Vista development could start in '10

Personal, business bankruptcy filings in Valley up 77%

"A weak job market, housing woes and other financial stresses took a toll last month, as 999 Valley residents and firms filed for bankruptcy - a 77 percent jump from 563 in May 2007.

Still, the latest figures showed modest improvement from April, when 1,104 consumers and businesses sought protection from creditors, according to the U.S. Bankruptcy Court in Phoenix.

'I'm seeing people filing to stop a foreclosure or modify the debt on their homes,' said Diane L. Drain, a Phoenix bankruptcy attorney."

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Personal, business bankruptcy filings in Valley up 77%

Westcor plans developments, improvements

"Westcor, the Valley's largest mall company, turns 40 next year. Like many mid-lifers, the company believes it is experienced enough to capitalize on opportunities and challenges by developing a long-term strategy and sticking to it.

It presently is spending about $1 billion on projects ranging from renovation of older malls like Metrocenter and Scottsdale Fashion Square to the continued development of the SanTan Village regional lifestyle center in Gilbert."

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Westcor plans developments, improvements

Freddie Mac says mortgage rates are at an 8-month high

"Rates on 30-year fixed mortgages have surged nearly a quarter percentage point to an 8-month high on growing concerns about inflation, mortgage backer Freddie Mac said Thursday.

Freddie Mac (FRE, Fortune 500) said 30-year fixed-rate mortgages averaged 6.32% with an average of 0.7 point in the week ending Thursday, up from 6.09% last week. Last year at this time, the 30-year loan averaged 6.74%.

The last time the 30-year fixed rate mortgage was higher was the week ended Oct. 25, when it averaged 6.33%."

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Freddie Mac says mortgage rates are at an 8-month high

Mortgage applications rise 10.9%

"Mortgage application volume rose 10.9% during the week ending June 6, rebounding from a sharp decline one week earlier, according to the Mortgage Bankers Association's weekly application survey.

The MBA's mortgage application index rose to 557.1 during the week, from 502.3 the previous week when volume fell 15.3%.

Refinance application volume increased 8.4% during the week ending June 6, while purchase application volume jumped 12.8%. Refinance applications accounted for 39.8% of total applications."

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Mortgage applications rise 10.9%

Some buy a new home to bail on the old

"Next month, Michelle Augustine plans to walk away from her four-bedroom house in a Sacramento, Calif., subdivision and let the property fall into foreclosure. But before doing so, she hopes to lock in the purchase of another home nearby.

'I can find the same exact house as what I live in right now for half the price,' says Ms. Augustine, 44 years old, who runs a child-care service out of her home. She says she soon will be unable to afford her monthly payments, which will jump to $4,000 from $3,300 in August, and she doesn't want to continue to own a home that is now worth $200,000 less than what she paid for it two years ago."

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Some buy a new home to bail on the old

Glendale in running for USA Basketball's HQ

"Glendale is one of three finalists to land the new headquarters of USA Basketball after Indianapolis dropped out of the running.

The other cities vying are Louisville, Ky., and Colorado Springs, Colo., which currently hosts USA Basketball.

Jim Tooley, executive director of USA Basketball, said he and others from his organization visited Glendale last month and came away impressed. A decision likely would come this summer."

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Glendale in running for USA Basketball's HQ

ASU plans big rooftop solar grid

"More than 20 percent of the energy needs of Arizona State University's main campus eventually could be met by one of the largest rooftop solar-power plants in the United States.

ASU planned to announce an agreement today under which three companies will install, at their expense, solar electricity-generating equipment on up to 330,000 square feet of rooftop space at its main campus in Tempe.

Jonathan Fink, director of the Global Institute of Sustainability at ASU, said that the university will pay the companies a fixed rate that is slightly lower than what it is now paying for power from Arizona Public Service Co."

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ASU plans big rooftop solar grid

Housing crisis hits high end

"Across the country, real estate agents and home sellers in wealthy neighborhoods who grew accustomed to seven-figure bidding wars during the boom are feeling the sting of the housing crunch."

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Housing crisis hits high end

Pending home sales jump to highest since October

"The number of homes under contract to be sold rose unexpectedly in April as buyers went bargain hunting, according to a report released Monday.

The Pending Home Sales Index from the National Association of Realtors (NAR) rose to 88.2 in April, up 6.3% from March's reading of 83 and the highest level since October. The increase defied the consensus estimate of economists polled by Briefing.com, which forecast pending sales to fall by 1%."

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Pending home sales jump to highest since October

FHA warns against broad housing intervention

"A Bush administration official on Monday warned against overly broad government intervention to stem the housing crisis, arguing that lawmakers' foreclosure prevention program would saddle taxpayers with too much risk.

The Federal Housing Administration, which guarantees loans made to borrowers with poor credit, could be weakened by a plan for the agency to back as much as $300 billion in new loans to help borrowers refinance into cheaper, fixed-rate mortgages, said commissioner Brian Montgomery."

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FHA warns against broad housing intervention

Baseball training site shaping up for March

"The concrete walls are poured and going vertical on buildings, each designed with sloping lines that mimic surrounding landscape.

The 15 buildings at the new Glendale spring-training ballpark, from concessions to club houses, gain in height much like the peaks of the Estrella Mountains to the south and the White Tanks to the west."

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Baseball training site shaping up for March

Number of Active & Sold Listings in the Phoenix-Metro Area (6/8/2008)

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 - 52,857 (-243)

Single Family Detached - 43,255 (-215)
Patio homes - 891
Townhouses - 3,636
Apartment Style - 2,965
Gemini/Twin Homes - 358
Manufactured/Mobile Housing - 1,446
Modular/Pre-fab - 36
Loft Style - 270

Total Sold Listings (2008) - 22,065 (+1,003)

Single Family Detached - 18,710 (+869)
Patio homes - 409
Townhouses - 1,313
Apartment Style - 974
Gemini/Twin Homes - 172
Manufactured/Mobile Housing - 456
Modular/Pre-fab - 5
Loft Style - 26

Lenders slash prices on foreclosed houses

"Lenders stung by the housing bust are slashing prices dramatically to rid themselves of an unprecedented number of foreclosed properties, sparking bidding wars in some places that harken back to the market's go-go years and may signal the bottom is near.

The trend is most dramatic in many parts of California, Florida, Nevada and Arizona, where prices skyrocketed during the housing boom and are now falling precipitously. Sales of foreclosures, vacant new homes and other distressed properties now dominate some markets, causing grief for individual homeowners who need to sell for other reasons, like a job in a new city."

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Lenders slash prices on foreclosed houses

Ed McMahon explains his mortgage mess

"The nation's foreclosure crisis threatened a high-profile victim this week: TV legend Ed McMahon, best known as Johnny Carson's sidekick on 'The Tonight Show.'

Ed McMahon and his wife, Pam, talk to CNN's Larry King about their mortgage problems.
1 of 2 The Wall Street Journal reported Tuesday that McMahon was $644,000 in arrears on a $4.8 million loan for a home in Beverly Hills, California, and his lender had filed a notice of default.

McMahon and his wife, Pam, appeared on CNN's 'Larry King Live' on Thursday night to talk about their financial woes and other topics."

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Ed McMahon explains his mortgage mess

30-year mortgages rates rise to 3-month high

"Rates on 30-year mortgages edged up this week to the highest level since March as investors worried about inflation threats.

The mortgage company Freddie Mac reported Thursday that 30-year fixed-rate mortgages averaged 6.09 percent, compared with 6.08 percent last week. It was the highest mark for 30-year mortgages in 12 weeks since averaging 6.13 percent the week of March 16."

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30-year mortgages rates rise to 3-month high

Housing downturn a boon for some renters

"Renters may be the biggest winners in the current housing slump, especially in places like Florida, Las Vegas and Southern California, that have thousands of vacant for-sale and foreclosed homes and condos on the market.

Apartment vacancies are edging up in many areas of the country as frustrated sellers instead try to rent out their homes and condos in once red-hot housing markets. And that is making it harder for landlords to raise rents. In the toughest markets, apartment owners are even offering lease incentives to snag renters."

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Housing downturn a boon for some renters

Top 100 markets forecast: Where home prices are headed next

"The housing implosion is nowhere near over. In 75 of the 100 top U.S. cities, prices are expected to fall in the next 12 months according to Fiserv Lending Solutions.

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."

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Top 100 markets forecast: Where home prices are headed next

Builder sees 'depression' in housing market

"The chief executive of Toll Brothers Inc., the nation's largest luxury-home builder, said Wednesday the housing industry is in a 'depression' and any recovery could be two or three years away.

In candid remarks at the JPMorgan Basics & Industrials Conference a day after reporting a second-quarter loss, Robert Toll said he's not ready to call a bottom yet since the housing market could still get worse."

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Builder sees 'depression' in housing market

More than a million homes in foreclosure in latest report

"More than one million homes are now in foreclosure according to a trade group, showing that the housing crisis is growing worse.

The Mortgage Bankers Association's first quarter report showed that a record 2.5% of all home loans being serviced by its members are now in foreclosure, which works out to about 1.1 million homes. That's up from the 2% of loans, or about 938,000 homes, that were in foreclosure at the end of 2007."

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More than a million homes in foreclosure in latest report

Homebuilders offer bleak outlook, post losses

"Homebuilder D.R. Horton said Tuesday the industry could face tough times until 2010, and underscoring that point, Toll Bros. and Hovnanian Enterprises Inc. each reported a second-quarter loss.

'I believe the industry will continue to face rising pressures for certainly the next 12 to 18 months,' said Don Tomnitz, D.R. Horton's president and chief executive, adding that '2010 will be the earliest we get a more solid homebuilding environment.'

Homebuilders are struggling to sell their homes at a time when many buyers remain reluctant to enter the market because they expect home prices to keep falling. A glut of unsold homes has also hurt builders, forcing many to step up incentives and discounts, shrinking their profits."

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Homebuilders offer bleak outlook, post losses

Southwest Gas announces rate cut in Ariz.

"Southwest Gas Corp. has announced a rate cut for its 958,000 Arizona customers.

The utility said it has reduced rates in Arizona by 11 cents per 100 cubic feet, or $65.2 million annually.

The Las Vegas-based company said the average residential bill will decline in the summer months by $1.43, or 4.95 percent, to $29.04; and in the winter by $4.73, or 6.33 percent, to $70.03."

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Southwest Gas announces rate cut in Ariz.

Solar panels planned in new high-end homes

"Three high-end home developments in central Phoenix will be built with 2-kilowatt solar panel systems that will save the owners an estimated $400 each on annual power bills, the developers said.

Kyocera Solar Inc. will supply the panels to Zacher Homes, and American Solar Electric of Scottsdale will install the systems."

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Solar panels planned in new high-end homes

Sticking lenders with the costs of keeping up vacant homes

"Weeds stand waist high on the front lawn of the wood-frame, single-family house in Cleveland's Slavic Village neighborhood. Trash spills out open doorways into the driveway and yard.

The city will have to pay someone to come in and clean up the lot, board up the windows and cut the lawn. Similar scenarios are playing out in communities all over the country wracked by soaring foreclosure rates, where vacant, rundown homes are springing up as quickly as the weeds in their yards."

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Sticking lenders with the costs of keeping up vacant homes

Mortgage application volume slips as rates rise

"Mortgage application volume fell 15.3 percent during the week ended May 30, according to the trade group Mortgage Bankers Association's weekly application survey.

The MBA's application index fell to 502.3 during the week, from 593.3 the previous week. The results were adjusted to account for the Memorial Day holiday.

Refinance volume declined 25.7 percent, pushing total volume lower. Refinance applications accounted for 40.6% of total applications, down from 46.1% a week earlier."

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Mortgage application volume slips as rates rise

Downsizing the American home

"During the housing bubble, KB Home priced out first-time homebuyers by building bigger. Its new, more modest model provides a glimpse of what the return of the housing market may look like."

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Downsizing the American home

The Fed prepares to hit pause

"Federal Reserve chairman Ben Bernanke all but closed the door on the chances of any more rate cuts during the next few months.

Speaking before the International Monetary Conference in Barcelona today, Bernanke said that 'for now, policy seems well positioned to promote moderate growth and price stability over time.'"

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The Fed prepares to hit pause

APS seeks to modify request for a rate hike

"Arizona Public Service Co. revised a rate-hike request with state regulators, asking for a little bit more money, officials said Monday.

The company asked the Arizona Corporation Commission in March to consider an 8.1 percent general rate increase, which would have raised rates by 9.8 percent on most houses and apartments.

Under the revision, it is now seeking an 8.5 percent bump, or a 9.4 percent increase. It would take an average monthly bill of $116.20 for all residences from apartments to houses and bring it to $127.16."

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APS seeks to modify request for a rate hike

Midwestern University: The time is right to grow

"While many industries are facing an economic slowdown, Midwestern University in Glendale sees this as a great time to expand.

The state's largest medical school has a $150 million expansion in the works that will add classrooms, student housing, an auditorium, parking, new programs and about 70 additional faculty and staff.

'Our mission is to fulfill the health-care needs of the community,' said Kathleen Goeppinger, the university's president. 'We have shortages of physicians and dentists, especially in rural Arizona . . . and the needs are going to continue to grow.'"

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Midwestern University: The time is right to grow

Peoria to fight APS proposal for power lines near Vistancia

"Peoria is vowing to fight an APS proposal to string high-voltage power lines near Vistancia, which includes the private country-club community of Blackstone.

From the start, the city has strongly voiced its preference for Arizona 74 rather than APS' preferred route along the Carefree Highway alignment.

The 7,100-acre Vistancia community, with a little more than 4,000 residents, is expected to boast 40,000 residents when it is completed."

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Peoria to fight APS proposal for power lines near Vistancia

Number of Active & Sold Listings in the Phoenix-Metro Area (6/1/2008)

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 - 53,100 (-1192)

Single Family Detached - 43,470 (-988)
Patio homes - 899
Townhouses - 3,667
Apartment Style - 2,936
Gemini/Twin Homes - 363
Manufactured/Mobile Housing - 1,454
Modular/Pre-fab - 38
Loft Style - 272

Total Sold Listings (2008) - 21,062 (+1,862)

Single Family Detached - 17,841 (+1,629)
Patio homes - 395
Townhouses - 1,255
Apartment Style - 935
Gemini/Twin Homes - 165
Manufactured/Mobile Housing - 443
Modular/Pre-fab - 5
Loft Style - 23