How the housing rescue bill can help you

"President Bush signed a $300 billion housing rescue bill Wednesday aimed at helping troubled homeowners avoid foreclosure and supporting mortgage giants Fannie Mae and Freddie Mac.

After the law kicks in on Oct. 1, thousands of at-risk borrowers will be able to refinance their unaffordable old mortgages into new low-cost fixed-rate loans insured by the Federal Housing Administration (FHA).

The Congressional Budget Office estimates that 400,000 borrowers with $68 billion in loans may benefit from the program - but the bill allows for as many as 1 million or 2 million borrowers to participate in the program.

Here's what homeowners need to know."

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How the housing rescue bill can help you

Bush signs housing rescue bill into law

"President Bush on Wednesday signed into law a sweeping housing bill that aims to boost the struggling housing market and bolster mortgage finance giants Fannie Mae and Freddie Mac.

The Senate voted 72-13 in favor of the bill on Saturday, after the House passed it three days earlier.

'We look forward to put in place new authorities to improve confidence and stability in markets, and to provide better oversight for Fannie Mae and Freddie Mac,' said White House spokesman Tony Fratto. 'The Federal Housing Administration will begin to implement new policies intended to keep more deserving American families in their homes.'"

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Bush signs housing rescue bill into law

Home prices drop record 16%

"May home prices dropped a record 15.8% from a year ago, according to the S&P/Case-Shiller Home Price Index of 20 cities. It was the 22nd consecutive month of decline recorded by the index. Prices fell 0.9% from April to May.

Each of the 20 metro areas covered by the index posted annual declines; nine posted record lows and 10 cities recorded double-digit drops.

The Case-Shiller 10-city Index posted a year over year decline of 16.9%, and a 1% month over month dip. Both the 10-City Composite Index and the 20-City Composite Index are reporting record annual declines."

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Home prices drop record 16%

Ariz. to get 1st wind-power farm

"The state's first wind-energy farm could be operating by late next year, filling a gap in Arizona's alternative-power offerings.

Salt River Project officials said the proposed plant, to be built about 18 miles northwest of Snowflake with turbines stretching more than 300 feet high, finally offered the utility an affordable wind-power option.

Utility officials said Monday that they have agreed to buy electricity from the plant's operator, enough to power more than 15,000 homes."

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Ariz. to get 1st wind-power farm

Number of Active & Sold Listings in the Phoenix-Metro Area (7/27/2008)

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 - 52,912 (+451)

Single Family Detached - 43,361 (+393)
Patio homes - 859
Townhouses - 3,571
Apartment Style - 2,970
Gemini/Twin Homes - 362
Manufactured/Mobile Housing - 1,481
Modular/Pre-fab - 39
Loft Style - 269

Total Sold Listings (2008) - 30,782 (+905)

Single Family Detached - 26,418 (+791)
Patio homes - 515
Townhouses - 1,741
Apartment Style - 1,282
Gemini/Twin Homes - 203
Manufactured/Mobile Housing - 568
Modular/Pre-fab - 8
Loft Style - 47

Senate passes housing bill

"The Senate on Saturday overwhelmingly passed a landmark housing bill that will offer up to $300 billion in loans for troubled homeowners and establish a government rescue plan for mortgage finance giants Fannie Mae and Freddie Mac.

The House passed the bill on Wednesday just hours after President Bush reversed his long-standing vow to veto the bill. Bush is expected to sign it soon.

The legislation, one of the most far-reaching on housing in decades, marks the centerpiece of Washington's efforts to address the nation's housing meltdown."

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Senate passes housing bill

Feds close Scottsdale-based First National Bank of Arizona

"First National Bank, the state's largest locally based bank and a specialist in lower-quality mortgages, was closed by regulators Friday, a victim of problem loans and the lingering real-estate slump.

The bank failure will cost the Federal Deposit Insurance Corp.'s insurance fund an estimated $862 million.

However, a smooth transition for First National customers and employees is expected. First National's deposits were purchased by Mutual of Omaha Bank, a subsidiary of Mutual of Omaha."

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Feds close Scottsdale-based First National Bank of Arizona

Foreclosure pain spreads in W. Valley

"Though the pain of home foreclosures continues to spread through the West Valley's newer suburbs where speculative building was most common, the damage also is spreading to cities with more established housing markets, the latest statistics show.

In theory, rising foreclosures should be most prevalent in areas where the peak of development and sales activity was most recent. That holds true, according to a Republic analysis of foreclosure data from Information Market.

Waddell, Tolleson, Morristown, Litchfield Park, Glendale and Buckeye were hit the hardest with new foreclosures in the first half of 2008."

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Foreclosure pain spreads in W. Valley

Kokopelli Winery & Bistro opens

"Wall-length wine racks and merchandise such as a yellow caution sign that reads 'wino xing' with an illustration of a person on its hands and knees, greet customers at the front door of Surprise's Kokopelli Winery & Bistro.

The restaurant opened its doors to the general public Monday evening."

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Kokopelli Winery & Bistro opens

Weekly farmers market coming this fall

"Surprise residents hungry for something to do inside city limits can look forward to weekly farmers markets this fall.

Surprise Stadium will host a market from 10 a.m. to 2 p.m. every Sunday starting Oct. 19 and running through May, Community and Recreation Services Director Mark Coronado announced this week. Vendors will set up outside the stadium's front gate, on Bullard Avenue south of Bell Road."

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Weekly farmers market coming this fall

Study to reveal Grand commuter rail options

"A proposal for commuter rail service that would carry passengers between downtown Phoenix and Wickenburg is picking up steam.

The Maricopa Association of Governments Executive Committee this week hired URS to come up with detailed options to implement commuter service along the Burlington Northern Santa Fe Railway line on the Grand Avenue corridor. The firm, which is based in San Francisco and has an office in Phoenix, also will look at such components as cost and potential ridership.

'It would allow people who live here to travel quickly to the urban center, which is Tempe, Mesa and downtown Phoenix,' said Peoria Councilman Ron Aames, who sits on the MAG Transportation Policy Committee."

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Study to reveal Grand commuter rail options

6 months after builder bolted, homebuyers look for answers

"More than six months after builder Randall Martin Homes walked away from its Portello community near Arizona Avenue and Queen Creek Road, residents are still seeking answers.

Rather than watching kids play in the local park, homeowners face the prospect of looking at vacant lots and unfinished homes for the foreseeable future in what should be a vibrant new development. Homeowners also are wondering who will honor their warranties, and some are facing liens filed by subcontractors still looking to get paid.

The Scottsdale-based company filed for bankruptcy protection on March 25."

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6 months after builder bolted, homebuyers look for answers

U.S. home prices drop 4.8% in May

"A government report says U.S. home prices fell 4.8% in May from the same month last year.

The Office of Federal Housing Enterprise Oversight also says prices, on a seasonally adjusted basis, fell 0.3% from April to May. The index is down almost 5% from its peak in April of last year."

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U.S. home prices drop 4.8% in May

Existing home sales fall 2.6% in June

"Sales of existing homes slowed more than expected in June while inventory increased, according to an industry trade group reading of the sluggish housing market released Thursday.

The National Association of Realtors reported that sales by homeowners dipped in June to an annual pace of 4.86 million, down 2.6% from a pace of 4.99 million in May.

The existing home sales rate - including single-family, townhomes, condominiums and co-ops - is down 15.5% from the 5.75 million units sold in June 2007."

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Existing home sales fall 2.6% in June

Wachovia to exit wholesale mortgage business

"Wachovia Corp., the nation's fourth largest-bank, said Monday that it is leaving the wholesale mortgage lending business.

Beginning July 25, the company will no longer offer mortgages through brokers, joining other lenders making similar moves to exit the troubled sector. Rival Bank of America got out of the business several months ago.

Wachovia didn't disclose how many jobs will be cut as a result of the change. More details are expected Tuesday when the Charlotte, N.C.-based bank releases its second-quarter earnings."

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Wachovia to exit wholesale mortgage business

Mortgage applications fall 6.2% as rates rise

"Mortgage application volume declined 6.2% during the week ending July 18, according to the trade group Mortgage Bankers Association's weekly application survey.

The MBA's application index declined to 489.6 during the week, from 522.2 a week earlier.

Refinance application volume declined 5.6%, while purchase volume fell 6.7%, on an adjusted basis."

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Mortgage applications fall 6.2% as rates rise

New Fed rules miss one key lending abuse

"Mortgage brokers are getting paid fat fees by lenders to put unsuspecting borrowers into expensive loans. And the new lending rules issued last week by the Federal Reserve do nothing to stop this abusive practice.

The Department of Housing and Urban Development estimates that this practice cost borrowers $16 billion in 2007 alone."

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New Fed rules miss one key lending abuse

Bush green-lights housing bill

"President Bush dropped his threat Wednesday to veto a sweeping housing bill that will offer up to $300 billion in assistance to troubled homeowners and throw government support behind mortgage finance giants Fannie Mae and Freddie Mac.

The House is expected to pass the nearly 700-page measure on Wednesday afternoon. It could then go back to the Senate for a final vote as early as this evening.

'The positive aspects of the bill are needed now to increase confidence and stability in the housing and financial markets,' White House spokeswoman Dana Perino said Wednesday."

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Bush green-lights housing bill

Calif. foreclosures soar to 20-year high

"Foreclosures in California soared in the second quarter to the highest level in at least 20 years, as many homeowners who bought at the height of the housing boom were unable to make mortgage payments, a real estate research firm said Tuesday.

In addition, the number of default notices - an indicator of possible future foreclosures - also jumped during the period between April and June, according to DataQuick Information Systems.

In all, some 63,061 homes were lost to foreclosure in the second quarter - the most in any quarter since 1988, when the firm began tracking foreclosures."

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Calif. foreclosures soar to 20-year high

Police fight a rash of vacant home burglaries

"When Atlanta police officers Bryan Ernest and Bernatt Collins get a burglary call, they know the house they walk into will probably be stripped, right down to the materials inside the walls.

A home with a view of downtown Atlanta was burglarized recently, the Atlanta Police Department said. 3 of 3 They are part of a special burglary detail formed to watch the increasing number of vacant houses resulting from unpaid mortgages."

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Police fight a rash of vacant home burglaries

CBO: Fannie, Freddie rescue could cost $25B

"The Congressional Budget Office on Tuesday estimated that a government plan to stabilize mortgage giants Fannie Mae and Freddie Mac could cost government coffers an average of $25 billion.

The CBO said it thinks there is probably a better than 50% chance that the Treasury would not need to step in. In addition, it said there is nearly a 5% chance that Freddie and Fannie's losses would cost the government $100 billion."

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CBO: Fannie, Freddie rescue could cost $25B

Apartment rents in West increase slightly

"Apartment rents in the western United States are barely climbing - good news for renters but actually a sign of a weakening economy, according to a new report released Thursday.

The good news for renters is that while homeowners have watched the value of their houses drop, and subprime loan holders have seen their mortgages double, even triple, many apartment renters are paying just a few dollars more than they did a year ago, according to the report by RealFacts Inc.

Of the 19 major Western metropolitan markets covered in the analysis, 14 experienced quarterly rent growth, but none more than 1.7 percent,and four actually declined."

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Apartment rents in West increase slightly

NE Valley foreclosures surge

"About 800 Northeast Valley property owners lost their homes to foreclosure in the first half of this year, nearly five times as many as the same period a year ago, according to a data analysis by The Arizona Republic.

Plus, nearly 2,000 area homeowners have been issued a notice of trustee sale, a precursor to foreclosure. That is nearly three times as many as the first six months of 2007."

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NE Valley foreclosures surge

Number of Active & Sold Listings in the Phoenix-Metro Area (7/20/2008)

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 - 52,461 (+139)

Single Family Detached - 42,968 (+111)
Patio homes - 850
Townhouses - 3,551
Apartment Style - 2,955
Gemini/Twin Homes - 354
Manufactured/Mobile Housing - 1,479
Modular/Pre-fab - 38
Loft Style - 266

Total Sold Listings (2008) - 29,877 (+1533)

Single Family Detached - 25,627 (+1367)
Patio homes - 502
Townhouses - 1,690
Apartment Style - 1,246
Gemini/Twin Homes - 200
Manufactured/Mobile Housing - 559
Modular/Pre-fab - 7
Loft Style - 46

Ask the Expert - Money Magazine What is and isn’t protected from bank failure «

"What is and isn’t protected from bank failure

Despite the recent headlines, bank failures are extremely uncommon. But if you’re concerned, here’s what you need to know."

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Ask the Expert - Money Magazine What is and isn’t protected from bank failure

Homebuilder sentiment index falls

"Home builders' business outlook plunged this month to the lowest level since record keeping began more than 20 years ago, reflecting worsening industry conditions as the housing slump, rising gas prices and sagging consumer confidence combine to undermine the sales of new homes.

The National Association of Home Builders/Wells Fargo housing market index fell in July to a record low of 16, down from 18 in June, the Washington trade group said Wednesday.

The index has been on a downward trajectory since May as the industry's fortunes have soured."

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Homebuilder sentiment index falls

Blame game: Who's behind the Fannie, Freddie mess

"For companies with a seemingly straightforward mandate - to expand housing to low income households and to provide stability to the housing market by making a market for mortgages - Fannie Mae and Freddie Mac have gotten themselves into an awful lot of trouble. Here's a rundown of the parties that brought us to this unhappy point."

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Blame game: Who's behind the Fannie, Freddie mess

FDIC's big test: Delinquent IndyMac mortgages

"When FDIC Chairwoman Sheila Bair swooped in on Friday and took over IndyMac Bank, she became steward to billions of dollars in customer savings deposits. She also inherited $200 billion worth of home mortgages - a sizable number of which are in trouble.

Bair, from her bully pulpit as one of the nation's top bank regulators, has long pressed lenders to help struggling homeowners by modifying their mortgages to more affordable terms."

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FDIC's big test: Delinquent IndyMac mortgages

Home construction at slowest pace in 17 years.

"Construction of single-family homes fell in June to the slowest pace in 17 years although a change in New York laws helped give a big boost to apartment building.

The Commerce Department reported Thursday that construction of single-family homes dropped by 5.3% in June to a seasonally adjusted annual rate of 647,000 units, the weakest performance since January 1991, another period when the housing industry was going through a severe downturn."

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Home construction at slowest pace in 17 years

Source: FBI investigating Indymac for fraud

"The FBI is investigating Indymac Bancorp for fraud, a source tells CNN.

A source tells CNN that the FBI is investigating California-based Indymac Bancorp.

The California-based bank was taken over by federal regulators last week.
Indymac's collapse was the second-largest bank failure in U.S. history."

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Source: FBI investigating Indymac for fraud

Bernanke says Fannie and Freddie will not fail

"Federal Reserve Chairman Ben Bernanke told Congress Wednesday that troubled mortgage giants Fannie Mae and Freddie Mac are in 'no danger of failing.'

The Fed chief made his remarks to the House Financial Services Committee, his second day on Capitol Hill where he briefed lawmakers on the problems plaguing the economy.

Bernanke appeared amid a backdrop of fading confidence in the U.S. financial system and in the national economy."

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Bernanke says Fannie and Freddie will not fail

East Valley hails Loop 202 leg

"Thousands of people walked, jogged, bicycled, rollerbladed and skateboarded Tuesday night while picking up freebies along the now-finished Red Mountain Freeway.

But they have to wait until Monday to start driving on the 4.5-mile stretch, which marks the completion of a critical section of the Loop 202.

Crews are putting finishing touches on the $195 million segment, which is expected to carry 1 million cars a day."

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East Valley hails Loop 202 leg

New director to map out Surprise's future

"Jeff Mihelich, Surprise's new community development director, took over last week and will soon map out the best land uses for more than 300 square miles of raw desert in the city's general planning area.

Those unincorporated areas are pegged for annexation and already include proposed residential and commercial projects that could bolster city revenues."

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New director to map out Surprise's future

Garbage-collection days change Monday

"New garbage and recycling collection days for more than 180,000 households in Phoenix begins Monday. Residents can see if their house will be affected by entering their address online at phoenix.gov/garbage/garbcoll.html.

Mike Lopker, deputy director for solid-waste field services, said it is one of the biggest scheduling challenges in the city's history."

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Garbage-collection days change Monday

Goodyear approves deal for Reds

"It's official: The Cincinnati Reds are joining the Cactus League.

The Goodyear City Council on Monday approved an agreement allowing the Reds to train in the city for at least 20 years.

In return, Goodyear has agreed to spend nearly $32 million to build practice fields and a 38,000-square-foot clubhouse for the team. Up to two-thirds of the cost could be reimbursed later by the Arizona Sports and Tourism Authority."

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Goodyear approves deal for Reds

New buildings will quadruple GCC North

"Students at Glendale Community College's north campus will find their campus has quadrupled in size this fall.

GCC North will kick off the fall semester by opening four new buildings, a move that will allow students to take all their classes, buy their books and eat lunch all in one place."

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New buildings will quadruple GCC North

Fed chief details woes in markets, housing, jobs

"Federal Reserve Chairman Ben Bernanke told Congress Tuesday the fragile economy is facing “numerous difficulties” despite the Fed's aggressive interest rate reductions and other fortifying steps.

At the same time, Bernanke, testifying before the Senate Banking Committee, sounded another warning that rising prices for energy and food are elevating inflation risks. This problem looms even as officials try to cope with persistent strains in financial markets, rising joblessness and housing problems."

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Fed chief details woes in markets, housing, jobs

Mortgages: More expensive, more scarce

"The fate of Fannie Mae and Freddie Mac may be hanging in the balance but many mortgage borrowers already find themselves struggling to find affordable loans.

Because of the turmoil surrounding Fannie and Freddie, recent borrowers are likely paying at least 10% more in monthly mortgage payments than they would have.

The added cost stems from an erosion in confidence in Fannie and Freddie, according to Mark Zandi, chief economist for Moody's Economy.com."

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Mortgages: More expensive, more scarce

US spells out Fannie-Freddie backstop plan

"Scrambling to bolster eroding investor confidence, the Federal Reserve and the Treasury Department announced steps to brace slumping mortgage giants Fannie Mae and Freddie Mac.

The companies' shares, which have plunged as losses from their mortgage holdings threatened their financial survival, opened higher Monday. Fannie Mae rose 27 cents to $10.53, while Freddie Mac climbed 34 cents to $8.08.

The plan, unveiled Sunday, is intended to signal the government is prepared to take all necessary steps to prevent the credit market troubles that erupted last year with losses from subprime mortgages from engulfing financial markets."

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US spells out Fannie-Freddie backstop plan

Fed unveils new rules aimed at curbing shady home loans

"The Federal Reserve unanimously approved new mortgage lending rules Monday in a crackdown on shady practices - particularly subprime loans made to borrowers with weak credit.

The agency made several substantial revisions to the proposed regulations it unveiled in December. Many of the changes acknowledged consumer advocates' concerns that the rules still contained too many loopholes that would allow shady lending practices to continue."

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Fed unveils new rules aimed at curbing shady home loans

FORTUNE Magazine Putting the big in Big Solar

"Nearly three years ago, two Southern California utilities caused a stir when they announced deals to buy up to 1.75 gigawatts of electricity from massive solar farms to be built by Stirling Energy Systems of Phoenix. The company had developed a Stirling solar dish - a 38-foot-high, 40-foot-wide mirrored structure that looks like a big shiny satellite receiver. The dish focuses the sun’s rays on a Stirling engine, heating hydrogen gas to drive pistons that generate electricity."

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Putting the big in Big Solar

Fannie Mae, Freddie Mac: The $5 trillion mess

"They own or guarantee $5 trillion worth of mortgages­ - nearly half of all the country's outstanding home loan debt - and they're crashing. But not everybody is convinced they should be.

Fannie Mae and Freddie Mac are struggling with an investor loss of confidence so great that, while they're unlikely to go under, they could conceivably see their ability to function impaired. That would wreak yet more havoc on an already wrecked housing market - making loans tougher to come by and possibly pushing hundreds of billions of dollars in cost onto U.S. taxpayers."

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Fannie Mae, Freddie Mac: The $5 trillion mess

Number of Active & Sold Listings in the Phoenix-Metro Area (7/13/2008)

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 - 52,322 (-41)

Single Family Detached - 42,857 (-43)
Patio homes - 851
Townhouses - 3,538
Apartment Style - 2,933
Gemini/Twin Homes - 361
Manufactured/Mobile Housing - 1,474
Modular/Pre-fab - 40
Loft Style - 268

Total Sold Listings (2008) - 28,344 (+947)

Single Family Detached - 24,260 (+838)
Patio homes - 481
Townhouses - 1,622
Apartment Style - 1,198
Gemini/Twin Homes - 193
Manufactured/Mobile Housing - 539
Modular/Pre-fab - 7
Loft Style - 44

Fannie and Freddie: Who are these guys?

"The stock market is roiling again - this time out of concern that home-mortgage financiers Fannie Mae and Freddie Mac could topple. But all that begs a more fundamental question: Who are these guys anyway?

Actually, Fannie and Freddie aren't guys, gals or any other variety of real people. Both are unusual shareholder-owned corporations that were started by Congress."

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Fannie and Freddie: Who are these guys?

The rise and fall of IndyMac

"In what could turn out to be the most expensive bank failure ever, troubled mortgage lender IndyMac Bancorp Inc. was taken over by federal regulators on Friday.

The operations of the Pasadena, Calif.-based thrift - once one of the nation's largest home lenders - were shut down at 3 p.m. PDT by the Office of Thrift Supervision and transferred to the Federal Deposit Insurance Corp."

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The rise and fall of IndyMac

Mortgage rules: Will Fed listen to advocates or industry?

"The Federal Reserve is caught in a tug-of-war as it prepares on Monday to unveil final rules overhauling mortgage lending.

Consumer groups are arguing that the regulations, as proposed in December, contain too many loopholes, allowing reckless lending to continue. Industry executives say the proposals place too great a burden on lenders and will prompt them to further restrict credit.

It appears the Fed was swayed by the more than 2,500 comments submitted on the proposals since it has signaled it has revised them, industry insiders say. But it remains to be seen which side the Fed favored."

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Mortgage rules: Will Fed listen to advocates or industry?

Fannie, Freddie plunge continues

"The anxiety over Fannie Mae and Freddie Mac, crucial to a recovery of the battered housing market and the economy as a whole, reached fever pitch on Friday as shares plunged on speculation of a looming bailout.

Immediately after the markets opened, shares of Fannie and Freddie fell more than 47% from their already battered closing price the day before. They soon rebounded later in the morning but Fannie shares were still down about 24% and Freddie shares were off 22% in early afternoon trading.

The problems for Freddie and Fannie also weighed on broader markets, causing a sell-off in U.S. stocks, especially hitting major banks, Wall Street firms and home builders."

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Fannie, Freddie plunge continues

Down-payment aid debated

"Arizonans treading in the housing market's choppy waters have found an unusual lifeline - a group of non-profit organizations that siphon down payments from home sellers to buyers.

Use of the decade-old practice known as down-payment assistance has dramatically increased since the demise of subprime lending because it offers another opportunity for buyers without substantial savings to obtain mortgage loans.

Advocates of down-payment assistance contend it has kept Arizona's failing real-estate market on life support by opening doors for responsible borrowers who simply lack the cash for a down payment."

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Down-payment aid debated

Bankruptcies hit year's high in June

"Valley bankruptcies in June hit their highest level of the year, pushed up by lingering consumer-debt burdens and contrasting with easing financial strains nationally.

A total of 1,118 individuals and small businesses filed for creditor protection last month in metro Phoenix, representing a near-doubling from 582 filings in June 2007, according to the U.S. Bankruptcy Court in Phoenix.

That raised the first-half total to 5,711 filings from 3,110."

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Bankruptcies hit year's high in June

June swoon: Foreclosures and bank repossessions still up

"The number of Americans losing their homes to foreclosure continued to soar in June, according to a report released Thursday.

RealtyTrac, an online marketer of foreclosed properties, reported that lenders repossessed 71,563 homes in June. A year ago, just 26,369 homes were taken back.

During the first six months of 2008, 343,159 Americans lost their homes, up 136% from 145,696 recorded during the same period in 2007."

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June swoon: Foreclosures and bank repossessions still up

Fannie, Freddie plunge on reports of feds planning bailout

"Shares of Fannie Mae and Freddie Mae tumbled again Thursday on a report that government officials have begun planning for a possible collapse of the mortgage finance giants.

The Wall Street Journal reported that Bush administration officials have held talks about what to do in the event the two government-sponsored firms falter."

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Fannie, Freddie plunge on reports of feds planning bailout

Hearings scheduled on APS power line through Vistanica

"Arizona Public Service has filed its much-contested route for a 40-mile, high-voltage transmission line with the Arizona Corporation Commission.

The first two days of state Siting Committee hearings are scheduled for Aug. 18-19.

Peoria officials and residents of the master-planned Vistancia community intend to show up in force for the hearings."

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Hearings scheduled on APS power line through Vistanica

Complaints spur review of impact fee

"Surprise officials will renegotiate a developmental impact fee imposed by the city last year after builders complained that the fee makes their projects unprofitable during an economic downturn.

In July 2007, the City Council approved a 'roads of regional significance' fee on top of its developmental impact fee, causing the amount of city fees paid by developers to jump more than 300 percent in some cases.

Developmental impact fees charged to builders typically cover the cost of infrastructure needed to service their projects, such as sewer plants and road improvements."

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Complaints spur review of impact fee

Phoenix Web site can help residents keep their homes

"Phoenix has launched a Web site to help more residents hold on to their homes.

The site was spearheaded by Phoenix's Neighborhood Services Department. It provides advice on how to contact a lender, information on how neighbors can fight the blight that often results from foreclosed homes and a list of counseling agencies that provide services, often free of charge, to homeowners at risk of defaulting on their loans.

The site can steer residents toward rental housing assistance programs and home ownership opportunities."

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Phoenix Web site can help residents keep their homes

Glendale training facility honored

"The Glendale Regional Public Safety Training Center, a $44 million facility that opened last year, has received a public partnership award from a regional planning agency for the Phoenix metropolitan area.

Glendale officials said Tuesday that the Desert Peaks Award was offered by the Maricopa Association of Governments, or MAG, during a Phoenix ceremony June 25 at the Arizona Biltmore Resort and Spa, 2400 E. Missouri Ave."

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Glendale training facility honored

Gatorade to use power from own solar setup

"Gatorade will tap West Valley sunshine - with the largest rooftop solar array in the state - to power its distribution facility in Tolleson.

The company will install a 500-kilowatt system at the facility that will supply 40 percent of its annual energy needs, enough electricity to power 50 Arizona houses for a year, officials said Tuesday.

Salt River Project will provide $1.2 million as an incentive for the project, although Gatorade officials declined to reveal the system's cost."

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Gatorade to use power from own solar setup

Mortgage application volume climbs 7.5%

"Mortgage application volume rose 7.5% during the week ending July 4, according to the trade group Mortgage Bankers Association's weekly application survey.

The MBA's application index rose to 513.4 during the week, from 477.7 a week earlier.
The most recent survey includes an adjustment to account for the Independence Day holiday."

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Mortgage application volume climbs 7.5%

Mortgage rescue bill closer to passage

"A mortgage rescue plan to save hundreds of thousands of homeowners from foreclosure drew overwhelming Senate support Monday, inching toward passage despite Republican objections.

The Senate voted 76-10 to advance the bill, a broad array of housing measures including overhauls of the Federal Housing Administration, the Depression-era mortgage insurer, and government-sponsored home loan giants Fannie Mae and Freddie Mac."

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Mortgage rescue bill closer to passage

Pending home sales fall 4.7% in May

"The number of homes under sales contracts fell more than expected in May after a surprising spike the month before, a real estate trade group said Tuesday.

The report by the National Association of Realtors was another sign that the nation's housing problems are not abating.

The Realtors' Pending Home Sales Index fell to 84.7 in May, down 4.7% from an upwardly revised reading of 88.9 in April. The index was 14% below its level in May 2007."

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Pending home sales fall 4.7% in May

Number of Active & Sold Listings in the Phoenix-Metro Area (7/6/2008)

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 - 52,363 (-815)

Single Family Detached - 42,900 (-652)
Patio homes - 858
Townhouses - 3,577
Apartment Style - 2,912
Gemini/Twin Homes - 363
Manufactured/Mobile Housing - 1,454
Modular/Pre-fab - 38
Loft Style - 261

Total Sold Listings (2008) - 27,397 (+1,470)

Single Family Detached - 23,422 (+1,295)
Patio homes - 473
Townhouses - 1,569
Apartment Style - 1,163
Gemini/Twin Homes - 191
Manufactured/Mobile Housing - 529
Modular/Pre-fab - 7
Loft Style - 43

Arizonans brace for summer mortgage resets

"More Arizonans than ever before will face the threat of foreclosure this summer as their adjustable-rate mortgage loans jump to a higher interest bracket.

Adjustable-rate mortgage 'resets' - in which a low initial interest rate is converted to a higher rate - are expected to peak this month in Arizona, and experts say the summer resets undoubtedly will lead to fall foreclosures.

In a state where one in 20 mortgage borrowers is already at least 30 days behind on payments, government officials, nonprofit organizations and even some lenders have stepped up efforts to help Arizona families stave off foreclosure."

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Arizonans brace for summer mortgage resets

Freddie Mac: 30-year fixed mortgage rates reverse direction

"Rates on 30-year fixed mortgages fell for the first time in three weeks after the Federal Reserve said last week that it expects inflation to level off, according to mortgage backer Freddie Mac.

Freddie Mac (FRE, Fortune 500) said that 30-year fixed-rate mortgages averaged 6.35% with an average 0.6 point in the week ending Thursday, down from 6.45% last week. Last year at this time, the 30-year loan averaged 6.63%."

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Freddie Mac: 30-year fixed mortgage rates reverse direction

Mortgage applications rise as owners refinance

"Mortgage application volume rose 3.6% during the week ended June 27, according to the trade group Mortgage Bankers Association's weekly application survey.

The MBA's application index rose to 477.7 during the week, bouncing back from a year-to-date low of 461.3.

Refinance volume increased 4.7% during the week, while purchase volume increased 2.8%. Refinance applications accounted for 36.8% of total applications, compared with 36.3% a week earlier."

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Mortgage applications rise as owners refinance

Wachovia quits offering risky mortgage loan

"Beleaguered consumer bank Wachovia Corp. said Monday it will quit offering a mortgage payment option that allows borrowers to pay less each month than the bank charges in interest.

The choice to pay less was one of the options of Wachovia's controversial Pick-A-Payment mortgages, which offer customers four different payment options each month. Wachovia (WB, Fortune 500) told The Associated Press that it will no longer offer the less-than-full interest payment option on all new home loans."

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Wachovia quits offering risky mortgage loan

Construction spending down 0.4% in May

"Construction spending fell in May, marking three consecutive months of decline, according to a government report released Tuesday.

The 0.4% decline, to a seasonally adjusted annual rate to $1.085 trillion, was better than the 0.6% drop forecast by a consensus of economists surveyed by Briefing.com.

That doesn't mean builders are out of the woods. Spending has dropped 6% from May of 2007, and for the first five months of 2008, construction spending topped $416.6 billion, down 5.1% from the same period last year."

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Construction spending down 0.4% in May