Hope Now: April peak for home rescues

"Hope Now helped 183,000 at-risk borrowers stay in their homes during the month of April, according to numbers released by the coalition on Friday.

Hope Now, an alliance of mortgage lenders, servicers, investors and community advocacy groups, also said it has arranged a total of nearly 1.6 million loan workouts since the program began in July, 2007."

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Hope Now: April peak for home rescues

Volunteers pitching in to clean neglected yards

"With weeds sprouting across the Valley in the wake of a wet winter, different communities are taking different approaches to the problem.

Many are like Glendale, stepping in to clear up weeds and trash on private properties.

Others, such as Peoria, do not have ordinances that permit work to be done on private property unless it is an emergency."

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Volunteers pitching in to clean neglected yards

SRP to build 3 natural-gas plants

"Salt River Project is planning three natural-gas power plants in northern Pinal County to meet its growing peak summer electricity demand, the utility announced Wednesday.

SRP had already announced plans to buy 575 megawatts of electricity from a fourth natural-gas plant that Calgary-based TransCanada Corp. plans to build in that area.

But the utility's power planners expect peak summer demand to rise by 2,500 megawatts by 2020, and will develop three other plants to meet the demand."

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SRP to build 3 natural-gas plants

Long waits for short sales

"Banks say they want to help troubled homeowners, but they are delaying deals that could save everyone - including the lenders themselves - a lot of time and money.

Lenders are taking much longer than necessary to approve short sales, according to Duane LeGate, of House Buyers Network, a short sale specialist.

In a short sale, a homeowner who cannot keep up with their loan asks the lender to take a dollar amount less than what is owed on a home's mortgage, and forgive the remainder of the unpaid debt."

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Long waits for short sales

Mortgage rates rise, topping 6%

"Rates on 30-year mortgages were pushed up this week above 6 percent amid growing concerns about inflation, mortgage backer Freddie Mac said Thursday.

Freddie Mac said 30-year fixed-rate mortgages averaged 6.08% with an average of 0.6 points, up from 5.98% last week. Last year at this time, the 30-year loan averaged 6.42%."

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Mortgage rates rise, topping 6%

NW Valley leads in retail space absorption

"The Northwest Valley led Maricopa County in retail space absorption during the first quarter of 2008, according to commercial real estate brokerage CB Richard Ellis.

However, retail absorption rates were down Valleywide from the same period last year, reflecting how a slumping economy and housing market have stalled retail growth.

New retailers in Surprise, Peoria, Sun City and parts of Glendale took over more than 660,000 square feet of commercial space between January and March. The region was one of the only greater Phoenix markets to experience retail growth, up from about 265,000 square feet of absorbed space in the first quarter of 2007."

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NW Valley leads in retail space absorption

Glendale spending nearly doubles in war on weeds

"Have you noticed the weeds around that house down the street?

You're not alone.

Foreclosures, combined with a wet spring, have made for some troublesome neighborhood issues in Glendale and beyond.

Glendale's Code Compliance Department has been pounded with complaints about weeds taller than 6 inches and other complaints, such as trash and debris, as people walk away from their homes and mortgages."

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Glendale spending nearly doubles in war on weeds

Mortgage application volume falls as rates rise

"Mortgage application volume fell 4.6% during the week ended May 23, according to the trade group Mortgage Bankers Association's weekly application survey.

The MBA's application index fell to 593.3 during the week, from 621.6 the previous week.

Refinance volume declined 8.9%, pushing total volume lower. Refinance applications accounted for 46.1% of total applications, down from 48.2% a week earlier."

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Mortgage application volume falls as rates rise

Foreclosures lead to Valley health risks

"Kara Cox pushed her way through the shoulder-high weeds at her first assignment of the day, stepping over beer cans, fast-food wrappers and home-auction posters lying in the dirt.

She opened the side gate at the abandoned Glendale home and entered the backyard. Her suspicions were confirmed.

'The pool is breeding,' said Cox, a Maricopa County vector-control specialist. 'They've just hatched.'"

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Foreclosures lead to Valley health risks

Lots of 'For Sale' signs but actual sales lagging

"Like spring flowers, the 'For Sale' signs are sprouting in front yards all over the country. But anxious sellers are facing the most brutal environment in decades, with a slumping economy, falling home prices and rising mortgage foreclosures.

And even the faint promise of better days ahead might not come true, given all the headwinds the housing industry is facing at the moment.

'This is going to be another difficult spring,' said Mark Zandi, chief economist at Moody's Economy.com. 'I think we are at the beginning of the end of the housing downturn, but it is going to be a long and painful end.'"

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Lots of 'For Sale' signs but actual sales lagging

Home prices drop record 14%

"U.S. home prices dropped at the sharpest rate in two decades during the first quarter, a closely watched index showed Tuesday, a somber indication that the housing slump continues to deepen.

Standard & Poor's/Case-Shiller said its national home price index fell 14.1 percent in the first quarter compared with a year earlier, the lowest since its inception in 1988. The quarterly index covers all nine U.S. Census divisions."

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Home prices drop record 14%

Number of Active & Sold Listings in the Phoenix-Metro Area (5/25/2008)

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 - 54,292 (+17)

Single Family Detached - 44,458 (-44)
Patio homes - 914
Townhouses - 3,763
Apartment Style - 3,009
Gemini/Twin Homes - 372
Manufactured/Mobile Housing - 1,472
Modular/Pre-fab - 37
Loft Style - 269

Total Sold Listings (2008) - 19,200 (+997)

Single Family Detached - 16,212 (+1,003)
Patio homes - 372
Townhouses - 1,156
Apartment Style - 869
Gemini/Twin Homes - 156
Manufactured/Mobile Housing - 409
Modular/Pre-fab - 5
Loft Style - 21

City expects bigger Memorial Day parade

"Surprise hosts its second Memorial Day Parade on Saturday, and it is expected to exceed the size of last year's.

'Management said for us to continue and build a tradition, so we're excited that we are,' said Mark Coronado, Community and Recreation Services director.

This year, the city has registered 56 entries, up from 48 last year. The parade will feature about 85 vehicles and 700 total participants, Coronado said.

The parade begins at 8:30 a.m. Saturday and should last about 45 minutes. The route begins at the north parking lot of Surprise Stadium, located south of Bell Road on Bullard Avenue. The parade will travel south on Bullard to Tierra Buena Lane, make a U-turn and end near the Northwest Regional Library on the east side of Bullard Avenue."

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City expects bigger Memorial Day parade

W. Valley shifts focus to '13 Super Bowl bid

"After this week's vote by NFL team owners to award the 2012 Super Bowl to Indianapolis, West Valley residents had one thing to say: '2013.'

Well, that, and that Glendale leaders should continue to transform the city's west end into a destination spot, to attract the NFL and to better capitalize on the economic benefits of another Super Bowl like the one played at University of Phoenix Stadium in February."

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W. Valley shifts focus to '13 Super Bowl bid

Glendale hospital readies Level III neonatal ICU

"The West Valley will soon have its first Level III neonatal intensive-care unit at Banner Thunderbird Medical Center in Glendale.

Currently, women who go into extremely premature labor are most often transferred to hospitals in Phoenix or Mesa to get the necessary level of care.

Thunderbird's NIC-U expansion to a 35-bed unit will allow its medical staff to handle premature births of 28 weeks and less. A full-term pregnancy is 40 weeks."

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Glendale hospital readies Level III neonatal ICU

Homes sales dip in April; prices fall sharply

"Sales of existing homes slowed in April while inventory soared, according to a reading of the sagging housing market released Friday.

The National Association of Realtors reported that sales by homeowners dipped in April to an annual pace of 4.89 million, down 1% from the revised March reading of 4.94 million."

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Homes sales dip in April; prices fall sharply

ADOT announces no closures over holiday weekend

"It'll be smooth sailing on Arizona's highways over Memorial Day. The Arizona Department of Transportation says no construction closures are scheduled on metro Phoenix freeways over the weekend."

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ADOT announces no closures over holiday weekend

Pool Safety

"Get helpful information regarding pool safety including how to perform CPR, make your pool safer, prevent accidental drownings and more."

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Pool Safety - 12 News

Fannie Mae: Housing prices to plummet as much as 25%

"Fannie Mae's CEO told shareholders Tuesday that the housing market is 'about halfway through' its crisis and home prices could fall as much as 25% before the worst is over.

The largest U.S. buyer and guarantor of home mortgages will be able to weather the downturn and expand its business, Fannie Mae's president and CEO, Daniel Mudd, said as he and other top executives faced shareholders at an annual meeting in New Orleans."

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Fannie Mae: Housing prices to plummet as much as 25%

Home prices see largest recorded fall

"The prices of homes sold in the first quarter of 2008 posted a record decline, according to a new report from the Office of Federal Housing Enterprise Oversight.

Home prices fell 3.1% from the first quarter of 2007, the largest decline in the purchase-only index, which excludes refinancings, since the agency began keeping records 17 years ago.

First-quarter prices dropped 1.7% from the fourth quarter, the largest quarterly dip ever."

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Home prices see largest recorded fall

Mortgage applications volume falls to 7.8%

"Mortgage application volume fell 7.8% during the week ending May 16, according to the trade group Mortgage Bankers Association's weekly application survey.

The MBA's application index fell to 621.6 from 674.4 the previous week as both refinance and purchase volume declined.

Refinance volume fell 8.7% during the week, while purchase application volume fell 6.9%."

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Mortgage applications volume falls to 7.8%

Reverse mortgages: Beware the come-ons

"Last year, borrowers took out more than 132,000 reverse mortgages - 50% more than the year before and almost 10 times as many as five years ago. Such loans, as you may already know, allow you to draw down your home equity if you're 62 or older without repaying it as long as you stay in your house.

That's good news. Reverse mortgages can help cash-strapped retirees generate extra money for living expenses, pay for home improvements, lower other debts or fund the occasional splurge.

There's also a downside to reverse mortgages' growing popularity, however. Loan-origination fees that can top $7,000 on a $500,000 home are attracting aggressive salespeople intent on getting you to take out a reverse mortgage whether you need one or not. Some may try to persuade you to invest the proceeds in high-priced financial products, such as annuities, boosting their commissions even more."

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Reverse mortgages: Beware the come-ons

Seniors facility to rise in Peoria

"A long-term care facility for seniors has gotten the nod to build on 5.5 acres at 87th Avenue and Union Hills Drive.

The Peoria Planning and Zoning Commissioner recently granted the Spectrum Senior Living project a conditional use permit for the 121,300-square-foot project.

The buildings will be two and three stories high. According to the applicant, the project will house 140 living units: 76 units for congregate care, 48 for assisted living and 16 for Alzheimer's patients."

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Seniors facility to rise in Peoria

Committee forms to help ease foreclosures

"Dan Lundberg, Surprise's community initiatives director, went around the Palms and Palo Verde rooms at Sun City Grand last week, asking members of homeowners associations how rising home foreclosures has affected them.

Increased crime and vandalism, lack of community cohesion and dips in home values were among the common concerns at the HOA Connection meeting, a gathering of dozens of members, board members and presidents of Surprise HOAs."

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Committee forms to help ease foreclosures

Red carpet rolls out for Surprise's first movie theater

"Red carpet will line UltraStar Cinemas' freshly paved concrete walkways Wednesday night to celebrate the grand opening of Surprise's first movie theater.

San Diego County-based UltraStar opens its first venue in Arizona with a midnight showing of Indiana Jones and the Kingdom of the Crystal Skull at the Surprise Pointe commercial center near Litchfield and Waddell roads."

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Red carpet rolls out for Surprise's first movie theater

Ruling near on Anthem water and sewer case

"A decision is close on a complex water rates case that could increase the water and sewer rates that thousands of Anthem customers pay by more than $25 a month.

On May 12, Administrative Law Judge Teena Wolfe issued an order, which would allow Arizona-American Water Company to raise its monthly rates. The increases would be $9.73, or about 35 per cent, for the average residential water bill and $15.70, or about 41 percent, for the average residential wastewater bill. Each year, an average Anthem customer's bill would go up $305."

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Ruling near on Anthem water and sewer case

Firefighters warn: Be careful in hot weather

"With Valley temperatures topping 100 degrees this week, authorities want people to remain safe from heat illness.

Firefighter Daniel Valenzuela, a spokesman for the Glendale Fire Department, said Tuesday that the agency receives several hundred heat-related calls during the course of the summer.

Residents and winter visitors alike need to stay safe and recognize the dangers that extreme heat conditions can cause, Valenzuela said."

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Firefighters warn: Be careful in hot weather

Firefighters push water-safety awareness

"With school almost out and summer on the way, kids across the Valley will soon head to local pools to escape the Arizona heat.

But as the mercury rises, so does the risk of tragedy. In 2007, 14 children drowned in Maricopa County. The Glendale Fire Department is working to lower that number in 2008. On Saturday, the department will host a Water Safety Awareness Day at Rose Lane Aquatics Center."

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Firefighters push water-safety awareness

School districts get tough as foreclosures rise

"Some school districts, hoping to control costs and prevent overcrowding, are intensifying efforts to make sure students actually live where they are registered.

Districts from Florida to California are hiring private investigators, creating anonymous tip lines and imposing penalties when they believe people have registered at false addresses. The measures often are spurred by parents who feel they pay a premium in property taxes to get their children into good schools.

One reason for the crackdown is the rise in home foreclosures, which may prod parents into faking addresses to keep their children at their current schools, some in the field say."

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School districts get tough as foreclosures rise

Phoenix parks, preserves get voter approval

"Voters on Tuesday overwhelmingly approved a 30-year extension of Phoenix's Parks and Preserve Initiative, ensuring hundreds of millions of dollars for the construction and operation of recreational areas in the city.

Unofficial results showed that more than four in five voters supported extending the decade-old tax, which amounts to one cent for every $10 purchase.

Supporters hailed the passage of the tax as a landmark step in the effort to provide high-quality parks and preserves within Phoenix."

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Phoenix parks, preserves get voter approval

Housing affordability best in four years

"With prices crashing around the nation, home price affordability has improved dramatically in many U.S. cities.

As a result, 53.8% of all new and existing homes sold nationwide during the first three months of 2008 were affordable to families earning the median household income of $61,500, according to the latest Housing Opportunity Index released Tuesday by Wells Fargo and the National Association of Home Builders (NAHB)."

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Housing affordability best in four years

Proposed complex angers rural residents

"A developer is looking to build an 83,000-square-foot office complex at the southwest corner of 83rd Avenue and Pinnacle Peak Road, drawing opposition from nearby rural residents.

'I enjoy my starry nights,' said Debra Grunwald, who lives on Planada Lane, a county island of 1-acre lots. 'I don't want to see the (development's) lights. They don't need to be there.'

Grunwald was one of four residents who spoke against the proposed West Wing Professional Offices at last week's Planning and Zoning Commission meeting."

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Proposed complex angers rural residents

Valley home-sales reports are at odds

"One sign of the Valley's troubled housing market is the growing incidence of lenders assuming ownership of homes.

Ironically, the increasing number of those transactions has led to a false perception that the real-estate market may be showing signs of recovery.

The confusion stems from a report on April home sales by Jay Butler, director of real-estate studies at Arizona State University's Morrison School of Management and Agribusiness."

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Valley home-sales reports are at odds

Dodd, Shelby reach housing aid deal

"Senate Banking Committee leaders said Monday that they have come to a deal on a housing bill that would prevent foreclosures, create affordable housing and revamp oversight of two of the mortgage market's biggest players: Fannie Mae and Freddie Mac.

A major part of the legislation would allow the Federal Housing Administration to insure $300 billion in new loans for at-risk borrowers if lenders agree to write down loan balances below the appraised value of borrowers' homes."

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Dodd, Shelby reach housing aid deal

Need a better mortgage? Call Uncle Sam

"On Capitol Hill this week, lawmakers are set to continue to grapple with the best response to the rising tide of home foreclosures. But the Bush administration says it has a solution in place: A nine-month old mortgage refinancing program run by the Federal Housing Administration.

The program, called FHASecure, was launched in August. It has enabled subprime borrowers to switch to low, fixed-rate mortgages after they fell behind on payments because their adjustable rate mortgages reset to higher, unaffordable levels."

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Need a better mortgage? Call Uncle Sam

Large retailers eye space at Sycamore Farms

"At least 10 big-box retailers have leases pending at Surprise's Sycamore Farms Towne Center to be built near Loop 303 and Cactus Road.

Home Depot, JCPenney and Sports Authority are in negotiations to take some of the largest storefronts at the 67-acre project, to be built by Vestar Development Co."

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Large retailers eye space at Sycamore Farms

Arrowhead earns nod as best neighborhood

"Voters at azcentral.com have chosen Arrowhead as the Valley's best neighborhood.

'Arrowhead' is loosely used to identify a region of northern Glendale into Peoria. But the name was branded with Arrowhead Ranch, a former citrus ranch on about 5,000 acres that was transformed in the 1980s into a posh master-planned community in north Glendale.

Arrowhead won over competition from Phoenix's swanky Biltmore neighborhood and its historic Willo district. It also topped Scottsdale's DC and McCormick ranches."

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Arrowhead earns nod as best neighborhood

Foreclosed Home Stripped of Valuables - Follow-up

I was showing homes yesterday and saw a home that was unbelievable. It was in one of the worst conditions that I had ever seen. All of the copper and romex electrical wiring had been stripped out of the house. The hosebib in the frontyard had been cut out of the water main and ripped out of the front of the home. There are huge holes in the ceiling and walls. I have some before and after photos of this house. It's a shame that people are doing this to homes, sadly, this is happening more often to foreclosed homes in the Phoenix-Metro Area.

Here is a link to the original blog entry:

http://bjj-broker.blogspot.com/2008/05/foreclosed-homes-stripped-of-valuables.html

Click the photo below to see the entire set of before and after photos:

Here is another property that I showed a day after the above home:

Number of Active & Sold Listings in the Phoenix-Metro Area (5/18/2008)

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 - 54,275 (-131)

Single Family Detached - 44,502 (-94)
Patio homes - 917
Townhouses - 3,736
Apartment Style - 2,992
Gemini/Twin Homes - 372
Manufactured/Mobile Housing - 1,460
Modular/Pre-fab - 33
Loft Style - 262

Total Sold Listings (2008) - 18,203 (+1,236)

Single Family Detached - 15,209 (+1,079)
Patio homes - 351
Townhouses - 1,085
Apartment Style - 826
Gemini/Twin Homes - 138
Manufactured/Mobile Housing - 391
Modular/Pre-fab - 3
Loft Style - 20

Fannie Mae scraps higher down payment requirements

"Fannie Mae is doing away with higher minimum down-payment requirements for borrowers in parts of the country where home prices are dropping.

The government-sponsored mortgage finance company said Friday it will require minimum down payments of between 3% and 5% for all loans that it guarantees. That replaces a December policy that required a higher minimum if the loan was for a home in a zip code with declining real estate prices."

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Fannie Mae scraps higher down payment requirements

Upcoming road restrictions in the West Valley

Click below to read about this coming weekends road restrictions in the West Valley...

Upcoming road restrictions in the West Valley

Pulte letter disputes home-defect claims

"Pulte Homes has sent a letter to Sun City Grand residents disputing claims of widespread construction defects outlined in a lawsuit filed in April.

More than 1,000 Sun City Grand homeowners are taking legal action against Pulte for what they claim are home defects ranging from cracks in the foundations to insufficient noise protection."

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Pulte letter disputes home-defect claims

Contract approved for new Glendale fire station

"The Glendale City Council has approved a nearly $4.7 million contract for the construction of a new fire station east of the city's downtown area.

The contract was awarded Tuesday to FCI Constructors Inc., a firm based in Litchfield Park.

The new fire house will be a replacement for Fire Station 151, 5705 N. 55th Ave., an aging facility at Orangewood Avenue that went into service in 1969."

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Contract approved for new Glendale fire station

Foreclosed homes stripped of valuables

"Just two doors away from Vickie Boysen's home in Surprise Farms sits a house reportedly gutted by thieves about three months ago at the start of what Boysen believes is a disturbing new trend spurred by the rise in foreclosures in the area.

Three air-conditioning units were pulled out and the backyard pool was wrecked at the house, which had been vacant for at least half a year, she said."

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Foreclosed homes stripped of valuables

Weekly mortgage rates fall, but remain above 6%

"Rates on 30-year mortgages eased this week, but remained above 6%, as signs that the overall economy is recovering helped offset ongoing weakness in the housing market, mortgage backer Freddie Mac said Thursday.

Freddie Mac said 30-year fixed-rate mortgages averaged 6.01% this week with an average of 0.6 point, down from 6.05% last week. Last year at this time, the 30-year loan averaged 6.15%."

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Weekly mortgage rates fall, but remain above 6%

Foreclosures filing set record in April, RealtyTrac says

"U.S. foreclosure filings reached a record high in April, rising almost 65% over the previous year and putting municipalities at risk by cutting into the value of taxed property, according to a study released Wednesday.

Some 243,353 households, nearly one in 519, received a foreclosure filing during April, according to the U.S. Foreclosure Market Report from RealtyTrac, an online marketplace that tracks foreclosed properties. That was up 4% from March, and surpassed the record of 239,851 set in August 2007."

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Foreclosures filing set record in April, RealtyTrac says

Why more homeowners aren't getting help

"Drowning in a mortgage you can't afford? Whether or not you get a new one will be decided by someone you've probably never met at a company whose role is barely visible: the mortgage servicer.

Nationwide, as home prices plummet and foreclosures rise, thousands of Americans at risk of losing their home are trying to work out new loans. In Washington, Congress is debating a massive rescue aimed at 500,000 people."

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Why more homeowners aren't getting help

Westgate fountains to help fund nonprofits

"The fountains at Westgate City Center are doing double duty, taking wishes and supporting local charities with the coins that are tossed in.

Steve Ellman, developer of the entertainment district next to University of Phoenix Stadium, announced Tuesday that all of the coins will be donated to Glendale's From the Heart program."

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Westgate fountains to help fund nonprofits

Multiple attractions fill stadium calendar

"More than 300,000 people entered University of Phoenix Stadium in the first three months of 2008.

Their reasons for visiting were as wide ranging as the dome itself."

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Multiple attractions fill stadium calendar

FBI warns mortgage fraud is on the rise

"FBI officials Tuesday disclosed complaints of mortgage fraud are piling up at record levels this year, and appear certain to shatter last year's record.

Financial institutions received 33,359 'suspicious activity reports' through the first six months of the current fiscal year, which ended April 30, compared with 46,717 for the entire previous year, the FBI said."

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FBI warns mortgage fraud is on the rise

Mortgage application volume up slightly

"Mortgage application volume rose 2.9% during the week ending May 9, according to trade group Mortgage Bankers Association's weekly application survey.

The MBA's application index increased to 674.4 during the week, compared with 655.4 one week earlier."

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Mortgage application volume up slightly

Will the Fed raise rates before November?

"There is a growing sense that the worst of the credit crunch may be behind us. And despite a tamer-than-expected reading for April, inflation is still very much a concern for many Americans.

So with that in mind, could the Federal Reserve be forced to raise interest rates before the end of the year....even in the midst of the presidential race?"

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Will the Fed raise rates before November?

D-Backs offering baseball, softball camps

"The Arizona Diamondbacks Training Centers are hosting a five-day youth baseball and softball camp from 8 to 11 a.m. June 2-6 at Rio Vista Park, 8866 W. Thunderbird Road."

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D-Backs offering baseball, softball camps

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

New Wal-Mart delights north Peoria customers

"A new Wal-Mart Supercenter that had its grand opening Wednesday in north Peoria is expected to make an impact on the city by generating tax revenues, adding jobs and contributing to local schools and charitable organizations.

But the first-day shoppers in the store in the Camino a Lago Marketplace shopping center at Lake Pleasant Parkway and Deer Valley Road, were focused on what a pleasant shopping experience it offered."

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New Wal-Mart delights north Peoria customers

Lake Pleasant marina transition leaves unrest in wake

"As one marina debuted and the old one went private last week at Lake Pleasant, ripples were created.

The debut went smoothly at Scorpion Bay Marina and Yacht Club, which opened on the western shore May 1."

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Lake Pleasant marina transition leaves unrest in wake

Task force to tackle unsightly Peoria yards

"Peoria has formed a task force to tackle vacant, foreclosed homes, which are becoming eyesores in neighborhoods.

Problems such as overgrown weeds begin to be noticed two to three months after a foreclosure."
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Task force to tackle unsightly Peoria yards

W. Valley home resales rise as prices are slashed

"Home sellers in the West Valley have slashed their asking prices up to 30 percent since February, and the price cuts are spurring sales in Surprise, El Mirage and Goodyear, according to a report from Arizona State University."

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W. Valley home resales rise as prices are slashed

Fire ban starts Monday at mountain, desert parks

"Mother's Day is the last day to light up a charcoal grill at Phoenix mountain preserves or desert parks. Monday a fire restriction that bans all open fires of any kind goes into effect.

The fire ban during the hot spring and summer months is nothing new, said park ranger Scott Covey. The city Parks and Recreation Department, and Maricopa County Parks and Recreation Department, have instituted a fire ban for several years."

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Fire ban starts Monday at mountain, desert parks

Number of Active & Sold Listings in the Phoenix-Metro Area (5/11/2008)

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 - 54,406 (-146)

Single Family Detached - 44,596 (-105)
Patio homes - 914
Townhouses - 3,776
Apartment Style - 2,998
Gemini/Twin Homes - 363
Manufactured/Mobile Housing - 1,479
Modular/Pre-fab - 33
Loft Style - 257

Total Sold Listings (2008) - 16,787 (+936)

Single Family Detached - 14,130 (+809)
Patio homes - 334
Townhouses - 1,031
Apartment Style - 769
Gemini/Twin Homes - 127
Manufactured/Mobile Housing - 376
Modular/Pre-fab - 3
Loft Style - 17

Housing inventory rises again in April

"The number of homes for sale was on the rise again in April, according to figures from Zip Realty, a California-based real estate broker.

Nationally, inventories expanded 3.5% last month in the 29 major markets that the company tracks, and were up 6% over the same period last year."

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Housing inventory rises again in April

Townhouses going up for auction

"Thirty-five new townhouses near the University of Phoenix Stadium will be auctioned off next month as builders continue to use auctions to figure out what buyers are willing to pay.

Trammell Crow Residential of Scottsdale has scheduled an auction June 7 to sell the last condos in the Quarter development at the Westgate City Center complex in Glendale."

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Townhouses going up for auction

House passes mortgage help despite veto threat

"A bill that would allow the government to guarantee new mortgages for home owners facing foreclosure passed in the U.S. House of Representatives on Thursday.

The bill was approved by a vote of 266-154.

A companion bill that would send $15 billion to states to buy and fix up foreclosed properties also passed the House 239-188.

President Bush has threatened to veto both bills."

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House passes mortgage help despite veto threat

Sonoran Blvd. plans outlined

"Drivers looking for a way to travel east and west in north Phoenix will get relief when construction is finished on Sonoran Boulevard.

The road is one of the most important improvements outlined in a five-year street construction plan that will be voted on by the Phoenix City Council on May 14.

More than $60 million is planned for the seven-mile stretch of Sonoran Boulevard, which will run between Interstate 17 and Cave Creek Road through Phoenix's Sonoran Preserve."

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Sonoran Blvd. plans outlined

Latest news from Glendale Union schools

Click below for the latest news from Glendale Union Schools...

Latest news from Glendale Union schools

Latest news from Peoria Unified schools

Click below for the latest Peoria Unified School District News...

Latest news from Peoria Unified schools

Lawmakers target mortgage lenders

"Lawmakers considered allegations Tuesday that mortgage lenders and companies that service loans are misusing the bankruptcy system to impose questionable fees and improperly pressure homeowners facing foreclosure.

'I fear a vulture mentality is developing in some quarters,' said Sen. Charles Schumer, D-N.Y., who chairs the Senate Judiciary Subcommittee on Administrative Oversight and the Courts. 'The companies know that the hapless homeowner is too poor, too unsophisticated or too overwhelmed to challenge often blatantly fraudulent demands for payment.'"

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Lawmakers target mortgage lenders

Rep. Frank wants answers on jumbo loan inaction

"A key House lawmaker on Monday complained that the mortgage industry has done little over the past month to make higher-value loans available in costly housing markets, after Congress took steps to try to infuse more cash into the so-called jumbo market.

Rep. Barney Frank, D-Mass., said Monday that the House Financial Services Committee that he chairs will hold a May 21 hearing to try to find out why so-called jumbo mortgages remain difficult to get, and continue to carry high interest rates, despite new rules that took effect April 1."

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Rep. Frank wants answers on jumbo loan inaction

Fannie Mae loses $2.2 billion

"Fannie Mae reported losses of $2.2 billion in the first quarter and the nation's largest buyer of home loans said Tuesday it would cut its dividend and raise $6 billion in new capital, with expectations that the housing slump will persist into next year.

Home prices fell faster in the first quarter than Fannie Mae had expected, the government-sponsored company said, and it will open a $4 billion share offering immediately, with the remainder being offered in the 'very near future.'"

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Fannie Mae loses $2.2 billion

Once bulletproof housing markets lose some luster - May. 6, 2008

"Some of the last, best housing markets - the ones that continued to climb even as the rest of the country cratered - have turned south lately.

Seattle, Portland Ore., Charlotte, NC, and Salt Lake City all posted home price gains during 2007, even as more than half of the 150 markets tracked by the National Association of Realtors registered declines. Now they've joined the losers."

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Once bulletproof housing markets lose some luster

FBI forms subprime task force

"Federal authorities, responding to the subprime-mortgage crisis, have formed a task force to determine if lenders or Wall Street firms participated in fraud.

The task force will be headed by prosecutors in the Eastern District of New York, where one of the nation's top mortgage lenders went bankrupt last year."

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FBI forms subprime task force

APS open house on transmission-line route

"Arizona Public Service Co. has announced an informal open house to discuss a selected transmission-line route from north Peoria to north Buckeye.

The meeting is set for 6 p.m. May 14 at the Sage Recreation Center, 26501 W. Desert Vista Blvd., in the Sun City Festival master-planned community near Sun Valley Parkway and Canyon Springs Boulevard in far north Buckeye."

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APS open house on transmission-line route

Surprise moves ahead with key roadwork projects

"Though Surprise is facing a lean budget year, it is proceeding with a list of road projects already in the works.

And while Bell Road resurfacing west of Grand Avenue may be the highest-profile project, there are a variety of smaller ones throughout the city."

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Surprise moves ahead with key roadwork projects

Homeowners tap $29 billion in equity; lowest level since 04

"The percentage of homeowners who refinanced with a Freddie Mac-owned loan in the first quarter of 2008 and received mortgages with loan amounts higher than their original mortgages, fell to the lowest levels since early 2004."

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Homeowners tap $29 billion in equity; lowest level since 04

Number of Active & Sold Listings in the Phoenix-Metro Area (5/4/2008)

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 - 54,552 (-1,055)

Single Family Detached - 44,701 (-803)
Patio homes - 909
Townhouses - 3,784
Apartment Style - 3,016
Gemini/Twin Homes - 371
Manufactured/Mobile Housing - 1,477
Modular/Pre-fab - 35
Loft Style - 259

Total Sold Listings (2008) - 15,851 (+1,717)

Single Family Detached - 13,321 (+1457)
Patio homes - 313
Townhouses - 981
Apartment Style - 731
Gemini/Twin Homes - 120
Manufactured/Mobile Housing - 365
Modular/Pre-fab - 3
Loft Style - 17

City water usage drops 20% over 15 years

"Water usage in Phoenix has dropped 20 percent in the past 15 years, the result of ongoing educational efforts and increased efficiency, city officials say.

According to information from the city's Water Services Department, average per capita daily usage has plunged from about 250 gallons per person per day to about 200 gallons.

Total water usage has held steady, even as the population has soared past 1.5 million people."

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City water usage drops 20% over 15 years

Road closures, restrictions this weekend

"Freeway improvement projects will require closures or lane restrictions this weekend. Most of the restrictions will occur overnight. The Arizona Department of Transportation recommends drivers consider alternate routes or give themselves extra travel time while the following restrictions are in place:"

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Road closures, restrictions this weekend

Housing construction activity tumbles in March

"Construction spending dropped sharply in March, with housing activity plunging by the largest amount on record.

The Commerce Department reported Thursday that construction spending fell by 1.1 percent to a seasonally adjusted annual rate of $1.12 trillion. It marked the fifth decline in the past six months. Building activity has fallen sharply in the face of a steep slump in housing and economic slowdown in other areas."

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Housing construction activity tumbles in March

Foreclosures spike 112%, with no end in sight

"Foreclosure filings in the first three months of 2008 rose more than 112% over last year, according to a study released Tuesday.

Real estate information firm RealtyTrac reported that nearly 650,000 foreclosure filings - which include notices of default, auction sales and bank repossessions - were issued in the first quarter. That represents 1 of every 194 households and marks a 23% increase from the last quarter of 2007."

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Foreclosures spike 112%, with no end in sight

Number of vacant homes hits record high

"The percentage of vacant homes for sale in the United States set a new record high in the first quarter of this year, the government said Monday.

The Census Bureau report shows that shows that 2.9% of U.S. homes -- excluding rental properties -- were vacant and up for sale, compared with 2.8% in the fourth quarter of 2007. It was the highest quarterly number in records going back to 1956."

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Number of vacant homes hits record high