Friday, January 02, 2009
Latest Case-Schiller Chart for Phoenix
The deviation is expected to revert back to or below the mean.
Saturday, October 18, 2008
Excellent insight on the success of short sales
Strategy to stave off Arizona foreclosures falls short of goal
by Catherine Reagor - Oct. 18, 2008 12:00 AM
The Arizona Republic
More than 7,000 homeowners facing foreclosure in the Valley are trying to sell their homes through a process known as a short sale, according to Arizona Regional Multiple Listing Service data.
But less than 5 percent manage to sell before lenders seize their houses.
The failure by banks and homeowners to agree to a short sale - to sell a home for less than the amount still owed on the mortgage - is adding to the Valley's growing foreclosure problem.
Read more >>
by Catherine Reagor - Oct. 18, 2008 12:00 AM
The Arizona Republic
More than 7,000 homeowners facing foreclosure in the Valley are trying to sell their homes through a process known as a short sale, according to Arizona Regional Multiple Listing Service data.
But less than 5 percent manage to sell before lenders seize their houses.
The failure by banks and homeowners to agree to a short sale - to sell a home for less than the amount still owed on the mortgage - is adding to the Valley's growing foreclosure problem.
Read more >>
Thursday, January 17, 2008
New housing outlook: 5 years to recover
Catherine Reagor
The Arizona Republic
Jan. 17, 2008 12:00 AM
Home prices will stop falling. New- and used-home sales will pick back up. And the subprime-lending debacle will be over but not forgotten.But it could take a few years for that to happen in metro Phoenix.
The prognosis for the housing market's recovery came Wednesday at the Urban Land Institute Arizona's Real Estate Trends conference. The real-estate think tank's annual daylong gathering is one of the state's biggest and most influential real-estate events. There, top economists, analysts, developers, brokers and investors present candid market predictions.
"The bottom of the housing market may occur in 2008 or 2009, but a full recovery will probably take three to five years," said Elliott Pollack, an Arizona economist and real-estate investor. "This slowdown ends when housing prices stabilize, and they will. Unfortunately, the worst is still ahead of us.
Because of foreclosures, metro Phoenix home prices could fall 30 to 35 percent from 2006's peak and values won't likely return to that high before 2015, said Gadi Kaufmann of the national real-estate advisory firm Robert Charles Lesser & Co.
Read more >>
The Arizona Republic
Jan. 17, 2008 12:00 AM
Home prices will stop falling. New- and used-home sales will pick back up. And the subprime-lending debacle will be over but not forgotten.But it could take a few years for that to happen in metro Phoenix.
The prognosis for the housing market's recovery came Wednesday at the Urban Land Institute Arizona's Real Estate Trends conference. The real-estate think tank's annual daylong gathering is one of the state's biggest and most influential real-estate events. There, top economists, analysts, developers, brokers and investors present candid market predictions.
"The bottom of the housing market may occur in 2008 or 2009, but a full recovery will probably take three to five years," said Elliott Pollack, an Arizona economist and real-estate investor. "This slowdown ends when housing prices stabilize, and they will. Unfortunately, the worst is still ahead of us.
Because of foreclosures, metro Phoenix home prices could fall 30 to 35 percent from 2006's peak and values won't likely return to that high before 2015, said Gadi Kaufmann of the national real-estate advisory firm Robert Charles Lesser & Co.
Read more >>
Sunday, November 25, 2007
Apache Blvd. grows from seedy to chic
East Valley Tribune
Nov 5, 2007
Garin Groff
Apache Boulevard had long been overlooked by anybody who had money — unless they had a few bucks for drugs or a hooker. Now, the rundown buildings and weed-filled lots along Apache are some of Tempe’s hottest real estate.
Developers have bought some of the bleakest places for new condos, apartments and shops. The area is seeing its biggest boom in decades as builders construct housing and shops that are far nicer than many could have imagined just a few years ago.
Nearly 20 developments are planned or under way on a 2.5-mile stretch of Apache, ranging from eight-story condo buildings to single-family homes.
The area’s rebirth is largely the result of the same thing that made it boom decades ago and then fall into decline: its status as a major transportation corridor.
The boulevard was the original route of U.S. 60 before the Superstition Freeway was started in the 1970s. The new highway diverted drivers from the motels, service stations and restaurants that had thrived for decades.
Read more >>
Nov 5, 2007
Garin Groff
Apache Boulevard had long been overlooked by anybody who had money — unless they had a few bucks for drugs or a hooker. Now, the rundown buildings and weed-filled lots along Apache are some of Tempe’s hottest real estate.
Developers have bought some of the bleakest places for new condos, apartments and shops. The area is seeing its biggest boom in decades as builders construct housing and shops that are far nicer than many could have imagined just a few years ago.
Nearly 20 developments are planned or under way on a 2.5-mile stretch of Apache, ranging from eight-story condo buildings to single-family homes.
The area’s rebirth is largely the result of the same thing that made it boom decades ago and then fall into decline: its status as a major transportation corridor.
The boulevard was the original route of U.S. 60 before the Superstition Freeway was started in the 1970s. The new highway diverted drivers from the motels, service stations and restaurants that had thrived for decades.
Read more >>
Wednesday, November 14, 2007
Gilbert considers money for 1st-time home buyers
Chris Markham, Tribune
The Gilbert Town Council will consider increasing the amount of money available to assist first-time home buyers.
Town staff have recommended the council approve a change order that will mean increasing funding for the home ownership assistance program by $12,082, adding to the current $234,536.
The council is set to vote on the matter at its regular meeting tonight. Gilbert’s program is administered through Maricopa County and provides financial and counseling assistance to low- and moderate-income people who want to buy their first house in the town.
The program provides a secured, no-interest loan that is later repaid when the home is sold or refinanced. The fund is generally sustained as past recipients repay the loans.
Read more
The Gilbert Town Council will consider increasing the amount of money available to assist first-time home buyers.
Town staff have recommended the council approve a change order that will mean increasing funding for the home ownership assistance program by $12,082, adding to the current $234,536.
The council is set to vote on the matter at its regular meeting tonight. Gilbert’s program is administered through Maricopa County and provides financial and counseling assistance to low- and moderate-income people who want to buy their first house in the town.
The program provides a secured, no-interest loan that is later repaid when the home is sold or refinanced. The fund is generally sustained as past recipients repay the loans.
Read more
Wednesday, September 12, 2007
UCLA: Economy Near Recession
From the LA Times: Economy will hover near recession, forecast says
The nation's economy will be so sluggish well into next year that any major hiccup could tip it into recession, UCLA's latest economic forecast predicts.
The end of easy credit and a further decline in home construction are sending the economy into a "near-recession," with growth hovering at just above 1% through the first three months of 2008, according to the UCLA Anderson Forecast to be released today.
The forecast presents a gloomier outlook for jobs and the housing market. The nation's unemployment rate will rise to 5.2% by mid-2008, up from the current 4.6%.
And the forecast for housing starts is grim:
The group sees [housing starts] bottoming out at 1 million units annually, down from the previous forecast of about 1.2 million.
Read more...
The nation's economy will be so sluggish well into next year that any major hiccup could tip it into recession, UCLA's latest economic forecast predicts.
The end of easy credit and a further decline in home construction are sending the economy into a "near-recession," with growth hovering at just above 1% through the first three months of 2008, according to the UCLA Anderson Forecast to be released today.
The forecast presents a gloomier outlook for jobs and the housing market. The nation's unemployment rate will rise to 5.2% by mid-2008, up from the current 4.6%.
And the forecast for housing starts is grim:
The group sees [housing starts] bottoming out at 1 million units annually, down from the previous forecast of about 1.2 million.
Read more...
Wednesday, April 18, 2007
Inner-city housing gets a boost
Former Phoenix Mayor Johnson developing market for moderately priced homes
Grayson Steinberg
The Arizona Republic
Apr. 18, 2007 08:07 AM
Johnson, 47, founded Berkana Homes two years ago to exclusively develop affordable residential infill projects. His company targets teachers, police officers, firefighters and others that seek housing close to the central city, its jobs and cultural amenities, but can't pay the hefty price tag. These people can generally afford homes within the $190,000 to $250,000 range, Johnson said.
Homes at those prices are typically found in the suburbs, said Johnson, who was the Phoenix mayor from 1990 to 1994 and a councilman before that.
Read more >>
Labels: affordable housing, Berkana, infill projects
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