Catherine Reagor
The Arizona Republic
Jun. 30, 2006 12:00 AM
Worried about declining home values in the Valley?
If you live in central Phoenix, north Scottsdale and patches of the East or West Valley, you don't need to fret. Average home prices in those areas are still climbing - and climbing rapidly, in some cases.
In other pockets around metropolitan Phoenix, the average price of an existing home dropped 6, 7, even 12 percent from the fourth quarter of 2005 to the first quarter of this year.
Read more >>
Friday, June 30, 2006
Tuesday, June 27, 2006
Phoenix tops U.S. in home price appreciation
The Business Journal of Phoenix - 3:56 PM MST Tuesday
by The Business Journal
Phoenix continues to have the highest home price appreciation across the country, according to the PMI U.S. Market Risk Index, released Tuesday.
Homes values in the Valley jumped by 31.1 percent from first-quarter 2005 to first-quarter 2006, based on a review of repeat sales.
Still, according to PMI, Phoenix's 6.02 percent employment growth over the same period should balance out the difference between price and affordability.
Read more >>
by The Business Journal
Phoenix continues to have the highest home price appreciation across the country, according to the PMI U.S. Market Risk Index, released Tuesday.
Homes values in the Valley jumped by 31.1 percent from first-quarter 2005 to first-quarter 2006, based on a review of repeat sales.
Still, according to PMI, Phoenix's 6.02 percent employment growth over the same period should balance out the difference between price and affordability.
Read more >>
Monday, June 26, 2006
Real estate execs remain optimistic
Real estate execs remain optimistic
The Business Journal of Phoenix - 10:33 AM MST Monday
by The Business Journal
Despite higher rates, most real estate professionals still feel good about their industry, according to a Bryan Cave survey of real estate professionals nationwide.
Sixteen percent of respondents expect the housing market to strengthen over the next 12 months, while 47 percent think it will stay the same.
However, 35 percent foresee a slowdown and the rest don't know at this point.
Read more >>
The Business Journal of Phoenix - 10:33 AM MST Monday
by The Business Journal
Despite higher rates, most real estate professionals still feel good about their industry, according to a Bryan Cave survey of real estate professionals nationwide.
Sixteen percent of respondents expect the housing market to strengthen over the next 12 months, while 47 percent think it will stay the same.
However, 35 percent foresee a slowdown and the rest don't know at this point.
Read more >>
How low will it go? Home prices may dip 10% as fear grips Valley market
How low will it go?
Home prices may dip 10% as fear grips Valley market
Catherine Reagor
The Arizona Republic
Jun. 18, 2006 12:00 AM
Greed drove metropolitan Phoenix's home prices and sales to new records in 2005. Fear is driving the market this year.
Home buyers are worried about paying too much and are waiting to purchase. Concerned about dropping home values, some owners are trying to cash out. Builders, struggling to sell even deeply discounted new homes, are scaling back production and warning of lower profits. Each day more people, from contractors and mortgage firms to real estate agents, are losing jobs or money in the metropolitan Phoenix's rapidly slowing real estate market.
Read more >>
Home prices may dip 10% as fear grips Valley market
Catherine Reagor
The Arizona Republic
Jun. 18, 2006 12:00 AM
Greed drove metropolitan Phoenix's home prices and sales to new records in 2005. Fear is driving the market this year.
Home buyers are worried about paying too much and are waiting to purchase. Concerned about dropping home values, some owners are trying to cash out. Builders, struggling to sell even deeply discounted new homes, are scaling back production and warning of lower profits. Each day more people, from contractors and mortgage firms to real estate agents, are losing jobs or money in the metropolitan Phoenix's rapidly slowing real estate market.
Read more >>
Sunday, June 25, 2006
Slowing market helps developer
Slowing market helps developer
Real estate firm scoops up prime pieces of state land
Catherine Reagor and Cecilia Chan
The Arizona Republic
Jun. 23, 2006 12:00 AM
The Valley's slowing real estate market is giving new real estate players like Patriot American Development a chance.
Patriot American, a Scottsdale firm, purchased two prime parcels of state trust land in Peoria on Thursday. It was the only bidder for one parcel and easily beat Toll Brothers, which has spent millions in the past on state land, for the other.
It was the first time Patriot has even bid on state land. It got the 1,260 acres for $102.5 million, or $81,000 an acre, just slightly above the appraised value of $101.5 million.
Read more >>
Real estate firm scoops up prime pieces of state land
Catherine Reagor and Cecilia Chan
The Arizona Republic
Jun. 23, 2006 12:00 AM
The Valley's slowing real estate market is giving new real estate players like Patriot American Development a chance.
Patriot American, a Scottsdale firm, purchased two prime parcels of state trust land in Peoria on Thursday. It was the only bidder for one parcel and easily beat Toll Brothers, which has spent millions in the past on state land, for the other.
It was the first time Patriot has even bid on state land. It got the 1,260 acres for $102.5 million, or $81,000 an acre, just slightly above the appraised value of $101.5 million.
Read more >>
Monday, June 19, 2006
Valley's housing skid hurts other economic areas
Glen Creno
The Arizona Republic
Jun. 19, 2006 12:00 AM
Metropolitan Phoenix's housing slowdown is bad news for more than home-building companies and the investors who hold their stock.
The region's economy is unusually dependent on housing, so a lot of livelihoods rely on it.
Everyone from lumberyard workers to people who buy and sell land has a stake in it.
The housing market is slowing across the board as buyers rebel against rising prices and higher mortgage rates.
Sales of existing homes were down 34 percent last month compared with May 2005.
And home builders pulled 21percent fewer building permits in April than the year before.
Housing accounts for at least $1 in every $3 generated in the Valley's economy. When housing hits the skids, the effects ripple throughout the economy. Builders and real estate agents are hurt. So are subcontractors, land brokers and retailers that outfit homes.
Read more >>
The Arizona Republic
Jun. 19, 2006 12:00 AM
Metropolitan Phoenix's housing slowdown is bad news for more than home-building companies and the investors who hold their stock.
The region's economy is unusually dependent on housing, so a lot of livelihoods rely on it.
Everyone from lumberyard workers to people who buy and sell land has a stake in it.
The housing market is slowing across the board as buyers rebel against rising prices and higher mortgage rates.
Sales of existing homes were down 34 percent last month compared with May 2005.
And home builders pulled 21percent fewer building permits in April than the year before.
Housing accounts for at least $1 in every $3 generated in the Valley's economy. When housing hits the skids, the effects ripple throughout the economy. Builders and real estate agents are hurt. So are subcontractors, land brokers and retailers that outfit homes.
Read more >>
Foreclosures expected to jump
Associated Press
Jun. 19, 2006 01:06 PM
NEW YORK - In 2003, Anita Britten refinanced her two-story brick cottage in Lithonia, Ga. using a hybrid adjustable rate mortgage, or ARM. Her lender reassured her that she could refinance out of the riskier loan into a traditional one when her interest rate started to reset.
Three years later, Britten can't get a new mortgage and her monthly payment has jumped by a third in six months. She can't afford her payments and may face foreclosure if her financial situation doesn't change.
As more ARMs adjust upward and housing prices begin to dip, many Americans like Britten can't refinance and are finding themselves trapped in too-high monthly payments. For those who can't make their payments, foreclosure is the only way out.
Foreclosure figures just released by the Mortgage Bankers Association show that foreclosure activity fell in the first quarter of 2006 over the first quarter of 2005 for all loan categories except subprime loans. The MBA didn't specify how many of subprime loans were adjustable rate mortgages.
Read more >>
Jun. 19, 2006 01:06 PM
NEW YORK - In 2003, Anita Britten refinanced her two-story brick cottage in Lithonia, Ga. using a hybrid adjustable rate mortgage, or ARM. Her lender reassured her that she could refinance out of the riskier loan into a traditional one when her interest rate started to reset.
Three years later, Britten can't get a new mortgage and her monthly payment has jumped by a third in six months. She can't afford her payments and may face foreclosure if her financial situation doesn't change.
As more ARMs adjust upward and housing prices begin to dip, many Americans like Britten can't refinance and are finding themselves trapped in too-high monthly payments. For those who can't make their payments, foreclosure is the only way out.
Foreclosure figures just released by the Mortgage Bankers Association show that foreclosure activity fell in the first quarter of 2006 over the first quarter of 2005 for all loan categories except subprime loans. The MBA didn't specify how many of subprime loans were adjustable rate mortgages.
Read more >>
May 2006 Home Sales Report
Single-family Home Sale Report
Arizona Multiple Listing Service
(scroll way down to view stats)
| May 2006 | May 2005 | % Change | |
|---|---|---|---|
| Sales Volume | 7,558 | 9,890 | -24% |
| Average Price | $345,100 | $300,100 | +15% |
| Median Price | $259,900 | $235,000 | +11% |
| Listed | 44,276 | 9,451 | +368% |
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