Sunday, March 31, 2013
Sales of new U.S. single-family homes fell more than expected in February after hefty gains the previous month, but steady gains in home prices suggested the housing market recovery remains intact.
The Commerce Department said on Tuesday sales dropped 4.6 percent to a seasonally adjusted annual rate of 411,000 units. Last month's decline followed a 13.1 percent jump in January.
Read more: US New Home Sales Drop as Prices Rise
PHOENIX -- You can gaze into a mirror to see what you look like to friends, family members, co-workers and acquaintances.
But what image do you project to banks, credit-card companies, insurers and even prospective employers? Your reflection on the piece of glass won't tell.
Read more: Like your credit score? Look closer
But the sunset of payday lending only fueled a surge in another form of quick cash for the financially vulnerable: auto-title lending. Like their payday-lending counterparts, auto-title lenders, which use borrowers’ vehicles as collateral, offer short-term loans at triple-digit interest rates, potentially reaching 204 percent.
Read more: Title loans hurt poor, critics say
Neighbors on the western edge of Surprise’s Veramonte can look over their back walls to 153 open acres running all the way to Marley Park.
Within the next few years, Marley Park will run right back at them.
New homes in the Marley Park master-planned community will start to fill that open space next year. The closest Marley Park neighbors will have homes a few feet from the backyards of Veramonte, a 350-home subdivision northeast of Litchfield and Cactus roads.
Read more: Marley Park growth worries neighbors, schools
Some of the early investors, who bought in 2009, have flipped the houses for a quick profit, but most of these buyers are holding on to the properties and turning them into long-term rentals.
David Bignoli, president of real estate data research firm Netvaluecentral Inc., recently complted a report on metro Phoenix’s biggest investors.
Read more: Investors buying homes in metro Phoenix at slower pace
A vacant Scottsdale office building would be converted to 56 loft apartments under a plan submitted last week to the city.
Joel Broder, Niche Residential chief executive, proposed an adaptive reuse of a 1985 red-brick building of 71,000 square feet southeast of 92nd Street and Shea Boulevard.
It will be a challenge to convert the three-story office building to loft apartments with 12-foot celings but it makes sense to reuse the structure for the Scottsdale 92 residential project, he said.
Read more: Vacant offices in 1985 building could become loft apartments
Last month, the median sales price of a house hit $170,000, according to the W. P. Carey School of Business at Arizona State University. That’s up 36.5 percent from the Phoenix area’s median sales price of $124,500 in February 2012.
Read more: Sales price of metro Phoenix homes up 4 percent
A south Scottsdale neighborhood is on a mission to stop an apartment complex from being built on the site of a former McDowell Road auto dealership.
Read more: Scottsdale Councilman Phillips wields ax on apartment rezoning
Read more: 5 favorite golf courses in Arizona
That empty building can pose hazards, including fire, safety, crime and illegal dumping. With that in mind, Chandler’s Code Enforcement Unit and other city departments have been attempting to rid the city’s neighborhoods of such structures.
Among the city’s most-effective tools is the Voluntary Demolition Program.
Read more: Chandler program clears city of dilapidated buildings
New development projects and an uptick in building permits are contributing to a brighter outlook in Scottsdale’s newly released budget.
Read more: Scottsdale's proposed budget hints at better times for city
The council also gave the go-ahead for an eight-story condominium complex in downtown’s entertainment district and a face lift for an aging Fry’s shopping center.
Wood Partners, a developer of multifamily residences, plans to build a four-story, 218-unit apartment complex at the northeastern corner of Indian School and Granite Reef roads. The site has been home to the Rural/Metro center, which is closing.
The $35 million apartment complex will be named Alta Scottsdale.
Read more: Apartment, condo complexes, Fry’s revamp get Scottsdale council OK
JPMorgan Chase will make changes to protect consumers who have borrowed money from a rising power on the Internet — payday lenders offering short-term loans with interest rates that can exceed 500 percent.
JPMorgan, the nation’s largest bank by assets, will give customers whose bank accounts are tapped by the online payday lenders more power to halt withdrawals and close their accounts.
Under changes to be unveiled on Wednesday, JPMorgan will also limit the fees it charges customers when the withdrawals set off penalties for returned payments or insufficient funds.
Read more: JPMorgan Chase Is Reining In Payday Lenders - NYTimes.com
WASHINGTON — Freddie Mac has sued 15 big international banks, including JPMorgan Chase, Bank of America and Citigroup, accusing them of rigging a key interest rate and causing huge losses for the government-controlled mortgage giant.
Read more: Freddie Mac sues 15 banks over LIBOR | The Columbus Dispatch
Last week I saw a restaurant review on a local blog that touted “The New York Times says . . .” and I thought, wait a minute, the Times didn’t “say” anything, somebody that works for the Times did! One person, one opinion, not the entire staff and their collective opinion, but one individual. Invoking the mighty Times just because the reviewer works for the NY Times, transfers the credibility and credentials of the institution to the individual and turns an individual opinion into a powerful endorsement.
When someone refers to this writing, chances are they will say; “forbes.com said ” and not “Mark Greene said on forbes.com . . .” See what I mean? “Who’s Mark Greene” is replaced with the towering credibility of the forbes.com brand. Unknown uncertainty instantly transformed into concrete factual evidence.
Read more: A Look Behind The Curtain: How To Choose A Mortgage Lender - Forbes
Friday, March 29, 2013
Tuesday, March 26, 2013
Monday, March 25, 2013
Sunday, March 24, 2013
Wednesday, March 20, 2013
By most measures the U.S. housing market is still in a state of recovery, but reports that new foreclosure numbers are rising may add a darkening cloud to its long-term prospects. New foreclosures may be up 2.26% in February from the previous month, but analysts at the research firm also note that actual repossessions have dropped by 25%. Even so, government officials warn of foreclosure flare-ups and point to many states that have seen rapid ballooning in the number of new foreclosures, with some spiking as much as 300% over the last month. For more on this continue reading the following article from TheStreet.
Read more: Foreclosures Back Up
Tuesday, March 19, 2013
Monday, March 18, 2013
The National Association of Home Builders (NAHB) reported the housing market index (HMI) decreased 2 points in March to 44. Any number under 50 indicates that more builders view sales conditions as poor than good. Read more... http://www.calculatedriskblog.com/2013/03/builder-confidence-declines-in-march-to.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed:+CalculatedRisk+(Calculated+Risk)&m=1
Q: "It seems to me that you are writing a lot about reverse mortgages recently ... is the subject really worth the time you are spending on it?"
A: I think so. I view the home equity conversion mortgage (HECM) program as an important, if partial, solution to a critical problem: an increasing concern among people looking ahead that their living standards won't be maintained after they stop working. Read more... http://feedproxy.google.com/~r/inmannews/~3/QBYWWurF2nU/borrowers-control-risks-associated-with-reverse-mortgages
The opinion frees the state to put the money in the general fund once a stay on the money expires April 1.
However, attorney Tim Hogan of the Arizona Center for Law in the Public Interest, who brought the suit on behalf of housing advocates, said he is considering an appeal to the state Supreme Court.
Read more: Arizona Appeals Court OKs mortgage-fund use
A recent filing of a Paradise Valley resort’s reorganization plan in U.S. Bankruptcy Court could signal big changes for its future development.
MTS Land LLC and MTS Golf LLC, both affiliates of Crown Realty and Development, have submitted a new plan that could allow them to develop the shuttered Mountain Shadows resort property without a golf course or resort.
The reorganization plan in Bankruptcy Court includes a deadline for the Paradise Valley Town Council to approve the resort’s current redevelopment plan, which would retain the current proposal for the resort and golf course.
Read more: New plan would drop Mountain Shadows resort, golf course
Sunday, March 17, 2013
New York-based Blackstone Real Estate, buying through a Tempe partnership called Treehouse, has spent several million dollars on houses in the region over just the past few weeks. At the end of 2012, almost 25 percent of all the region’s homes were owned by investors, according to an Arizona Republic analysis.
Read more: Wealthy investors keep buying metro Phoenix homes to rent
That includes Gray Development Group’s Blue Sky complex with more than 700 units units just off Scottsdale Road near the Safari Drive residences.
The other is Modus Development’s eight-unit “green” apartments southeast of Minnezona Avenue and 73rd Street, east of Scottsdale Road and the Arizona Canal.
Read more: 2 apartment developers ask for more time to build projects
Sixty years ago, George “Doc” Cavalliere purchased more than 40 acres of raw desert east of Pinnacle Peak, in an area that is now part of north Scottsdale.
He and his wife ran the famous Reata Pass Steakhouse on the property until 1975, when they leased it to another operator.
Read more: Scottsdale land that includes famous Greasewood saloon may one day host discovery center
The council voted 7-0 Monday evening to “exercise its power of eminent domain” — the latest salvo in a battle between Florence and Curis over the controversial project.
Read more: Florence votes to take land in copper-mine dispute
Friday, March 15, 2013
Census: Phoenix-area population tops 4.3 million, moves up metro rankings - Phoenix Business Journal
Thursday, March 14, 2013
Tuesday, March 12, 2013
Sunday, March 10, 2013
Hovnanian: Housing Market is About to Get Moving
Read more: Mortgage Rates Highest In Nearly 10 Months After Employment Data
Reuters: Business News
National Commercial Real Estate News From CoStar Group
Latest stock market news from Wall Street - CNNMoney.com
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- US New Home Sales Drop as Prices Rise
- Like your credit score? Look closer
- Title loans hurt poor, critics say
- Marley Park growth worries neighbors, schools
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- Sales price of metro Phoenix homes up 4 percent
- Scottsdale Councilman Phillips wields ax on apartm...
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- Scottsdale's proposed budget hints at better times...
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