Thursday, December 22, 2016
Tuesday, November 22, 2016
The special administrator of the estate of the late music legend Prince has put several of the singer's Minnesota properties up for sale.
Saturday, November 19, 2016
The way most Americans build wealth is no secret: save, invest, repeat. How average people keep their wealth, though, gets a lot less attention.
It boils down to how they handle risk. It's hard to accumulate wealth without taking some risks, but there are perils that "next-door millionaires" seem to avoid.
Mall developer Rusty Lyon, founder of Westcor, has died after a battle with Alzheimer's disease, according to The Arizona Republic . He was 86 years old.
Lyon launched Westcor in 1964, and was responsible for many of the Valley's malls, including Scottsdale Fashion Square, Biltmore Fashion Park and Metrocenter.
The crash of Arizona's biggest commercial lender Mortgages Ltd. is still a nightmare for many.
The lender's nearly $1 billion collapse and its CEO Scott Coles' suicide in 2008 led to huge investor losses, too many foreclosures, a slew of lawsuits and fraud charges by regulators.
NEWPORT BEACH, Calif. (AP) - Developers have sued the California Coastal Commission for more than $490 million in damages for failing to approve a project that would have turned a 401-acre stretch of oil field overlooking the Pacific Ocean into a housing and retail development.
Friday, November 11, 2016
The Federal Reserve sent out a survey to senior loan officers, asking about the status of mortgage credit, if it was loosening and how many consumers are applying for the products.
Tuesday, November 8, 2016
(Reuters) - D.R. Horton Inc, the largest U.S. homebuilder, reported an 18.7 percent rise in quarterly profit as it sold more homes at higher prices.
The company said it expects fiscal 2017 home sales to rise in a range of 8-13 percent.
Saturday, November 5, 2016
HONG KONG -- Wary of a looming housing bubble, the Hong Kong government introduced new measures on Friday evening in the hope of cooling the city's overheated residential market.
John Augustine: Since this past summer, one of our top recommendations to clients of the Huntington Private Bank has been the importance of having a personal balance sheet.
Tuesday, November 1, 2016
Demand is drying up in the priciest markets.
On the surface, rents, when averaged out across the US, still rose in October, though way slower than during the landlord's golden days, with one-bedroom median asking rent up 1.5% year-over-year and two-bedroom rent up 2.5%, according to Zumper's Rent Report.
Monday, October 31, 2016
There's not much time left before the malls are flooded with busy holiday shoppers. And for the yearlong planners, the shopping probably started a long time ago. A recent blog from VantageScore emphasizes the importance of making sure shoppers don't destroy their credit score right before the busiest home-buying season.
If the world's biggest economy is really on the upswing, then why are America's banks stockpiling a record amount of ultrasafe bonds?
After all, jobs are back, the Federal Reserve is close to raising interest rates again and growth has perked up after a sluggish first half. But instead of ramping up lending to keep up with deposits, banks are plowing into U.S. government and related debt at the fastest clip since 2014.
Sunday, October 30, 2016
Fannie Mae just made some major changes to the credit reporting industry. If you're like me, and don't have much of a debt history, it can be difficult to build credit. With the use of trending credit data, that could become much easier.
Saturday, October 29, 2016
Tesla founder and CEO Elon Musk wasn't kidding when he said that the new Tesla solar roof product was better looking than an ordinary roof: the roofing replacement with solar energy gathering powers does indeed look great. It's a far cry from the obvious and somewhat weird aftermarket panels you see applied to roofs after the fact today.
It's no secret that our country as a whole has some deep concerns about our current presidential election. It doesn't matter if you like one of the candidates or dislike them both, everyone seems to have concerns about how this election will impact the economy and the nation.
Let's start with the good news. For the more than 60 million people who receive Social Security benefits, they will get a cost-of-living increase in 2017. This is positive considering there was no increase in 2016. Here is the bad news. The increase is expected to be around 0.3 percent, the smallest increase on record.
Monday, October 24, 2016
HNA paid $6.5bn (£5.3bn) for the stake previously owned by Hilton's biggest shareholder Blackstone.
Chinese companies have increasingly been investing in tourism-related businesses overseas as more Chinese citizens travel abroad.
Read more... http://www.bbc.com/news/business-37748673
Sunday, October 23, 2016
The last time sterling fell off a cliff we were in the midst of global financial crisis from 2007 to 2008. The currency shock sent inflation shooting up to 5.2pc, abruptly squeezing on real living standards.
Wednesday, October 19, 2016
More major development is coming to downtown Phoenix's Roosevelt Row.
Desert Viking Development has announced plans for a mixed-use project on 501 E. Roosevelt St., between Fifth and Sixth streets, totaling more than 26,000-square-feet.
Monday, October 17, 2016
Wealthy Chinese buyers have been buying so many homes in the United States that they are the top foreign country purchasing property in the U.S - for the fourth year in a row. Those home sales totaled more than $27 billion.
I am grateful to the Economic Club of New York for inviting me to speak today. My subject is the historically low level of interest rates, a topic not far from the minds of many in this audience and of many others in the United States and all over the world.1
Sr. Loan Officer
14635 N. Kierland Blvd. Ste. 100
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Fax 877 220 7982
Join in going green. Please do not print this email unless it is absolutely necessary.
Sunday, October 9, 2016
Author Sheri Koones believes that prefab houses (or "prefabulous," as she calls them) are the homes of the future. She's written five books about them.
In the new "Prefabulous Small Houses" from The Taunton Press, Koones focuses on modestly sized homes and cottages, between 350 and 2,500 square feet.
Sunday, September 25, 2016
Decisions about Social Security give people fits, which isn't surprising.
It's a complex program. People must make long-term decisions without knowing how the future will unfold. Plus, the Social Security Administration doesn't always explain the rules clearly and consistently.
If you aren't too happy with what you owe, it's too late to protest.
I just saw my property tax bill, and it's up 8 percent from last year.
You'll be getting your bill again soon, too, if you haven't already. 'Tis the season for metro Phoenix homeowners to find out what we owe for schools, fire and library districts and other county and city services.
No matter what the Federal Reserve does with interest rates this week, investors should already know the game plan.
Investors are braced for rates to rise, if not this month, soon. Higher rates aren't toxic to all stocks. Energy stocks like Helmerich & Payne (HP), materials stocks like Nucor (NUE) and health care stocks like Humana (HUM) have actually performed relatively well during periods when the Fed is raising rates going back to 1971, according to a USA TODAY analysis of data from S&P Global Market Intelligence that looks at current members of the Standard & Poor's 500. These types of stocks are in stark contrast to those in the consumer discretionary sector, like Mattel (MAT) and Ford (F), in addition to financials like Lincoln National (LNC), which have tended to lag when the Fed is hiking rates.
Tuesday, September 13, 2016
WASHINGTON (AP) -- Americans finally got a raise last year after eight years of stagnating incomes.
The typical U.S. household's income rose 5.2 percent in 2015 to $56,516, the Census Bureau said Tuesday. Even with the solid gain, that remains below the median household income of $57,423 in 2007, when the Great Recession began. The median is the point where half of households fall below and half are above.
Read more... http://finance.yahoo.com/news/americans-got-raise-last-first-144054438.html
Americans got raise last year for first time since 2007
Sunday, September 4, 2016
Grand Canyon University will welcome a record 17,500 students to west Phoenix this semester on a campus that's rapidly growing.
Construction projects worth millions of dollars are underway. More dorms, parking garages and a soccer stadium are ready for students at the campus at 33rd Avenue and Camelback Road. Other developments stretch east to Interstate 17, including a renovated hotel and office complex.
A California investor has paid $80 million for more than 10,000 acres west of the White Tank Mountains in Buckeye that could sprout nearly 40,000 new homes.
60 Percent of Guests Would Pay More for a Vacation Rental With a Smart Home Feature, August Home Study Reveals
SAN FRANCISCO--(BUSINESS WIRE)--Short-term renting is a burgeoning business and global growth is projected to hit $51 billion by 2020*. August Home Inc, the leading provider of smart locks and smart home access products and services that make life more simple and secure, today released the results of a new study, Short-term Rentals: Smarter Hosting with Smart Home Technology. The study provides new insight into the growing appeal of short-term rentals and how smart technology plays an important role in delivering an experience that rivals that of hotels.
Karen Wang is buying a condo in the new 14-story Portland on the Park development in downtown Phoenix.
Her new home is going up on a prime piece of land next to Margaret T. Hance Park that was a dirt parking lot when she moved here from the San Francisco Bay Area for culinary school 12 years ago.
It's getting pricier for the convenience of calling your landlord when the AC breaks, the internet is down or the swimming pools needs cleaning.
Rents are on the rise in metro Phoenix, particularly in infill hot spots in Phoenix, Scottsdale and Tempe.
As the Tempe skyline continues to grow, there is one type of high-rise that city leaders don't want to see: student housing.
The Tempe City Council recently shot down two proposals for student housing high-rises, saying they didn't fit the vision of downtown Tempe.
Just a few months after raising water and sewer rates and boosting the city's sales tax, the Phoenix City Council on Friday appears poised to hike property taxes by nearly 20 percent.
Expect to fork over an extra $51 a year if you live in an average Phoenix home ($191,000).
A shuttered Ahwatukee golf course would be redeveloped with houses, a community farm and a Montessori school, under a new vision for more than 100 acres of contested land in the Phoenix neighborhood.
Developers have begun their pitch for Ahwatukee Farms, a redevelopment of the former Ahwatukee Lakes Golf Club. The site has been at the center of a land-use battle since the course closed in 2013.
A home designed by Frank Lloyd Wright at the center of a years-long controversy in Phoenix's Arcadia neighborhood could be donated to the Arizona Community Foundation, a representative of the organization said Tuesday.
Megan Brownell, chief brand and impact officer for the foundation, said in an email that the owners of the 1952 David and Gladys Wright House "offered the home as a charitable gift." The organization provides funding to various entities and provides leadership on community issues, according to its website.
Swimming legend Michael Phelps has a posh Paradise Valley home to relax at after winning his 28th Olympic medal in Rio.
The Santa Barbara-style house in the pricey metro Phoenix enclave was purchased for $2.53 million late last year, according to public records.
Saturday, August 27, 2016
Friday, August 26, 2016
The US dollar coud hit bubble levels as investors seek safe havens, according to legendary investor Jim Rogers.
"The dollar is going to get overpriced," Rogers said in an interview with Real Vision TV released Friday, "and the dollar might even turn into a bubble, depending on how bad the turmoil is."
Talk about jumping the gun.
Equifax and TransUnion have stopped offering traditional credit reports, replacing them with the more expensive trended credit reports that Fannie Mae plans to start using, but that other investors don't.
Read more... http://www.nationalmortgagenews.com/news/origination/credit-bureaus-are-making-lenders-buy-trended-data-they-dont-need-1085492-1.html?utm_medium=email&ET=nationalmortgage:e7472659:3925073a:&utm_source=newsletter&utm_campaign=daily%20briefing-aug%2026%202016&st=email&eid=16e805c5ca93b965a2235b123b9dc1af
Wednesday, August 10, 2016
Bank of America Merrill Lynch, HSBC and the Infocomm Development Authority of Singapore (IDA) are using a blockchain prototype to streamline the paper-heavy world of global trade. The consortium used the Linux Foundation open source Hyperledger Project blockchain fabric, supported by IBM Research and IBM Global Business Services.
Sunday, August 7, 2016
Subdivisions, hundreds of homes and a farm-to-table restaurant project are slated to transform a part of south Phoenix known for its agrarian history.
The Baseline Road corridor — between roughly Central Avenue and 40th Street — is sparking development interest on sites that once were plant nurseries, gardening companies and groves. Decades ago, people knew the area by its acres of colorful flower gardens near the base of South Mountain that since have disappeared.
It could be sell time for two big groups of metro Phoenix homeowners.
Many Canadians and institutional investors bought bargain foreclosure homes in the Valley during the crash. Now, they are poised to make a lot of money on metro Phoenix housing.
Almost everything seems to be going right for REITs these days, which is a little worrisome.
Real estate investment trusts have benefited from the recovery of commercial properties. REIT shares generally trade in the stock market, so they have rebounded nicely as stock prices have hit records.
Melissa Suniga and her mother had been renting a three-bedroom Phoenix house for less than a year when their landlord, Blackstone Group LP's Invitation Homes, gave them the chance to buy it.
The prices home builders pay for single-family lots hit a record high in the U.S. last year, a sign that a scarce supply of developed land is pushing up the cost of new homes.
Read more...Low Supply Lifts Housing Lot Prices To a Record - WSJ
Thursday, August 4, 2016
WASHINGTON (AP) — Fannie Mae reported net income of $2.9 billion from April through June, down from a year earlier as low interest rates brought losses for the mortgage giant on its investments.
The second-quarter results released Thursday marked the 18th straight profitable quarter for the government-controlled company.
Read more...Fannie Mae posts $2.9B profit in 2Q; paying $2.9B dividend | The Seattle Times
Monday, July 18, 2016
Scottsdale taxpayers will soon be the owners of a secluded home surrounded by the city's expansive McDowell Sonoran Preserve, but only one resident will have the ability to live there.
The Scottsdale City Council on July 5 unanimously approved a $4 million purchase of the five-acre property — more than $1.4 million above the city's appraised value — including a provision in the contract allowing the seller to remain there for the rest of his life.
Saturday, July 16, 2016
Bond King" Jeff Gundlach may be losing his fixed-income mojo! A recent Fortune.com article reports that the prominent bond guru, who founded DoubleLine Capital, is underperforming his peers and the benchmark Barclays Aggregate Bond Index.
The DoubleLine Total Return Bond Fund DBLTX, -0.09% is among the bottom tier of comparable funds, according to recent ranking of bond funds compiled by Morningstar.
Thursday, July 14, 2016
When it comes to bond yields in Europe, it seems there is no such thing as too low.
Germany on Wednesday became the first country in the eurozone to sell 10-year debt with a negative yield at an auction, effectively ensuring that investors lose money over the life of the bond.
Reuters: Business News
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- For Sale: Prince's Minnesota Homes
- Among the secrets of next-door millionaires: one h...
- Mall developer Rusty Lyon, founder of Westcor, die...
- A frightful look back at the crash of Arizona comm...
- Developer sues California panel for $490M over coa...
- Is the mortgage credit box really loosening?
- DR Horton Q4 2016 earnings
- Hong Kong raises stamp duty to cool feverish housi...
- What's On Your Personal Balance Sheet?
- US rental market analysis
- Buying a house in the spring? Here’s how to save y...
- Banks Are Hoarding $2.4 Trillion of Bonds
- What Fannie Mae’s new credit reporting means for w...
- These are Tesla’s stunning new solar roof tiles fo...
- How This Election Will Impact The Housing Market
- Seniors Brace For Smallest Social Security Increas...
- Hilton unveils sale of 25% stake to China's HNA
- Inflation: next year's ticking time bomb
- 26K SF mixed-use development taking over historic ...
- South Florida is ripe for Chinese homebuyers
- FRB: Speech with Slideshow--Fischer, Why Are Inter...
- Prefab housing turns focus on small homes
- Social Security: 5 common mistakes to avoid
- Why my Arizona property tax bill – and probably yo...
- Investors can beat the Fed at its own game: Here's...
- Americans got raise last year for first time since...
- 8 projects to watch in Grand Canyon University's P...
- Tartesso sale: $80M Phoenix land purchase could pr...
- 60 Percent of Guests Would Pay More for a Vacation...
- Metro Phoenix starting to grow up instead of out
- Metro Phoenix had 4th-highest rise in rental rates...
- Tempe leaders want mature downtown, not high-rise ...
- Roberts: Get ready, Phoenix. A 20% property tax hi...
- Phoenix golf course eyed for redevelopment as 100-...
- Phoenix Frank Lloyd Wright House could be donated ...
- Solid gold: Inside Michael Phelps' Paradise Valley...
- JP Morgan and Silver
- JIM ROGERS: The US dollar might turn into a bubble...
- Credit Bureaus Are Making Lenders Buy Trended Data...
- HSBC and Bank of America Merrill Lynch use Hyperle...
- On the farm or farm-to-table? Demand for housing n...
- Canadians, investors poised for big profits sellin...
- REITs are on an amazing roll, but how long can it ...
- Blackstone Tenants Get a Shot at Buying Their Rent...
- Low Supply Lifts Housing Lot Prices To a Record
- Fannie Mae posts $2.9B profit in 2Q; paying $2.9B ...
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