Home Value, Depends On Your ZIP Code...

Home value: Up or down? Depends on your ZIP code, from The Arizona Republic reports that 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. An analysis of sales by ZIP code shows most areas saw average home values climb, if only by a little bit, during the first part of this year. About a third of all metropolitan Phoenix neighborhoods experienced drops in price, according to figures from the Arizona Regional Multiple Listing Service.

http://www.azcentral.com/news/articles/0630zipsales0630.html

The Western Leg Of The South Mountain Freeway...

55th Ave. route for freeway selected, from The Arizona Republic reports that the western leg of the South Mountain Freeway will connect to Interstate 10 at 55th Avenue, the Arizona Department of Transportation announced Thursday, capping years of debate with a return to a plan first proposed 20 years ago. ADOT data released earlier this year indicated that the 55th Avenue alignment would lead to more congestion and longer commutes on Interstate 10. However, an analysis completed only a week ago by the Maricopa Association of Governments said that the Loop 101 connection would increase traffic on I-10 between the Loop 101 and the planned Loop 303 in an area where high growth is projected.

http://www.azcentral.com/news/articles/0630freeway0630.html

Phoenix Tops U.S. In Home Price Appreciation...

Phoenix tops U.S. in home price appreciation from The Business Journal reports that 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. The PMI Risk Index measures geographic house-price risk by predicting the probability of a regional decline in home prices over the next two years for the nation's 50 largest metro areas over the next two years. Phoenix clocked in with a 17.5 percent chance of decline.



http://www.bizjournals.com/phoenix/stories/2006/06/26/daily22.html?jst=b_ln_hl

West Side Surpasses East Valley In Growth...

West side surpasses East Valley in growth from The Arizona Republic reports that the West Valley clearly has overtaken the eastern part of Maricopa County as the supergrowth region of the Valley, mid-decade census figures show. Growth in the eastern suburbs of Phoenix was far from anemic, but a greater number of people flocked to west-side communities at a pace that pushed the area's population 50 percent higher in just 5 1/2 years. East-side communities added nearly 215,000 people since 2000, but in the West Valley, where the total population is only half as large, cities added 218,000. In Phoenix, 1,475,834 residents were counted, an increase of about 155,000, or nearly 12 percent, from 2000. On the county level, the growth of more than 628,000 to a total of 3,700,516 was about as expected, Deputy Budget Director Christopher Bradley said. The 20.5 percent growth rate is evidence of a strong economy, Bradley said, but strains the county to provide more services.












http://www.azcentral.com/news/articles/0628census-mag0628.html

Cost To Borrow Rises With Rates...

Cost to borrow rises with rates, from The Arizona Republic reports that the anticipated Fed action today would lift the federal funds rate by one-quarter of a percentage point to 5.25 percent. That would be the 17th such increase since the Fed began to tighten credit in June 2004. This step would leave both the funds rate and the prime rate at their highest points in more than five years. Before the Fed's series of increases, the prime rate stood at 4 percent and the funds rate was at 1 percent. It was a boon for borrowers, a bane for savers. Those extraordinarily low rates were needed to help brace the economy after the stock market bubble burst, the 2001 recession set in, terrorists struck the U.S. and accounting scandals rocked Wall Street.



http://www.azcentral.com/arizonarepublic/business/articles/0629fed0629.html

Arizona Mirrors Nation On High-Wage Jobs...

Arizona mirrors nation on high-wage jobs, from The Business Journal reports that the proportion of high-wage jobs in Arizona is nearly identical to the national average, according to a new analysis of federal employment data. About 15 percent of all jobs in the U.S. pay high wages, defined as paying at least 50 percent more than the overall average wage, according to The Center for Competitiveness and Prosperity Research, a unit of the W. P. Carey School of Business at Arizona State University. "Arizona ranked 17th -- in the middle of a group of competitor states, but near the bottom of a group of New Economy states," he said.


http://www.bizjournals.com/phoenix/stories/2006/06/26/daily33.html?jst=b_ln_hl

Maricopa County Gained 313 People A Day Since 2000...

Maricopa County gained 313 people a day since 2000, from the Arizona Republic reports that Maricopa County is home to 3.7 million people and has been growing an average of 313 people a day since the 2000 census. Based on an $8.1 million survey, the figures released Monday by the Maricopa Association of Governments are the first official population calculations in 5 1/2 years. The county has added 628,367 residents in that time, for an increase of 20.5 percent. The figures will be the basis in the next five years for the county, its cities and towns to receive their share of about $1.7 billion a year in taxes distributed by the state largely on the basis of population. Phenomenal growth swept some of the Valley's smaller cities and towns. The state Department of Economic Security's estimate for the county, dated three months earlier, was short of actual growth by 52,000 people, or 8.3 percent.


http://www.azcentral.com/arizonarepublic/local/articles/0627census0627.html

Freeway Decision Coming Soon...

Freeway decision coming soon, from the Arizona Republic, reports that there's less than a week to go before the Arizona Department of Transportation announces its choice for the western route of the proposed South Mountain Freeway, and the phones at the agency are surprisingly quiet. After more than two decades of delays and money shortfalls, ADOT is pushing ahead with plans to build the South Mountain Freeway, the final piece of Loop 202. The freeway, which could cost up to $2 billion, would loop around South Mountain Park from I-10 south of Ahwatukee Foothills to I-10 in the West Valley. The original alignment first proposed in 1985 connected the western leg to I-10 around 55th Avenue.


http://www.azcentral.com/arizonarepublic/local/articles/0625freeway0625.html

Wickenburg Growing Rapidly...

Wickenburg growing rapidly, from the Arizona Republic, reports that in the past six years, Wickenburg's annexation has doubled its population, and town officials are reviewing proposals for 16 residential projects totaling more than 6,200 units. Construction is underway at Monte Vista Ranch, a 300-acre community one mile from downtown. It will have 150 homes, and offers 50 custom homesites from 2 to 15 acres that range from $395,000 to $1.1 million. Almost half the lots have been sold and two homes have been completed. The community also offers 65 luxury villas with 2,400 to 3,400 square feet with price tags exceeding $1 million. The largest residential project in the works is Wickenburg Ranch Estates, a 2,160 acre development situated in Yavapia County that will be annexed into the city. It will have 2,324 units ranging from custom lots to multi-family homes. It is expected to break ground this summer.



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Slowing Market Helps Developer...

Slowing market helps developer, from the Arizona Republic, reports that the slowing real estate market is giving new real estate players like Patriot American Development a chance to enter the market. Patriot American purchased two prime parcels of state trust land in Peoria yesterday. It was the only bidder on one parcel and beat out Toll Brothers on the other. In all, Patriot American purchased 1,260-acres for $102.5 million, or about $81,000 per-acre. The land is located near Jomax Road between 83rd and 67th Ave. The parcel is surrounded by housing developments West Wing Mountain and Terramar. The site is designated low density residential on Peoria's general plan.



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Residents Of Surprise Are Protesting...

Prasada rezoning brings protests, from the Arizona Republic, reports that some residents of Surprise are protesting a 1,225-acre rezoning that is part of the 3,350-acre Prasada project in Surprise. Their concerns revolve around the expansion of Sarival Ave. for more commercial and retail development, which protesters say will create traffic problems for their community and ruin its rural feel. The city of Surprise rezoning approval will allow developers to expand Sarival Ave. to accommodate a regional mall, four schools and several commercial properties, all part of Prasada. With the rezoning change, developers estimate Sarival's traffic count will grow from 2,600 cars a day to 42,000 cars a day over the next 25-years.



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Ritz-Carlton Is Planning A $400 Million Resort...

Ritz-Carlton plans PV hotel, from the Arizona Republic, reports that Ritz-Carlton is planning a $400 million resort that would include 321 homes, villas and condos built around a hotel and its 225 casitas. The development would go on 120-acres bounded by Lincoln Drive, Indian Bend Road, Mockingbird Lane and Scottsdale Road. They hope to open the resort by 2009. Twenty-seven residential lots of at least one-acre, priced at nearly $1 million each, would border the western edge of the property along Mockingbird Lane. Fifty-five homes on half-acre lots are planned north of Lincoln Drive, and 119 villas would be built along Indian Bend Road. Paradise Valley officials still need to review the proposed development plan and expect to decide on the plan by the first quarter of 2007. Ritz-Carlton plans to formally submit its plans to Paradise Valley and Scottsdale later this summer.



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Valley's Pricey Areas Not In Nations Top 100...

Valley's pricey areas not in nations top 100, from the Arizona Republic, reports that when it comes to a list of the nation's most expensive zip codes, Paradise Valley's 85253 and Scottsdale's 85262 just don't measure up to the Hampton's in New York and the exclusive Rancho Santa Fe in Southern California. A recent Forbes magazine analysis of the 2005 median home sales prices rank Paradise Valley No. 122 and Scottsdale's 85262 at No. 390. "I would say that they still know they live like kings at the top of the mountain," said RL Brown, a Valley housing analyst who sees good news in the relatively low rankings of Arizona's high-rolling homeowners. "We're affordable" in comparison to the nation's most expensive areas, he said. Realtor Rusty Davis of Russ Lyon Realty said that in the past three months, 77 homes have sold in Paradise Valley at an average of $2.7 million, including a $9.5 million home northwest of Scottsdale Road and Doubletree Ranch Road.



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Growth Stretches Areas Of The Sun Belt...

Growth stretches areas of the Sun Belt, from the USA TODAY, reports that 2005 city population estimates released by the Census Bureau on Wednesday show that growth is shifting from large central cities that grew rapidly years ago to smaller, outlying communities in California, Texas, Arizona and Florida. Among the top gainers was Gilbert, which grew 11 percent from 2004 to 2005, ranking it the forth fastest growing city over 100,000 in population in the country. Several other Arizona cities made the list of fastest growing cities, including Chandler, Phoenix, Mesa and Scottsdale. The article shows the trend that will benefit the Metro Phoenix real estate market- that people are still moving here in large numbers. The article states that Phoenix added the most people, 44,000, from 2004 to 2005, and ranks Phoenix as the sixth largest city in population in the U.S.



http://www.usatoday.com/news/nation/census/2006-06-21-census-figures_x.htm

Housing Slowdown Spreads...

Housing slowdown spreads risk far, wide, from the Arizona Republic, reports on local business columnist Jon Talton's take on the slowing housing market. He states that the real estate bubble was fueled by a debt bubble, courtesy of very low interest rates and easy lending. People who could never get a mortgage before became owners, and others used home equity loans for consumer spending. Now these people are getting squeezed by rising interest rates and falling prices. He also suggests that employment numbers could be affected by the housing slowdown, specifically in the construction and services sectors.



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W. Valley Home Prices Rise As Number Of Resales Fall...

, from the Arizona Republic, reports that the number of West Valley resale transactions in May were down from the same time frame a year ago, but prices inched upward in West Valley cities, according to numbers posted yesterday by the Arizona Real Estate Center at ASU. Prices held firm as move-up buyers dominated the market. Some of the West Valley's major cities, including Goodyear, Avondale, El Mirage and Surprise, represent 9 percent of the total resale market. The article gives the sales numbers and median prices for each West Valley city.



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How Low Will It Go???

Home prices may dip 10% as fear grips Valley market, from the Arizona Republic, reports that some economists and housing analysts are saying that the housing market slowdown may continue for the next six months, possibly pulling down home values as much as 10 percent before it's done. No one is calling for the Valley's housing market to crash as it did in the 1990's because the rest of the area's economy is so strong now. "An adjustment in the Phoenix-area real estate market will be painful," said national housing analyst Barbara Allen of Avondale Partners. "The good news is because of Phoenix's continued growth, the market won't need to go down that much more to adjust." The concerns revolve around the number of homes currently on the market, the investor impact, higher mortgage rates and home prices. The good news is that metro Phoenix is expected to add 100,000 jobs and 135,000 new residents this year. In 2003, 3.2 percent of all Valley homes were on the market. Now it stands at 3.6 percent, so its getting back to the normal market conditions we saw in 2003. We just need to burn through the existing inventory and the market will adjust.
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Accelerating The Freeways Is Vital To Meet Population...

Summit zeros in on transportation, growth, from the Phoenix Business Journal, also reports on yesterday's transportation summit. It quotes speaker and local economist Elliott Pollack as saying accelerating the freeways is vital to meet population demands. "What's real is that growth will continue to be in the periphery," he said. "Light rail and bus will never move a large percentage of the people commuting. Your bang for the buck remains in freeways," he added. Summit participants agreed that Arizona is behind the curve when it comes to building roads and meeting transportation needs. Today, the state's population is about 5.1 million. That figure is expected to be 7 million by 2010, 9.5 million by 2025 and 13 million by 2050. Currently, legislatures are expected to approve a state budget that includes $345 million for transportation, but that is just a drop in the bucket as to what is needed to accelerate the freeways.



http://phoenix.bizjournals.com/phoenix/stories/2006/06/12/daily35.html?t=printable

Home Prices Too High In 71 Cities...

The Home prices too high in 71 cities, from the USA TODAY, reports that single family homes in 71 U.S. cities were extremely overvalued in the first quarter of 2006 and at risk of a price correction, according to a report prepared by National City Corp. and consulting firm Global Insight. Many of these cities were in California and Florida. The over-valued rating is based on where home prices should be by looking at factors in addition to price and interest rates, including employment, population density and historical premiums and discounts in cities over time. Naples, Fla., Salinas, Calif. and Port St. Lucie-Fort Pierce, Fla. were the three most over-valued cities. Overall, 17 of the most overvalued markets were in California and Florida. The article gives a link to show all 317 cities in the study. Phoenix showed an average price of $243,000, and was 42.9% overvalued according to the study.



http://www.usatoday.com/money/economy/housing/2006-06-12-home-prices-usat_x.htm

Phoenix Job Market Will Have A Robust Summer...

Survey indicates Phoenix job market will have robust summer, from the Arizona Republic, reports that hiring by Phoenix-area employers should outpace hiring nationally, according to a Manpower employer survey being released today. It found that 36 percent of local employers expect to add staff in July, august or September, compared to 31 percent nationally. "We're in a period where we'll probably have slower growth going forward," said Tracy Clark, an economist at ASU. "But given the fact we have continuing population growth, there's no reason to expect it to fall off the cliff." Construction, durable-goods manufacturing, transportation/public utilities and education were among the industries expecting to add jobs.



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Valley Resales Plunge...

Valley resales plunge, from the Arizona Republic, reports that sales of existing homes in the Valley fell in May to the lowest levels since 2003, but prices held steady. There were 6,870 resales in the Valley in May, down 34 percent from the 10,425 that were recorded in May 2005. However last year was a hyper-market and the numbers now reflect a more sustainable market, according to Jay Butler at the ASU Real Estate Center at ASU. The median resale price stood at $265,000, up only $2,000 from the $263,000 median price in September. Last year's May median price was $235,000.



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Home Prices Will Continue To Slightly Decline Month-to-Month Moving Through The Summer...

Home resales still well below record 2005 pace, from the Phoenix Business Journal, also reports on the May 2006 resale numbers. It states that Jay Butler, director of the Real Estate Center at ASU, believes that home prices will continue to slightly decline month-to-month moving through the summer. "When purchasing a home for investment or occupancy, the rapid growth in price that was so evident in much of 2005 is somewhat soothing to the uncertainty of the buying decision," said Butler. "If home prices continue to be stable or even decline in some areas, potential buyers may be increasingly reluctant to make the purchasing decision, because future price appreciation is much more uncertain." So far in 2006 there has been 30,830 resales, compared to 46,485 sales at the same point in 2005. The article gives the sales volume and median prices for all the major Maricopa County cities.



http://phoenix.bizjournals.com/phoenix/stories/2006/06/05/daily49.html?t=printable

Robert Toll Chief Executive For Toll Brothers Inc...

Builder foresees rebound, from the Arizona Republic, reports that Robert Toll, the chief executive for Toll Brothers Inc., believes that a strong economy will spark a housing market rebound after excess inventory from speculators is shaken out, perhaps very soon. He said that demand will be driven by buyers who are biding their time for better incentives or lower prices. "The next great story is pent-up demand" he said. "Once the natural balance is restored in the market, you're going to see prices go up again. Prices are going to go up quite a bit," he added. Toll also believes that the second-home market will stay particularly robust as Baby Boomers look to move to Sun Belt states or urban centers with rich culture and entertainment.

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The NAR Is Predicting A 6.8 Percent...

Industry cuts forecast for home sales, from MSNBC, reports that the National Association of Realtors lowered its forecast for U.S. home sales this year and called on the Federal Reserve to stop raising interest rates because parts of the housing market are "vulnerable". Experiencing a slowing from a hot market is a good thing because we need a solid housing sector to provide an underlying base to the economy, and slower appreciation will help to preserve long-term affordability," said David Lereah, the groups chief economist. The NAR is predicting a 6.8 percent decrease in existing home sales for 2006, and a 6.2 percent decrease in new home starts. The article points out that while the housing market is expected to keep fading from its record levels, 2006 is still expected by many economists to be the third best year for housing ever.



http://www.msnbc.msn.com/id/13170491/

Cooldown Expected; Economist Differ Over Degree...

Cooldown expected; economist differ over degree, from the Arizona Republic, reports that Arizona's economy is expected to cool down during the rest of the year and next, according to Arizona economists. However they disagree as tho the level of the slowdown. University of Arizona's Eller College of Management said Wednesday that the state's economy will experience a major slowdown in the second half of 2006 as inflation pressure mount, interest rates rise and the housing market cools. But Tracy Clark, editor of the Arizona Blue Chip Economic Outlook is more optimistic, saying that the state's economy has "fired on all cylinders" in 2006, buoyed by a 13.5 percent increase in construction jobs. "Our panelists on the forecast aren't convinced the end has come yet," Clark said. "Even with the housing slowdown we still have quite a bit of population growth. As long as that continues, construction is going to stay at a reasonably high level, although at a noticeably lower level than we've been having."


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Buckeye Finds 2 Million Reasons...

Buckeye finds 2 million reasons to plan for future, from the Arizona Republic, reports that Buckeye, with 600-plus square miles of planning area, could possibly eclipse Phoenix in size at build-out. Two million people may be living in Buckeye in the near future, according to town officials. Buckeye is creating a new General Plan and Development Code to deal with the coming growth and to mold the town into the vision that town officials want. "We're not just building a community, we're building the next great city in the country," said Peggy Fiandaca, president of Partners for Strategic Action, Inc., a consulting group hired by Buckeye to help them plan the growth. "Luckily, some of the best developers in the Valley, as well as the Southwest, have found their way to Buckeye, which is a good thing," Fiandaca said. "When you approve developments, you're looking at the development in relationship to the next development, to the next development, and so on. Hopefully, what this plan will do is to help them understand the connection. How do we weave all these things together? How do we provide quality services to support that into the future?"



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Buckeye Finds 2 Million Reasons...

Buckeye finds 2 million reasons to plan for future, from the Arizona Republic, reports that Buckeye, with 600-plus square miles of planning area, could possibly eclipse Phoenix in size at build-out. Two million people may be living in Buckeye in the near future, according to town officials. Buckeye is creating a new General Plan and Development Code to deal with the coming growth and to mold the town into the vision that town officials want. "We're not just building a community, we're building the next great city in the country," said Peggy Fiandaca, president of Partners for Strategic Action, Inc., a consulting group hired by Buckeye to help them plan the growth. "Luckily, some of the best developers in the Valley, as well as the Southwest, have found their way to Buckeye, which is a good thing," Fiandaca said. "When you approve developments, you're looking at the development in relationship to the next development, to the next development, and so on. Hopefully, what this plan will do is to help them understand the connection. How do we weave all these things together? How do we provide quality services to support that into the future?"



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Arizona Ranked Number 1 In The Nation In Economic Growth...

Ariz. growth fastest of '05, from the Arizona Republic, reports that Arizona ranked number 1 in the nation in economic growth. Gross state product, which measures the output produced by labor and capital, increased 8.7 percent between 2004 and 2005, according to the U.S. Bureau of Economic Analysis. Between 2003 and 2004, Arizona's increase was 4.2 percent. The boost was fueled by construction, followed by state and local government, health care, retail trade, administrative services, finance/insurance and durable goods. The greatest regional growth in the U.S. came from the West and included Nevada, up 8.2 percent; Idaho, up 7.5 percent; and Oregon, up 6.7 percent.



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Vegas Housing: Not Too Hot Anymore...

Vegas housing: not too hot anymore, from the USA TODAY, reports that a record 20,515 homes and condos are on the market in Las Vegas, up from 10,555 last May and 4,553 in 2004. Sellers are lowering prices as a result of the slowdown. Builders in Las Vegas are also dropping prices to move unsold inventory. Sound familiar? But as in Phoenix, builders are convinced that the dynamics of Las Vegas will help the market stabilize. Every month, 4,000 to 6,000 people move to Las Vegas. The city's fast growth is what helped spur the construction boom in the first place. As the population grew, real estate prices skyrocketed 45% between 2004 and 2005. Two years ago, new housing developments sold out six months in advance. Now, signs are up around town for those who need to sell their homes in a hurry to avoid foreclosure. The article states that Las Vegas, like Phoenix, Miami, San Diego and Washington, have become much friendlier to buyers as the housing supply increases and appreciation levels off to a rate that is at least a little closer to the national average.



http://www.usatoday.com/money/economy/housing/2006-06-04-las-vegas-housing_x.htm

Builder Expects 25-40% Sales Dip...

Builder expects 25-40% sales dip, from the Arizona Republic, reports that Engle Homes is the latest builder to announce sales are falling because of weakened demand and more buyers cancelling deals. The are expecting a 25-40% dip in second quarter sales from the same quarter last year. "We are experiencing a more challenging housing market, characterized by higher inventory levels, softening demand and increased competition," said Chief Executive Antonio Mon. "We expect these conditions to impact most of our markets for at least the remainder of 2006." Several other builders also recently announced lower sales projections, including Standard Pacific and Pulte.



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High-End Condos' Low Opening Bids Signal Glut...

High-end condos' low opening bids signal glut, from the Arizona Republic, reports that two pricey new condo developments have units that are being auctioned off at opening bids that are half of what the homes originally cost. Four condos in the Optima Biltmore Tower at 24th Street and Camelback, with costs of $949,000, are being auctioned off with the opening bid on one starting at $475,000. In Tempe, three condos at the Vale development, 1111 W. University Blvd., will go to the highest bidder this month as well, with units originally costing $429,000 to $699,000. The suggested opening bid starts at $240,000. A growing number of real estate market watchers say there is just too many pricey condos being built and not enough buyers. Almost 8,000 condos and lofts are planned or under construction across the Valley now, more than went up in the Valley over the last 10 years.

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Home Foreclosure Hot Spots...

Home foreclosure hot spots, from MSNBC, reports that according to Foreclosure.com, a Florida-based company that tracks the foreclosure market, 87,582 American homes were in some phase of the foreclosure process, and in some cities foreclosure filings have jumped by 26 percent and more. Rising mortgage rates and a cooling housing market are cited as reasons for the increase in foreclosures. The foreclosure rate rose in many cities where the appreciation has far outpaced the national average, such as Los Angeles, New York, Miami, Las Vegas, San Diego, Dallas, Houston and Sacramento. In addition, hard-up cities such as Cleveland and Detroit, where the economy is terrible, lead the nation in foreclosures. The article does not mention Phoenix. The article also gives some pointers on how to capitalize on the foreclosure market.



http://www.msnbc.msn.com/id/13086712/page/2/

12-mile Stretch Of Carefree Highway, A Cohesive Plan...

Carefree Highway study gets under way, from the Arizona Republic, reports that with the population of north and northeast Valley expected to more than triple during the next 20 years, Maricopa County this week launched a study of Carefree Highway to guide the changes to come. Maricopa County began its study Tuesday evening with the first of three open-house meetings designed to gather community views of the future of the Carefree Highway corridor. The study goal is to create a cohesive plan for the 12-mile stretch of Carefree Highway from Interstate 17 to Scottsdale Road and the development of the corridor one mile north and south of the road. A final report on the study is scheduled for June 2007. Some residents are opposed to future widening of the Carefree Highway. "We don't particularly care for the six lanes of road, especially if they are going to have the Sonoran Parkway just to the south," said Mike Sabol, who lives near the highway. "It seems like there would be enough roadway if people are going east and west," he added.



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