02-01:  Phoenix again leads nation in job growth, from the Phoenix Business Journal, reports that the Phoenix area again nabs the top spot for employment growth among the nation's largest cities. In metropolitan markets with a work force of more than 1 million, the Phoenix metro area retained the top position in nonagricultural employment growth for December 2006 over December 2005, according to the Blue Chip Job Growth Update. The region posted a 4.8 percent gain, representing 88,800 jobs, according to the monthly report produced at the L. William Seidman Research Institute in the W. P. Carey School of Business at Arizona State University.

http://phoenix.bizjournals.com/phoenix/stories/2007/01/29/daily31.html?t=printable

02-01: W. Valley housing boom to continue, economist says, from the Arizona Republic, reports that while people should expect to see slower growth in 2007, the West Valley's population and housing boom will continue through the coming decades, local economist Elliott Pollack said yesterday at the annual Westmarc economic forecast luncheon. Pollack pointed out that 44 percent of the Valley's population is expected to live in the West Valley by 2020. In addition, about 58 percent of the Valley's housing units built are expected to be located in the West Valley in the next decade, he said. According to the Maricopa Association of Governments (MAG), Avondale and Goodyear growth spurt is just starting and will continue for the next several decades. Buckeye and Surprise can expect huge population surges. Glendale and El Mirage will continue to grow but will reach build-out sometime in the next decade. Pollack also touched on the Valley's housing market slowdown, saying that the worse things get this year, the quicker the market will recover. You can see Elliott Pollack's power point presentation on his web site at www.elliottpollack.com:

http://www.elliottpollack.com

http://www.azcentral.com/community/glendale/articles/0131wv-westmarc0131-ON.html

02-02:  Blue Chip panel revises key economic predictions, from the Phoenix Business Journal, reports that the prospect of continued economic growth remains positive but economists are being more cautious for the economy in the Western U.S., according to the latest issue of the Western Blue Chip Economic Forecast. They cite the housing market as the biggest area affecting the West's economy. "Housing prices have not fallen, but the tremendous growth seen in various Western metro areas has slowed. This has allowed for a corresponding softening of construction job growth and the Western panelists' forecast for housing permits for the next year are distinctly negative", said Dawn McLaren, an economist with the JP Morgan Chase Economic Outlook Center at ASU. However, the Western states are still expected to rank at the top for growth across the nation, she added.

http://www.bizjournals.com/phoenix/stories/2007/01/29/daily45.html?t=printable

02-02: Auction capitalizes on housing surplus, from the Arizona Republic, reports that Valley home sellers frustrated by a lack of action on their listings will soon have another selling tool: the auction block. More than 100 homes are expected to go up for bid next month in a mass housing sale to be held at the Phoenix Convention Center on March 24th. National Real Estate Auction Corp. is hoping to collect up to 200 houses with prices ranging from the $100,000's to over a million in the first of what it hopes to be a series of regular sales. "It's an incredibly legitimate way to sell property," said John Foltz, president of Realty Executives. "It's a different technique. Sometimes, an auction can bring better results." But not everyone agrees. Brett Barry of Realty Executives said the two things stopping homes from selling now are price and the condition of the house. "If sellers are going to participate, they need to say, 'We've been overpriced.' The typical seller, they are greedy, they will think this is the magic pill," Barry said. "What is the magic dust that makes the house sell? To me, it sounds more like a gimmick unless they can get the prices down.", he added. This will be very interesting to track.

http://www.azcentral.com/arizonarepublic/news/articles/0202auction0202.html

02-02: 26-story condo in works for Tempe Town Lake, from the East Valley Tribune, reports that WestStone Communities announced plans for a 26-story, 196-unit condo tower on the north shore of Tempe Town Lake. The units will range in size from 1,653 to 2,368 square feet and be priced from the $300,000's to more than $1 million. The high rise-- with its solid black glass walls, will sit near Rural Road and the Loop 202. WestStone's tower is one of a number of planned projects that could bring more than 2,000 condos to the area surrounding the lake, said John Fioramonti of the real estate research firm Hanley Wood. The million dollar question is which of these projects will be successful or even get built because of the slowing real estate market, he said. Construction could start early this year and finish in the summer 2009.

http://www.eastvalleytribune.com/index.php?sty=83325

02-05:  Pinal County home resales declining, from the Arizona Republic, reports that the number of Pinal County resales dropped to 720 in the final quarter of 2006 from a record high of 1,785 in the second quarter of 2005, according to Realty Studies at ASU. The median price of an existing home in Pinal County also dropped in the fourth quarter of 2006 to $191,500, down from $220,000 in the fourth quarter of 2005. "Because investors were also drawn to the inexpensive housing in Pinal County, higher prices have limited their role in the local housing market," said Jay Butler, Realty Studies director. "In order to reduce inventories, new-home builders have been aggressively pursuing buyers through incentives such as specially priced upgrades, free pools and gift cards," he added. 

http://www.azcentral.com/arizonarepublic/business/articles/0203pinalhousing0203.html

02-05:  Housing site in Buckeye sold for $86 million, from the Arizona Republic, reports that the principals behind Douglas Ranch in Buckeye, the state's largest master-planned community, purchased the 3,000-acre Trillium project on the Sun Valley Parkway in Buckeye. The price was $86 million, and it closed last week, real estate records show.Together, these two projects represent more than 90,000 homes, Buckeye planners say. Both projects have large commercial and entertainment components. "This can't be a bedroom community and we all know that," said Tom Hennesy, Douglas Ranch's general manager. Developers hope that Sun Valley will be one of the Phoenix area's housing and development growth spots for years to come. Several big developments are either planned or are under construction in the area, including Sun City Festival, Tartesso and one of Pulte Homes' Anthem communities.

http://www.azcentral.com/arizonarepublic/business/articles/0204biz-land0204.html

02-05:  Out-of-state investors still buy here, but pace slower, from the Arizona Republic, reports that Metropolitan Phoenix's housing market isn't the affordable haven for Californians that is was two years ago. The number of people from California buying Valley homes has shrunk to 5.5 percent of all sales. In mid 2005, almost 14 percent of all houses sold across the metro Phoenix area went to someone from California, according to data firm Information Market. Many of the California buyers in 2005 were investors who were looking to make a killing on our frenzied market. In the middle of 2005, when Phoenix area home prices had risen nearly 50 percent in a year, almost 25 percent of all homes selling were to out-of-state investors. While home sales are down, out-of-state investors are still buying. The article states that they are now coming from Texas, Nevada, overseas and of course, still from California.    

http://www.azcentral.com/arizonarepublic/business/articles/0204biz-catherine0204.html

02-06:  Slower growth in 2007: Economic forecast says real estate market to continue dragging too, from the West Valley View, reports that local economist Elliott Pollack spoke recently at the annual meeting of Westmarc, a coalition of West Valley leaders, and his message was "Slower growth ahead". Elliott predicted that Arizona will add about 130,000 to 140,000 new residents annually, making it number one in the country ahead of Nevada. Nevada and Arizona were also Nos. 1-2 in the country for job growth, and that should continue. Pollack sees our housing market going through an "inventory correction". "The Greater Phoenix area is positioned to deal with the housing inventory correction relatively quickly because people are still moving here," Pollack said. He said that we are at normal for housing sales volume, and that affordability will continue to be an issue in our housing market as we are no longer the least expensive market west of the Mississippi. Pollack predicts that the housing market will be weak this year, adding "Whether it drags into 2008 really depends on how weak things are, and the weaker they are, the quicker we're going to get through this."Pollack also predicted that the West Valley will continue with population and job growth, making it the "major player in the game." According to Maricopa Association of Governments (MAG), the West Valley will have close to 40 percent of the population in the Valley  by 2010 and 44 percent by 2020.
 
http://www.westvalleyview.com/main.asp?SectionID=2&SubSectionID=1&ArticleID=25149

02-07:  West Valley developments ranked highly by magazine, from the Arizona Republic, reports that four active-adult communities in the West Valley have been ranked Arizona's best by the state's largest opinion poll, "Ranking Arizona: The Best in Arizona Business", produced annually by the Arizona Business Magazine. Sun City West's Corte Bella was tops for the second year in a row for the active-adult community category. Corte Bella opened in 2003 and has just over 1,600 homes and will close out by the end of the year.  Sun City Grand in Surprise, PebbleCreek in Goodyear and Trilogy at Vistancia in Peoria also made the top 10.
 
http://www.azcentral.com/arizonarepublic/local/articles/0207wvactive0207.html
 
02-07:  Scottsdale custom home sites opening soon, from the East Valley Tribune, reports that Sereno Canyon, a Crown Community Development project containing 122 estate-sized lots will begin accepting reservations for lot sales this week. The Sereno Canyon development is located on 330 acres near Alameda Road and the future alignment of 122nd Street. It will have lots averaging 2.5 acres and cost from the $700,000s to $2 million. "Hundreds of people have shown interest," said Jim Buckley, director of sales for Harvard Realty services. "It's literally the last best piece of undeveloped property in Scottsdale." The first phase will have 46 lots and take three or four years to build out, Buckley said. The homes will range in size from 3,500 square feet to more than 10,000 square feet, with home costs from about $2.5 million to more than $5 million.
 
http://www.eastvalleytribune.com/index.php?sty=83612

02-08:  Developer unveils $300M downtown makeover, from the Arizona Republic Chandler, reports that Chandler-based Desert Viking is preparing to launch the most ambitious downtown Chandler redevelopment plans in the city's history-- a $300 million project that includes six-story buildings, 600 urban town homes and apartments, a new resort and conference center, and more than triple the existing downtown retail and office space. Desert Viking partner Michael Hogarty said the company will submit its proposal to the city Feb. 23 for six sites along Arizona Avenue between Chandler Blvd and Chicago Street. In addition, the project will have a museum, retail, restaurant and entertainment complex. If it's all built, this will likely change the appearance of downtown and diminish the historic look with a "classic contemporary".

 http://www.azcentral.com/community/chandler/articles/0207bigchandler0207-ON.html

02-08:  Mesa looks at higher impact fees, from the Arizona Republic Mesa, reports that the city of Mesa is getting ready to increase its impact fee from its current $5,322 per home, adding thousands of dollars to the cost of each new home built in the city. Exact figures are not out yet, but the fee could jump by more than $3,000 per home. Chandler and Gilbert's impact fees are more than double Mesa's. Chandlers sits at $13,582 and Gilbert's is at $14,633. Mesa officials are increasingly concerned over the city's lagging ability to provide basic services, including new fire stations and infrastructure. The city is also considering higher impact fees for developments in farther out areas, and a lower impact fee for areas closer into the city center as a way to spark redevelopment.

 http://www.azcentral.com/community/mesa/articles/0207mr-impact0207.html

02-08:  CG begins process of raising impact fees, from the Casa Grande Dispatch, reports that the city of Casa Grande is also increasing its impact fees from $7,905 per home to $11,090 per home. Those fees are technically charged to builders, but they in turn pass them on to the home buyer, increasing the cost of housing. The city is increasing the fee to maintain its present level of service in the face of new growth. During Monday nights city council meeting, the council approved a resolution announcing the city's intent to increase the fee. The fees are expected to go up by September 1.

 http://www.zwire.com/site/news.cfm?newsid=17822954&BRD=1817&PAG=461&dept_id=68561&rfi=6

02-09:  Melrose Point project gets big Phoenix OK, from the Arizona Republic, reports that the Melrose Point project located along Seventh Avenue between Camelback and Indian School roads received unanimous approval from the Phoenix City Council. The much publicized project will have a mix of condominiums, retail and office space, with the condo tower as high as 120 feet. Business owners along Seventh Avenue and some residents were thrilled at the approval, welcoming the new businesses and residents it will bring to the area. Some other residents were opposed to the project because of the height and further traffic congestion. Larry Lazarus, the zoning attorney for the project, said "we're very pleased. I believe this will really kick-start the Seventh Avenue merchants... and make this a wonderful pedestrian-friendly center."

http://www.azcentral.com/arizonarepublic/local/articles/0209phxmelrose0209.html

02-09:  Home shoppers do their hunting on-line, from the USA TODAY, reports that 80% of home buyers used the Internet to help find a home, according to the National Association of Realtors. Technology is shifting knowledge and power to buyers and sellers. In doing so, it's loosening Realtors' long-standing control of vital information and cutting into their sales commissions. For more than 100 years, Realtors have guarded the details of homes for sale via their multiple listing services. At least 900 regional MLS systems exist nationwide. "The Internet is a significant threat to Realtors, who in previous decades have had iron-grip control over all necessary information for those seeking to buy or sell a home," said Stuart Gabriel of the University of Southern California's Lusk Center for Real Estate. Signs of upheaval in the industry was evident by late 2005, when the Justice Department filed an antitrust lawsuit against the National Association of Realtors to try to get brokers to stop withholding for-sale listings from low-cost Internet rivals. For now, the vast majority of home buyers still use real estate agents, in some way, during the sales process. But fewer buyers and sellers think they need agents to supply vital information. Many agents are turning to "a la carte" services or are offering limited services for  lower fees. The article lists the 10 most popular websites for homebuyers. Very interesting article that you should read to know could dramatically affect our industry in the future!

 http://www.usatoday.com/money/perfi/housing/2007-02-08-net-real-estate-usat_x.htm

02-12:  Rules sought on mortgage officers, from the Arizona Republic, reports that the Department of Financial Institutions, which oversees state banks, credit unions, escrow firms and mortgage brokers and bankers, is backing a new bill-- House Bill 2320-- which if passed will require the licensing of most of Arizona's mortgage loan officers and originators and bring more accountability to the industry. It is estimated that there are 18,000 unlicensed people taking mortgage applications, negotiating rates and getting loan commissions statewide. If the legislation becomes law, mortgage officers and originators will have to take a class on the business, pass a test and pay a fee. Complaints have soared from Arizona consumers getting mortgages with hidden fees and prepayment penalties and higher rates than promised. Foreclosures are climbing because many of those homeowners can't afford their mortgage payments. More than 30 states have laws licensing mortgage officers. "So many sales contracts fall out of escrow in the Valley because of incompetent mortgage people," said Mary Gomez, a West Valley real estate agent with Realty Executives. "Real estate agents have to have licenses. Appraisers have to have licenses. All mortgage officers should, too."

http://www.azcentral.com/news/articles/0212mortgage-originator0212.html

02-12:  Vegas developer eyes Mill, from the Arizona Republic Tempe, reports that even with 15 condo subdivisions on the books in Tempe, details about another high-rise condo project became public last week with the announcement of a new 26-story condo-hotel project planned by Las Vegas developer Paragon. Paragon, a company with decades of experience in developing projects in Las Vegas including the MGM Grand Las Vegas, the Las Vegas Hilton, the Sahara Hotel and Casino and the Paris Hotel and Casino. Paragon plans to build a three-tower, 26-story integrated hotel and condo project at Mill Ave. and Seventh Street. Plans call for 240 hotel rooms, 370 condos, a fitness center, and ground floor retail and restaurants. But are there too many condos in the works? "There is a glut in townhouses", said Jonathan Dalton, a Valley real estate agent. "But all these (Tempe) projects were put together when the market was still moving and the momentum is such that you can't cancel them. I see an oversupply in a lot of the upscale townhouse and condos near the Tempe-Scottsdale border," he added.

http://www.azcentral.com/community/tempe/articles/0210tr-tower0210Z10.html

02-13:  Superfund plume spread focus of attention, from the West Valley View, reports that monitoring last fall of the Goodyear superfund site detected that the contamination plume was drifting toward drinking water wells for Litchfield Park, which is prompting action by the EPA. The contamination is due to the former Unidynamics site in the 1960's, when they were using trichlorethylene (TCE) and perchlorate and the plume stretches 2.5 to 3 miles along Litchfield Road to just northwest and northeast of Thomas Road. Crane Company, which owns the former Unidynamics site, and Goodyear Tire and Rubber Company are the companies primarily responsible for cleaning up the site. The site could take anywhere from another 10 to 20 years to completely clean up. If you are doing business in this area, you need to be aware of this site.

http://www.westvalleyview.com/main.asp?SectionID=2&SubSectionID=1&ArticleID=25245

02-14:  Fewer houses are selling, but median price is higher, from the Arizona Republic, reports that existing home sales across metro Phoenix continued to slide in January, but the median price climbed. There were 4,520 resales in January, down from 4,620 in December, according to Realty Studies at Arizona State University's Polytechnic campus. There were 5,260 resales in January 2006. Last months resales was the slowest January since 2003. The median resale price rose to $260,000 in January, up from $255,900 in December. The median price hit a high of $267,000 in June 2006.

 http://www.azcentral.com/arizonarepublic/business/articles/0213biz-talker0214.html

02-14:  Ahwatukee home sales improve, from the Arizona Republic Ahwatukee, reports that housing prices continued to rise in the Southeast Valley, with Ahwatukee and Tempe showing the most improvement and Mesa and Gilbert showing the least. Ahwatukee Foothills' median resale price climbed to $360,000, the highest since August and a 6 percent improvement over January 2006. Tempe's median price grew 5 percent over the year to $282,950. Chandler's median price reached $305,000, the same as January 2006. Gilbert's median price of $319,000 fell 5 percent from the previous year. And in Mesa, the median price dropped to $235,000, a 2 percent decrease from the previous year and lowest since October. Jay Butler, director of ASU's Realty Studies, cautioned that resale prices for existing homes in January and February are the worst predictors for the year because those months traditionally have the lowest number of sales as people typically don't shop for homes around the holidays.

http://www.azcentral.com/community/ahwatukee/articles/0214ev-resales0214Z14.html

02-14:  Median home prices skid 8% from Jan. '06, from the Arizona Republic Scottsdale, reports that Scottsdale's median resale home price fell 8 percent, or $50,000, in January 2007 to $550,000, from January 2006. ASU's Realty Studies reported a 10 percent decline in sales of existing homes in Scottsdale and a 5 percent drop for existing condos and townhomes. Scottsdale's median price for an existing condo sits at $272,500, off 1.1 percent from the previous year. Paradise Valley had the highest median sales price of $1.4 million, down 5.5 percent from a year ago.

 http://www.azcentral.com/community/scottsdale/articles/0214sr-homesales0214Z8.html

02-15:  New home sales still off across Valley, from the East Valley Tribune, reports on ASU Realty Studies report on the resale market in the Valley. As reported yesterday in NAT NEWS, there were 4,520 existing home sales in January 2007, down 14.1 percent from January 2006, and the January 2007 median price stood at $260,000. Jay Butler, director of Realty Studies at ASU, states that with interest rates low and the economy good, he expects the market to improve this year. He also stated that people seem to be taking an interest in older areas closer to city cores, where they can buy and fix up homes. "A house is more than just a house now. People are going back to the basics. For a couple years, we were just dominated by price appreciation. That's all they cared about." In January, 15 percent of recorded sales were for homes priced from $125,000 to $199,999; 43 percent were for homes in the $200,000 to $299,000 price range; and 39 percent were for homes that cost more than $300,000.

 http://www.eastvalleytribune.com/story/84074

02-15:  Property value rise slowly, from the Arizona Republic Scottsdale, reports that Northeast Valley homeowners are dealing with the downside of our rising home values when they received the latest tax assessments from the Maricopa County Assessor's office this week. Tax bills lag a year behind, so the bill you receive in the fall will be for your 2007 valuation. The tax bill you receive in the fall will reflect the real estate boom of 2005 and 2006. Last year's assessment found the median home value jumped 51.7 percent from the previous year. But this year's median home value rose only by 10.9 percent. The assessor looks at actual sales for homes in your neighborhood and then uses a computer model that accounts for differences in square footage, age, garages and other factors. The full cash value is meant to be slightly below market value. Homeowners can file an appeal using a form provided on the back of the assessment. The forms can also be found on-line, by phone or by mail.

 http://www.azcentral.com/community/scottsdale/articles/0215sr-assessments0215Z8.html

02-16:  Home prices ready to rebound, Realtors say, after nasty Q4, from the USA TODAY, reports that home prices should spring back in the coming months, the National Association of Realtors said Thursday, after it reported that prices slid in 73 metro areas in the fourth quarter of 2006. Home sales seem to have hit bottom already in many areas: 71 metro areas had price gains, and 14 of them posted double-digit year-to-year increases. Florida, California, Nevada and Arizona saw the biggest decreases in sales volume. "At least the bottom appears to have already occurred," said Lawrence Yun, senior economist at the NAR. "Now whether or not that will be sustainable is a different question", he added. The latest news about mortgage rates should help boost home sales. The average 30-year-fixed mortgage rate for 2006 was 6.40%. Currently it's sown to 6.30%, Freddie Mac said Thursday. "It's great news," said Frank Notaft, Freddie Mac's chief economist. "I don't see any sharp swings in mortgage rates in the near term," he added.
 
http://www.usatoday.com/money/economy/housing/2007-02-15-home-sales_x.htm

02-16:  Home builders' interest in trust land is revived, from the Arizona Republic, reports that Home builders are bidding on big parcels of Arizona state trust land again. Seven developers showed up for the auction of a 694-acre site in the northwest Valley on Thursday. The Peoria site, the north part of the Camino a Lago planned property, was appraised at $43 million. Almost 100 bids among the builders drove the price up to $61.1 million. Scottsdale-based Communities Southwest was the winning bidder. The land is south of Pinnacle Peak Road and west of 91st Avenue. Other bidders included Lennar Homes and Toll Brothers. State land auctions in September of last year were canceled because there were no bidders. Communities Southwest is planning a residential project on the site.
 
http://www.azcentral.com/arizonarepublic/business/articles/0215biz-talker0216.html#

02-16:  W. Valley home prices slip, from the Arizona Republic, reports that January showed slowing sales and sliding home prices in the West Valley, with almost all communities taking a tumble in median price. Peoria was the only West Valley city to show an increase in sales and median price. Despite the slipping resale numbers, local Realtors say this trend in not a predictor of what's to come for the housing market in 2007. Debbie Cox, founder of the North West Valley Realty Network, said it is important to keep the market's bigger picture in mind. "Sometimes when you look at the numbers month to month, you're comparing apples to oranges," said Cox, a Realtor at Service First Realty in Surprise. "After the holidays, people are paying off credit cards and worrying about other things, so there's always a slowing in the market." "In the Valley, we still have one of the highest growth rates for people moving in", Cox said. "Those new residents will continue to buy homes." The article gives the resale sales numbers and median prices for each West Valley city for January 2007 and January 2006.
 
http://www.azcentral.com/community/glendale/articles/0216gl-numbers16Z20.html

02-16:  Savvy Realtors' virtual tours pique interest, from the Arizona Republic, reports that savvy Realtors are embracing digital technology to post online slide shows, virtual tours and streaming videos of homes, setting themselves apart from the competition. Scottsdale agent Gerald Lang of Arizona Best Real Estate sees the value of spending $299 for a video tour and narrative of a luxury property. "It's part of marketing," Lang said. "We have to do more than stick a sign in the dirt and think (a home) is going to sell." According to the National Association of Realtors, nearly three-quarters of buyers "viewed the Internet as a very useful tool in their home search". Yet only about 10 to 15 percent of agents locally are taking full advantage of the Internet, according to Kevin Crosse, president of Scottsdale-based Arizona Imaging & 360 Tours.
http://www.azcentral.com/community/scottsdale/articles/0216sr-biz0216realestateZ8.html

02-20:  City's latest top job ranking recognizes biotech impact, from the Phoenix Business Journal, reports that this month's Forbes list of the Best U.S. Cities for Jobs ranked Phoenix number two in the nation for the second straight year. Top honors went to Raleigh, N.C.  Detroit, MI landed at the bottom of the list among the nation's largest 100 metro areas. Tucson checked in at number 20 and Las Vegas fell to eighth place. To compile the ranking, Forbes used five data points, weighed equally: unemployment rate, job growth, income growth, median household income and cost of living. The Phoenix area ranked 16th for unemployment, fifth for job growth, second in income growth, 34th in median household income and 64th in cost of living. The Forbes story, however, also had some cautionary words for areas buoyed by housing quoting Hugo Sellert, an economist and research manager with Monster: "The economy has shifted a lot in the past year, especially with the housing market cooling down," he said in predicting that markets in Florida and Phoenix will weaken, while the Midwest and Texas will start generating more jobs.

http://phoenix.bizjournals.com/phoenix/stories/2007/02/19/daily3.html?t=printable

02-21:  New Peoria housing projects target those who work in city, from the Arizona Republic, reports that a new local homebuilder, CF Homes, plans to build four infill projects in Peoria's core to provide more workforce housing for West Valley residents. Stone Street Village, at 83rd Avenue and Stone Street, will include 14 townhouses. Madison Street Lofts, at 85th Avenue and Madison Street, will feature 43 townhouses. Monroe 85, situated across from Peoria City Hall, will include four single-family houses. Mountain View 75 will bring 13 homes to the northeast corner of 75th Avenue and Mountain View Road. The single-family homes will cost around $299,000 and range from 2,000 to almost 2,400 square feet. Prices for the townhouses, around 1,750 square feet, will be $249,900. "This was a huge niche nobody else was addressing," said Walt Camping, president of CF Homes. In the past six years, the median price for new homes in Peoria has climbed 125 percent to $408,497 in 2006.

 http://www.azcentral.com/arizonarepublic/business/articles/0221biz-homes0221.html

02-21:  Beware of mortgage fraud scam, from the Arizona Republic, reports that a Valley mortgage fraud ring has left seven families in the lurch. Here's how a large part of the scam worked: One of six members of the fraud ring would file a false quitclaim deed on property that belonged to someone else. This essentially gave the scammers ownership of a victim's property, on paper. They would then take out an enormous loan on the stolen property, grab the money and run. Months later, chaos would ensue as a lender knocked on the real homeowner's door, ready to foreclose for delinquent payments on a loan the victims didn't even know existed. Recently, four of the six people involved in the scam, including former Goodyear real estate agent Lesley Romero, were sentenced for fleecing seven families out of half a million dollars. Romero's real estate license has been revoked. She will have to pay restitution and serve six months in county jail, starting in June. The Office of Inspector General of the U.S. Department of Housing and Urban Development investigated the case. James Todak, a special agent for HUD, said his office partnered with the Arizona Attorney General's Office and other law enforcement agencies to bring people to justice. "This mortgage-fraud case had a lot of impact on a lot of families," he said. "They were defrauded, and we investigated the suspects aggressively."

With the cooling real estate market in the Valley, Todak expects that HUD will get slammed with more bank- and mortgage-fraud cases. Technically, a crime doesn't occur until a bank suffers a loss. In the hot housing market, people could turn around and sell their properties for a profit to pay off loans. But in the shadow of the prosperous market, that option isn't as readily available, and banks end up foreclosing. And that's when cases of fraud start bubbling to the surface. "We expect losses to go through the roof," Todak said of cases in the dwindling market.

 http://www.azcentral.com/community/swvalley/articles/0220biz-swv-fraud-ON.html

02-22:  Home loan demand is lowest this year, despite drop in mortgage rates, from the USA TODAY, reports that mortgage applications dropped more than 5% last week, hitting their lowest level this year, even as interest rates fell, the Mortgage Bankers Association said Wednesday. Borrowing costs on 30-year fixed-rate mortgages, excluding fees, averaged 6.19%, down 0.05 percentage point from the previous week. That was slightly below the year-ago average of 6.22%. The MBA's seasonally adjusted purchase index fell 4.8% to 381.4, lowest since the week ended Oct. 27, 2006, when it stood at 375.6. The index was also below its year-ago level of 408.7. The purchase index is considered a timely gauge of U.S. home sales. Fixed 15-year mortgage rates averaged 5.88% in the most recent week, down from 5.94% the week before. Rates on one-year adjustable-rate mortgages, or ARMs, increased to an average 5.81% from 5.80%.
 
http://www.usatoday.com/money/economy/housing/2007-02-21-mortgages_x.htm
 
02-22:  Popular dairy yields land to houses, from the Arizona Republic Chandler, reports that RC Dairy, a fixture near Dobson and Germann Roads in Chandler that has been there for three decades, is closing. Tonight, the Chandler City Council will vote to allow Maracay Homes to build 101 homes on the 38-acre dairy site and remove a land-use restriction that requires a buffer zone between homes in nearby Clemente Ranch and the cows. Dairy owner Richard Dugan, who was Chandler's mayor from 1988 to 1990, declined to talk about the sale of his farm or the rezoning. But he was considered a good neighbor, allowing public tours of the dairy and having a petting zoo and gift shop for visitors.
 
http://www.azcentral.com/community/chandler/articles/0222cr-dugan0222Z6.html

02-22:  In a city of wannabees, builder can rise above, from the Arizona Republic, reports that most of the private condo projects announced for downtown Phoenix are phantoms: towers announced with pretty renderings and sales offices but with little chance of becoming a reality. But 44 Monroe, being developed by Grace Communities, is the real deal. It is 60% sold out and well out of the ground. It will have 34 stories and be among the tallest buildings gracing the downtown skyline. It is one of several projects that Grace plans for the downtown area. "Maybe we see things that other people can't," said Jonathon Vento, one of Grace principals, when asked why his project is happening when so many others have fallen away. The partners now have plans for the historic Professional Building at Central and Monroe, for years the headquarters of Valley National Bank and topped by a giant revolving VNB sign. Grace purchased the building two years ago and has been quietly working with the city and historic groups to revive it as a boutique hotel. In addition to 150 rooms, plans call for a rooftop "sky bar" and another bar in the giant vault of the basement.To the east of the Professional Building, Grace hopes to build a tower of more affordable condos and apartments. "We think Phoenix is the greatest city in America," Vento said. "Right now, you could draw a curtain around downtown and pull it back in three years, and it will take people's breath away."

http://www.azcentral.com/business/columns/articles/0222biz-talton0222.html 

02-23:  Mortgage rates drop on concerns about housing market woes, from the USA TODAY, reports that rates on 30-year mortgages fell this week to the lowest level in six weeks, standing at 6.22%, according to Freddie Mac. That's down from 6.30% last week. Analysts said the drop reflected weakness in the housing industry, shown by a 14.3% plunge in construction of new homes and apartments in January. "Market participants were concerned over how much drag the slowing housing market may have on economic growth," said Frank Nothaff, Freddie Mac's chief economist. Rates on 15-year fixed-rate mortgages fell to 5.97%, down from 6.03% last week. Five year ARMs stand at 5.96%, while one-year ARMs fell to 5.49%. A year ago, rates on 30-year mortgages stood at 6.26%.
 
http://www.usatoday.com/money/perfi/housing/2007-02-22-mortgage-rates_x.htm
 
02-23:  Phoenix celebrates a coup: 800 jobs, from the Arizona Republic, reports that a day after losing a bid to get US Airways' 600-employee flight operations center, Phoenix landed a major employer offering skilled, high-paying jobs: W.L. Gore & Associates. The company, known for making water-resistant clothing, is expanding its operations to 19th Ave. and Happy Valley Road and looking for north Phoenix land for a future campus, employing 800 new people. Phoenix officials hailed the expansion as evidence that the city and state's $1.4 billion investment in bioscience is paying off. The company said it wants to expand in Phoenix because of the city's large workforce, proximity to major airports and investment in bioscience education and research.
 
http://www.azcentral.com/arizonarepublic/news/articles/0223biz-gore0223split.html

02-23:  Surging assessments worry homeowners, from the Arizona Republic West Valley, reports that West Valley cities saw some of the highest increases in single-family home valuations, which could mean higher property taxes next year. Some homeowners were surprised by the large increases in valuations, which reflect market conditions from the second half of 2005 and the first half of 2006. "We had that boom in 2005, and they are basing the values off of that time," said Debbie Cox, a Realtor with Service First Realty in Surprise. "The market doesn't look like that anymore." Tolleson's median property value rose 24% for 2008, Litchfield Park rose 23% and Glendale increased 21%. In contrast, Fountain Hills went up 5%, Carefree went up 8% and Gilbert rose 6%. "With all of the infrastructure and new residential developments in the West Valley, the values are catching up to the East Valley," said Jeffrey Smith, president of JSSmith Mortgage. "With the expansive growth and influx of homes often comes an increase in property taxes." Remember, you can appeal your valuations!
 
http://www.azcentral.com/community/westvalley/articles/0223gl-property23Z20.html

02-26:  Office-complex dealings in Valley reaping millions, from the Arizona Republic, reports that the activity in the commercial office sector continues, with several buildings being sold recently, each for more than $40 million. "What's unusual about these transactions is the velocity at which they all occurred and the fact that so many of the Valley's top office assets changed hands at roughly the same time," said Jim Fijan, one of two brokers at CB Richard Ellis' Phoenix office who worked on four of the deals just announced. Of those four large office building sales, the largest was the $63.2 million sale of the Hayden Ferry Lakeside I building at 80 E. Rio Salado Parkway in Tempe. The other big deals were:
* The Scottsdale Class A office building that houses DR Horton and other businesses sold for $53.3 million this month. The 175,191-square-foot property at 16430 N. Scottsdale Road sold to Pacific Life Insurance Co. The seller was UBS Realty Investors LLC.
* Paradise Valley Corporate Center sold to Pacifica Real Estate Group for $52.5 million. The 198,501-square-foot building at 4835 E. Cactus Road in Scottsdale was sold by Maier Siebel Baber of San Francisco, who was represented by Fijan and Roberts.
* Gainey Center II, at 8501 N. Scottsdale Road in Scottsdale, sold for $50.6 million to Invesco Real Estate in Newport Beach, Calif. The seller was KBS Realty of Newport Beach, represented by Fijan and Roberts.
* The Airport Technology Center buildings at 4127 and 4129 E. Van Buren St. in Phoenix sold for $45.75 million to Arden Realty in Los Angeles. The seller, also represented by Fijan and Roberts, was LBA Realty of San Diego
 
http://www.azcentral.com/arizonarepublic/business/articles/0224biz-officedeals0224.html

02-26:  Mortgage company shut down, from the Arizona Republic, reports that regulators have shut down Mesa-based Eagle First Mortgage citing illegal practices. "Eagle First is surrendering its license as a result of multiple and repeat violations," said Felecia Rotellini of the Department of Financial Institutions, which regulates mortgage firms. Eagle First Mortgage has been cited for offenses before. In early 2004, it was fined for 10 violations. Some of its recent violations include laws it had broken three years ago, according to the Department of Financial Institution's consent order. Sanchez started Eagle First in 2003. The firm, which worked with many first-time buyers with credit problems, started to rapidly add branches in 2004. Several employees also were named in the complaint. Those employees are not licensed and could get jobs at other mortgage firms. So could Sanchez, as long as he does not apply to be a broker again. Brokers must be licensed. It's estimated there are as many as 18,000 unlicensed people taking mortgage applications, negotiating rates and getting loan commissions statewide. Legislation recently was introduced in Arizona to license all loan officers and originators to help crack down on bad loans and mortgage fraud. The firm, one of the largest that Financial Institutions has shut down, has until March 14 to finish any outstanding loans and close its doors.

http://www.azcentral.com/arizonarepublic/news/articles/0225mortgageshutdown0225.html

02-26:  Home sellers try unusual method with auctions, from the East Valley Tribune, reports that With the housing market lagging and homes taking months to sell, a Scottsdale-based company is betting homeowners will be eager to try a more unconventional route to successful sales - the auction. National Real Estate Auction Corp. will host a massive real estate auction in downtown Phoenix next month, offering everything from starter homes to multimillion-dollar estates. Home auctions have been around for decades but have gained popularity as an alternative tool for selling in a slow market where competition is tough. Valleywide, there are more than 45,000 properties on the market - at least 10,000 above the norm. Auction signs attract attention, said John McCann, one of the company's founders. "It creates a lot of buzz and excitement about the property," he said. McCann hopes to have more than 100 homes at the Valley auction, which will take place March 24 at the Phoenix Convention Center. So far, the company has 27 properties listed with prices ranging from the $100,000s to more than $3 million. It's also in talks with 30 homeowners and three builders. If the first auction is successful, the company will likely continue holding auctions every 60 days or 90 days, Riley said.
http://www.eastvalleytribune.com/story/84670

02-27:  26-story office tower planned, from the Arizona Republic, reports that in a continuing sign that our commercial real estate market continues to grow, a group of developers is planning the first commercial office tower in downtown Phoenix in eight years. The development, called One Central East, will be located near the northwest corner of Van Buren and First Streets and will contain 475,000 square feet of office space, parking for 600 cars and ground-floor retail. It will contain up to 26 stories and open in 2009. Downtown's most recent high-rise office buildings, the Collier Center and Phelps Dodge Tower, opened in 2001. The $160 million project would help address a critical need in the city core, where vacancy rates have dropped to about 5.5 percent, about half the citywide average. Rents are likely to be in the $35 to $40 per square foot range.

http://www.azcentral.com/arizonarepublic/business/articles/0227biz-office0227.html

02-27:  Star-studded poker party touts hot Scottsdale property, from the Arizona Republic Scottsdale, reports that real estate agents Erika Moore and Tracie Bonds teamed up with Scottsdale loan officer Jeff Geller for a unique marketing event to promote a $3.6 million home for sale in North Scottsdale. People paid $500 each to mingle and play poker with Barry Bonds and his friends and raise money for the Metropolitan Junior Baseball League in honor of the Barry Bonds Sr. Symposium. It was an opportunity for real estate agents to see the sprawling 6,000 square-foot adobe in a relaxed setting, get exposure and support a good cause. A silent auction was also held to have the chance to play an extra on Grey's Anatomy, Desperate Housewives or CSI. What a great idea!

 http://www.azcentral.com/community/scottsdale/articles/0227sr-shocket0227Z8.html

02-27:  Buckeye's Douglas Ranch to have about 100,000 homes, from the West Valley View, reports that Douglas Ranch, Buckeye's 35-square mile master-planned community northwest of the White Tank Mountains, soon will come before Buckeye's Town Council to ask for a community master-plan change that would increase the number of jobs and houses in the development. The Buckeye Town Council has already approved 83,266 homes and 24 million square feet of office and commercial space for Douglas Ranch, but the developers plan on asking for significantly more amounts of commercial, office and retail space to help provide for more jobs in the area. The may ask for up to 50 million square feet of these uses. The developers are targeting providing up to 150,000 jobs in Douglas Ranch. The request will also ask for additional residential density, mostly in the town center near the commercial development, increasing the total residential to 100,000 homes. Douglas Ranch is expected to have 250,000 residents at build out.

 http://www.westvalleyview.com/main.asp?SectionID=2&SubSectionID=1&ArticleID=25436&TM=28980.63

02-28:  Existing home sales rise; prices fall, from MSNBC.com, reports that sales of existing homes rose in January by the largest amount in two years, raising hopes that the worst of the housing market correction may be coming to an end. The National Association of Realtors reported Tuesday that sales of existing homes in the U.S. rose by 3 percent last month, the biggest one month increase since January 2005. The median price of an existing U.S. home fell 3.1 percent fro a year ago, now standing at $210,660. It was the sixth straight month that the median price fell compared with a year ago. "For the last several months I have been hemming and hawing on whether we have reached bottom," said David Lereah, chief economist for the Realtors. He said that the January report was an encouraging sign that the bottom for sales activity was reached last September with sales expected to stabilize this year.
 
http://www.msnbc.msn.com/id/17361928/
 
 
02-28:  Home permits hit 5-month high in January, from the Arizona Republic, reports that home building across metropolitan Phoenix hit a five-month high in January, signaling spec homes finally could be selling and more buyers are getting back into the market. Single-family permits climbed to 2,876 in January, according to RL Brown's Phoenix Housing Market Letter. That's the highest level since August 2006, when builders pulled permits for 3,014 new homes. Brown attributes the uptick in housing construction to builders cutting prices on homes and drawing buyers to some fringe communities once again. "We have seen some life returning to the new-home market, albeit at a pace far below which we have been accustomed to in recent times," Brown said in his newsletter.
 
http://www.azcentral.com/arizonarepublic/business/articles/0228biz-talker0228.html