10-01:  Developers drawn to Loop 101 corridor, from the Arizona Republic, reports that the West Valley Loop 101 corridor continues to see activity with several commercial and residential projects charging ahead on Camelback Road at the Phoenix-Glendale border. West of the freeway, potential home buyers can view models of Frank Lloyd Wright inspired condominiums at the 9920 project. Just east of the freeway, Glenwood Development Co. is building Camelback Village Plaza, a 53,000 s.f. neighborhood retail center that will be anchored by a Fitness Works athletic club. COBE Development is building Camelback 101 Professional Plaza, a 46,000 s.f. office condo development. So far, more than half of the office space have been sold to real estate, mortgage and title companies, as well as dental practices, said Steve Beck, a principal with COBE. Beck credited nearby University of Phoenix Stadium and the surrounding entertainment district for the early interest in the office project. "They've definitely fueled activity in that area. It has been a hotbed for growth," he said.

http://www.azcentral.com/arizonarepublic/business/articles/0929biz-gl-camelback0929.html

  
10-01:  Sales set for housing development near QC, from the Arizona Republic, reports that sales are expected to start Oct. 21 for Shea Homes newest Trilogy development in Queen Creek at Ganzel and Combs Road in Pinal County. Despite the large inventory of new homes in the area, Hal Looney, area president for Shea Homes, said "It's not going to compete with what we're offering". The bulk of the county's new house inventory caters to the "first and second move-up market" in traditional neighborhoods, Looney said. Looney said that most of the homes in Encanterra, a Trilogy Country Club, will be one-story and are targeted at "baby boomer" purchasers. The development will have a Ton Lehman designed golf course, indoor and outdoor swimming pools, a fitness center, and more. Shea expects that Encanterra will pick up the demand from its nearly sold out Power Ranch development nearby. During the first six months of 2007, the number of new housing units added to Pinal county declined to 5,152, compared with 7,700 units added in the first six months of 2006 due to the cooling housing market.  But although the Valley's housing market has cooled, it remains one of the nation's top five markets, according to local housing analyst RL Brown.
 
http://www.azcentral.com/community/gilbert/articles/0928gr-pinalhousing0929.html

10-02:  Transit panel to mull toll roads, from the Arizona Republic, reports that toll roads are again being considered as an alternative to keep up with the fast growing population. Although Maricopa County voters in 2004 agreed to continue the half-cent sales tax to pay for road and transit projects, it's not enough to keep pace with longer-range Valley needs. And the rest of the state has road needs that planners say the current funding structure can't support. So the Legislature's Blue Ribbon Transportation Committee was formed to look for solutions. To Sen. Ron Gould, using toll roads to build new roads is a better deal for motorists than tax hikes, and he will forward that idea today at the Committee's first meeting. Gould said he's interested in exploring whether the state can use a partnership with private companies to build toll roads where no roads currently go. "An example would be Interstate 17," Gould said. "It's very congested. You could get somebody to build another road from I-10 to Prescott." The 10-member blue ribbon committee was created by lawmakers this spring. Its goal is to review various transportation studies and make recommendations to the state Legislature on what should be done to meet transportation needs. 
 
http://www.azcentral.com/arizonarepublic/local/articles/1002tollroads1002.html  

10-02:  'Rotten' commute to improve with I-10 widening, from the Arizona Republic, reports that after weeks of heated debate, west Valley city leaders recently struck a financial agreement to speed up I-10 widening by four years, providing West Valley residents with future relief for the congested freeway. ADOT will now select a contractor and construction should begin early next year. Construction of the widening project would be finished by summer 2010, expanding an 8-mile stretch of I-10 to five lanes in each direction from the Loop 101 to Sarival Ave. Yet ADOT doesn't characterize the widening project as a long-term solution. By 2030, ADOT estimates that traffic on I-10 will more than double because of the area's population growth. But it is good news for motorists who face gridlock today on that stretch of freeway. 
 
http://www.azcentral.com/community/swvalley/articles/1001swv-deal1003cover.html

10-03:  Pending home sales down 21.5%; at lowest level ever, from the Arizona Republic, reports that the National Association of Realtors said Tuesday that its seasonally adjusted index of pending home sales for existing homes fell 6.5% from July and 21.5% from a year ago. The pending sales index is designed to predict sales levels over the following two months. An index reading of 100 is equal to the average sales activity in 2001. August 2007 had a reading of 85.5, the lowest level ever for the index. Analysts attributed the decrease to the rising defaults on subprime loans and the tightening of credit from lenders. "This is probably the most challenging credit market environment that's faced the housing market in 10 years," said Keith Gumbinger, vice president of HSH Associates. In some areas, up to 30 percent of signed contracts fell through in August, said Lawrence Yun, senior economist at the NAR. "Some creditworthy people are trying to buy homes but can't," Yun added. 
  
http://www.azcentral.com/business/articles/1002biz-homesales02-ON.html 

10-03:  Go west, way west, from the West Valley View, reports that a vision of how the southwest Valley will look in the future was presented at a recent Valley Partnership meeting where developers laid out their plans for 116,000 acres that will have 286,000 homes west of the White Tank mountains. About ten landowners in Sun Valley have worked together for years to bring homes, employment, water and roads to Sun Valley. Pulte's Sun City Festival sits on 3,100-acres with plans for 7,100 homes. Already, about 700 homes have been sold. "It's the most efficient startup we've ever seen," said Mike Blitz, Pulte's vice president of land management. The entire Festival community, including Festival Foothills and Festival Ranch, has plans for 24,176 homes on 10,000-acres. South of Festival on the Sun Valley Parkway is Tartesso, which has 540 completed homes. The 12,812-acre master-planned community that Stardust is spearheading will eventually have 48,000 homes. Buckeye's planning area has a current population of about 38,000. That number could double in five years if developer and town projections hold true. All of the developments are planning employment areas to facilitate jobs closer to where residents live. 
  
http://www.westvalleyview.com/main.asp?SectionID=2&SubSectionID=1&ArticleID=28135&TM=29480.22

10-03:  Bankruptcy 'tweak' could save 600,000 homes, an article from CNNMoney.com, reports that the Center for Responsible Lending is proposing a plan that would 'tweak' the regulations for Chapter 13 bankruptcies.  Under a House bill recently introduced, a bankruptcy judge would have the option of reducing what the homeowner owes the lender to match the home's current market value as well as reduce the loans' interest rate.  The rest of the principal would be treated as unsecured and may be discharged.  CRL's senior vice president Eric Stein wrote, "Loan modification...just allows the process to reach a resolution without a homeless family and boarded-up home as the unnecessary by-products." 

http://money.cnn.com/2007/10/01/real_estate/subprime_bankruptcy_change/index.htm?postversion=2007100115