Arizona home prices not returning to peak until 2038

According to CNNMoney, the Fiserv group estimates that the U.S. may be caught up to peak home price levels by 2023, but for Arizona it will be much longer.

Arizona, California and Nevada are specifically mentioned as the last states to recover. Arizona is estimated to have a 2.7 percent price growth rate over the next five years, putting its recovery to peak prices at about 2038.  Read more…

Home builder, Family Development, to launch division in Scottsdale

Family Development is in escrow for two Valley communities, one in north Scottsdale and the other in Litchfield Park.  The company plans to build 35 homes and 68 condominiums in these two communities over the next year and says it will hire local additional employees and contractors on an as-needed basis.

Family Development plans to build approximately 400 homes in Arizona per year.  Since 2003 when the company was founded, it has built about 1,000 homes in Arizona outside of Maricopa County.   Read more…

 

Are Underwater Homeowners Helping to Drive Housing Market?

According to data research firm Core Logic, homeowner’s who owe more on their homes than they’re worth may be sitting tight until equity levels rise in their homes. This in turn may be tightening the housing supply in a market which already seems to be suffering from limited inventory.

Phoenix Foreclosures Continue To Fall

In a new report released by data research firm Core Logic, the foreclosure rate in Phoenix has continued to fall.

Mortgage Broker Accused of Down Payment Scheme

A Phoenix area mortgage broker is being sued over allegedly manipulating FHA down payment requirements. The Lending Company, Wells Fargo Funding and RJ Reynolds are all named as defendants in the class action suit.

Homes Are Getting Bigger

Homes are getting bigger. Does that mean the housing market is getting stronger? Newly released data from the U.S. Census Bureau shows homes are growing in size. In fact we may see a high water mark in 2012. According to this article, homes are typically built smaller in times of economic downturn and larger during times of prosperity.

Facebook Acquires Face.com

It appears Facebook, in its attempt to preserve its standing as the preeminent social media behemoth, has  acquired yet another tech company. Face.com, a company devoted to face recognition software, has been purchased by Facebook for an undisclosed sum.

Arizona #3 in Construction Job Growth

The latest data from the Bureau of Labor Statistics shows Arizona enjoyed the 3rd highest spike in construction job growth in May, trailing only Texas and California.

Housing Starts Slow But Permits Rise

A recent report by the U.S. Department of Commerce states a decline in housing starts due to the slowdown in the apartment and multi-family sector. However there was an increase in permits, which is an indicator of future starts, and also single family housing starts currently underway.

New Report Shows Phoenix Area Homes Sales Rising

A recent report from a Phoenix area title company shows the Phoenix housing market continues to pick up steam. The report released by Grand Canyon Title Agency, Inc. also shows a sharp decline in the number of foreclosures.