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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 [...] 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 [...] In a new report released by data research firm Core Logic, the foreclosure rate in Phoenix has continued to fall. 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. 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. This revamped version of the Home Affordable Refinancing Plan shows promise for helping seriously underwater homeowners in Arizona. Read more… The Arizona Housing Department awarded $20 million in tax credits to 18 projects last week and has worked out deals for the projects to be completed in almost half the time. These credits are expected to save each developer approximately $1 million on new Arizona projects and encourage additional housing development over the next decade. Read [...] In what is becoming more and more controversial, many states that received funds as part of a $25 billion settlement with five big banks over abuses in their mortgage and foreclosure practices intend to use the money to close budget gaps. According to Michael Orr, real estate expert at A.S.U.’s W.C. Carey School of Business, the Phoenix housing market is continuing to recover. He also says that traditional homes sales are on the increase. The Yuma Sun reported that, although Arizona has seen only modest population growth in recent years, things could change in the not too distant future. |
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