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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 [...] 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. In a new report released by data research firm Core Logic, the foreclosure rate in Phoenix has continued to fall. 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 [...] 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. 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. 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 [...] Between March 2011 and March 2012, U.S. homes sold to foreign buyers rose 24 percent, with 51 percent of the purchases by foreigners occurring in Arizona, California, Florida and Texas. Read more… 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. Banks seem to be more willing to sell homes for less than what is owed. For the first time, short sales have outnumbered foreclosures in America. |
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