The Tax Foundation: “The Case-Shiller index . . . shows a drop of almost 16 percent in home values across the country between 2007 and 2008. . . . Data on state and local taxes from the U.S. Census Bureau show that most states’ property owners paid more in FY 2008.” Arizona’s [...]
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Phoenix Business Journal: “There was no appreciation in home values from July 2009 to July 2010 in the Phoenix area, according to the latest Arizona State University-Repeat Sales Index,” Arizona Republic: “After months of relative inaction, a number of commercial real-estate lenders have increased their efforts to dispose of poorly performing mortgage loans, Phoenix-area real-estate analysts said.” New York Times: “many real estate experts now believe that home ownership will never again yield rewards like those enjoyed in the second half of the 20th century, when houses not only provided shelter but also a plump nest egg.” In July of 2010, sales of existing homes for that month were down 27.2% from the prior month. July had the lowest number of existing home sales in fifteen year. Arizona Republic: “Judge Eileen S. Willett ruled earlier this month that property owner Bethany Group of Irvine, Calif., cannot thwart an agreement authorized by court-appointed receiver Trigild of San Diego to sell the seven apartment properties it manages to a real-estate investment firm for $123 million.” Arizona Republic: “Mortgage rates have fallen to unprecedented lows this year, but local analysts said only a fraction of Arizona consumers meet the financial requirements to take advantage of them. Even fewer prospective borrowers have the sort of financial pedigree that would earn them today’s lowest advertised rates, they said.” Arizona Republic: “Home prices in metro Phoenix are falling again, and new data about upcoming sales suggest that they are likely to keep falling over the next few months, bringing concerns of a housing-market “double dip” closer to reality.” Arizona Republic: “Sales of existing single-family, detached homes in Maricopa County fell to 5,080 in July, down from 7,300 in July 2009.” Phoenix Business Journal: “ML Managers LLC has taken possession of the Hotel Monroe in downtown Phoenix and Ten Wine Lofts in Scottsdale, both busted projects that the now defunct Grace Communities had partially developed.” Arizona Republic: “One of Arizona’s largest homebuilders, Pulte Home Corp., has agreed to pay $1.18 million to settle a state investigation into how it marketed mortgages to homebuyers. The state Attorney General’s Office claimed the builder had misled potential buyers and sometimes inappropriately kept their deposits, among other practices.” Arizona Republic: “The lender for Los Arcos Crossing in south Scottsdale took ownership of the failed shopping center this week and plans to market it to developers within a month. ML Manager LLC got the property after no bids were made at a trustee sale Thursday . . . . The company [...] Arizona Republic: “Arizona golf-course owners have endured month after month of reduced patronage, forcing some into bankruptcy or foreclosure. . . .Since mid-2008, at least 15 standalone and residential golf properties in the state have entered into foreclosure or bankruptcy.” Arizona Republic: “Bank of America has asked that a receiver be appointed for the posh Market Street at DC Ranch retail development in north Scottsdale. The center’s owner DMD Market Street LLC, an affiliate of high-profile real estate developer DMB Associates Inc., is in default on a $47.5 million loan secured by [...] Arizona Republic: Economists say that “homes are expected to lose still more value in many metro areas over the next year. Parts of the country already pummeled by the housing crisis, like Phoenix, Las Vegas and Miami, will be hit hardest. . . . That’s the conclusion of economists who have been [...] Arizona Republic: “Home prices in metropolitan Phoenix have been slipping during the past month, prompting concern about a double dip in the region’s housing values.” New York Times: “Expectant parents shopping for a home are not the only ones concerned about the date of the baby’s arrival. Mortgage lenders are taking a harder look at prospective borrowers whose income has temporarily fallen while they are on leave, including new parents at home taking care of a baby. [...] Phoenix Business Journal: “Arizona remains in the top ranks of U.S. states for foreclosures, according to the June report from RealtyTrac.” See “1.65 Million U.S. Properties Receive Foreclosure Filings in First Half of 2010 According to RealtyTrac.” Reuters: “Banks repossessed a record number of U.S. homes in the second quarter, but slowed new foreclosure notices to manage distressed properties on the market, real estate data company RealtyTrac said on Thursday.” New York Times: “No need for tears, but the well-off are losing their master suites and saying goodbye to their wine cellars. . . . Whether it is their residence, a second home or a house bought as an investment, the rich have stopped paying the mortgage at a rate that greatly [...] Phoenix Business Journal: “Foreclosure activity in the Phoenix housing market is up slightly again.” Phoenix Business Journal: “Arizona is one of the states benefiting as international interest picks up in U.S. homes, according to the National Association of Realtors 2010 Profile of International Home Buying Activity.” Arizona Republic: “Thousands of individuals who help arrange home loans are now barred from taking on new business. A new law that takes effect today [July 7, 2010] requires loan originators to be licensed by the state. That involves training, testing and background checks.” Wall St. Journal: “Vacant office space continued to accumulate in the second quarter, the latest indication that businesses aren’t planning significant hiring in the near future. Office buildings across the U.S. lost 1.8 million square feet of occupied space in the quarter, pushing the national office vacancy rate to 17.4%, the highest [...] The senate research staff of the Arizona legislature prepared an issue statement explaining Arizona’s homestead exemption. The exemption contained in Arizona Revised Statutes Section 33-1101.A which provides that: Any person the age of eighteen or over, married or single, who resides within the state may hold as a homestead exempt from attachment, [...] Don’t Mess with Taxes: “the extended-yet-again homebuyer tax credit bill is on its way to Obama so his signature can make it law. Remember, this latest piece of legislation is only for folks who had a contract in place by April 30, but couldn’t finalize the purchase by the previous June 30 [...] U.S. Attorney for Arizona Dennis Burke announced Thursday that 38 mortgage brokers and loan officers have been indicted this month on federal fraud charges. The indictments are part of new federal efforts to thwart mortgage fraud and unscrupulous modification and short sale schemes by mortgage brokers, loan officers and real estate [...] With the expiration of the new home federal income tax credit, sales of new homes in the United States dropped 32.7% for the month of May 2010. For anybody who questioned whether the new home tax credit worked to stimulate sales of homes, a government study answers that question in the affirmative: [...] Will the Justice Department and the Arizona Attorney General go after the feds involved in President Obama’s home loan modification program? In March of 2009, Obama started using $75 billion to help home owners modify their home loans to avoid foreclosure. Of the 1.2 million people who have started the program, 436,000 [...] Arizona Republic: “The number of foreclosures in Anthem quadrupled during the first five months of this year, according to numbers provided by a national firm that tracks the data.” |
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