The first article, Mortgage rates at lowest level in six months, from MSNBC.com, reports that rates on 30-year mortgages dipped this week to the lowest level in six months, standing at 6.31 percent for a 30-year fixed-rate mortgage, down from 6.40 percent last week. The downward trend is occurring because financial markets became more convinced that a slowing economy will keep inflation contained. Such a slowdown will allow the Federal Reserve to keep interest rates on hold. Many analysts believe rates will hover around current levels for the rest of the year, which is expected to help the housing industry level off after sharp declines in recent months. "Both lower interest rates and a moderation in house price growth should lead to increased housing affordability," said Frank Nothaft, chief economist for Freddie Mac.

http://www.msnbc.msn.com/id/7148582/

The second article, New-home permits still falling in Valley, from the Arizona Republic, reports that new home permits fell 15.9 percent from July to August in the Valley, recording just 3,014 new permits, according to the latest Phoenix Housing Market Letter produced by local housing analyst RL Brown. The 3,014 new-home permits in August is down 46 percent from a year earlier. Closings fell 15.9 percent to 4,055 last month from a year ago. Buyers purchased 7,322 existing homes last month, down 46 percent from August 2005. New home permits through August are 33,578, down 23.4 percent from 2005. Last year, the Valley set a record with 63,570 new home permits. Builders are beginning to react to the market and getting rid of inventory. "If the housing industry reacts with the skill that we have seen recently exhibited... (then) this market correction will be short-lived," said RL Brown.

http://www.azcentral.com/php-bin/clicktrack/print.php?referer=http://www.azcentral.com/arizonarepublic/business/articles/0929biz-homebuilding0929.html

The third article, Homes to rise west of Loop 303, from the Arizona Republic Glendale, reports that Kohner Properties plans to develop a 452-acre parcel of farmland into a new master-planned community called Turning Leaf at the Meadows. The land, located near Northern and Cotton Lane, will have 1,100 single-family homes, parks, trails and a school. It is Glendale's largest residential project in more than a decade. "People used to consider the (Loop 303) as 'way out west', but it isn't anymore," said Shawn Kohner. "Eventually, it will be its own suburb with a mall, commercial sites and car dealerships. It is truly an area of town that will become its own metropolitan area." Construction should begin in about 18 months after the city approves construction plans.

http://www.azcentral.com/php-bin/clicktrack/print.php?referer=http://www.azcentral.com/community/glendale/articles/0929gl-leaf29Z20.html

In the News!

The first article, South Mountain Freeway is called vital to W. Valley, from the Arizona Republic, reports that West Valley leaders are concerned that a delay in the Loop 202 freeway could increase freeway gridlock in the W. Valley. They see the Loop 202 as critical to their transportation needs to relieve pressure on Interstate 10 and link to several roadway projects slated for the area. Some are concerned it will get scrapped altogether. "If it doesn't get done, it will be a serious distraction from our plans to develop a regional transportation plan for the Valley," said Goodyear Mayor Jim Cavanaugh. The South Mountain Freeway is being touted as a bypass around downtown Phoenix. It will also give the West Valley a more direct link to the East Valley. But it faces stiff opposition from Ahwatukee residents and environmentalists concerned about damage to South Mountain Park.

http://www.azcentral.com/php-bin/clicktrack/print.php?referer=http://www.azcentral.com/arizonarepublic/local/articles/0927wvdomino0927.html

The second article, Rising land costs prompt builders to wedge homes into smaller lots, from the Arizona Republic, reports that as land costs continue to rise, builders are looking at smaller lots to build affordable homes for the housing consumer. The average size of a residential lot for a new production home in Maricopa and Pinal counties shrank 1,000 square feet in the past six years, to about 7,400 square feet, according to Hanley Wood Market Intelligence. The closer you get to the Phoenix core, the more likely lots are to be 3,000 or 4,000 square feet. "A lot of new products (lots) are 32 by 100 feet deep," said John Fioamonti, managing director of Hanley Wood. "You can go to Coolidge and Florence and still see the 6,000 to 7,000 square-foot standard lots we are used to. As you get closer into town, you find these vertical podium builds, very narrow two-to three-story almost town homes. They have been doing this in California for years." Some homebuyers don't mind the smaller lots, as they mean less maintenance. Most cities and towns have been approving these small-lot developments to give residents more affordable homes and also to encourage more of a community feel. Look for this trend to continue.


http://www.azcentral.com/php-bin/clicktrack/print.php?referer=http://www.azcentral.com/arizonarepublic/business/articles/0927biz-smallyards0927new.html

The third article, 55-plus housing big in SW Valley, from the Arizona Republic, reports that major master-planned communities aimed at "active adults" are expected to bring thousands of new homes and several golf courses to the Southwest Valley over the next decade. At least three communities have opened or are planned in Buckeye alone: Sun Valley South, Sundance and Sun City Festival. In Goodyear, Robson Communities has seen success in the past two decades with its PebbleCreek community. Nearly a quarter of Goodyear's residents are 55 or older, and about a fifth of Buckeye's residents are over 55. "With the baby boomers coming, the numbers are so large that we can't satisfy the needs of people who want to live in age-restricted communities," said Gary Sorrels, sales manager for Sundance. "It is a great part of the market to be in."

http://www.azcentral.com/php-bin/clicktrack/print.php?referer=http://www.azcentral.com/community/swvalley/articles/0927swv-seniors27Z5.html

Is it time to buy? Some say YES! A Bubble or a Value?

The first article, Roads are clogged on Valley's edges, from the Arizona Republic, reports that Pinal County has just completed its Small Area Transportation Study that gives recommendation to alleviate the traffic problems facing this booming market area. The study will be a blueprint to guide Pinal County planning for the next 20-years. Two of the more congested areas of Pinal County are the Hunt Highway area south of Queen Creek and the Maricopa-Casa Grande Highway. The study predicts that these areas will be at maximum vehicle capacity in the coming years unless they are expanded and additional roads are built. The study suggests transit options like park-and-ride facilities, bus service and commuter rail service. It recommends hundreds of miles of road improvements, including expanding many of the county's two-lane state highways to six lanes, at a cost of about $1.56 billion. Engineering studies for the county's high-priority roads will begin soon and will lead to road construction beginning in about 18 months.

http://www.azcentral.com/php-bin/clicktrack/print.php?referer=http://www.azcentral.com/arizonarepublic/local/articles/0923pinaltransportation0923.html

The second article, West Mesa on the rebound, from the East Valley Tribune, reports that West Mesa, one of the more depressed areas of Mesa, is in a transition mode with nearly $1 billion worth of projects planned, under construction or newly completed. Those projects include new retail developments such as the Riverview shopping center at Dobson and Eighth Street, redeveloping sites such as the Broadway 101 commercial center at the former Motorola site and institutional projects such as the new Banner Children's Hospital at Dobson and Southern. There are even some infill residential projects such as the El Pedrigal condo development on North Alma School Road. The area has a great location close to freeways and light rail service. "It's location, location, location, " said Teri Killgore, Mesa's interim economic development director. "People are going back and looking at centrally located older parts of town. It makes economic sense."

http://www.eastvalleytribune.com/index.php?sty=74888

The third article, A bubble Or a Value?, from Motley Fool, reports on the national housing market and the inventory glut facing homebuilders nationally. The article suggests that the glut of inventory homes may not be as large from a historical perspective, citing that the number of homes on the market at the end of July was 568,000, about a 6.5 month supply. That's lower than the 11.6 months supply back in April 1980, or the 9.4 months supply in January 1991. The article says since supply is by no means excessive and the key to what happens next lies with buyer behavior. Personal incomes are rising at the fastest pace in six years, and with falling home prices and still low interest rates, homebuyers still have the ability to purchase. The article summarizes by saying that the housing market still looks pretty sound, notwithstanding this period of softness. With the big discounts builders are offering, now is the time for buyers to make their move and get off the sidelines.


http://www.fool.com/Server/printarticle.aspx?file=/news/commentary/2006/commentary06091903.htm

What the fed rates mean to you

Special News Alert About Your Finances!
Policy makers at the Federal Reserve, including Chairman Ben Bernanke, elected to leave interest rates unchanged at the latest meeting of the Federal Open Market Committee. This news met expectations in the bond markets as it appears the Federal Reserve is going to wait for additional economic data before deciding to increase interest rates further.
This leaves the Prime Interest Rate, which banks and lending institutions use as a benchmark for setting many interest rates, at 8.25%.
Those with Adjustable Rate Mortgages scheduled to adjust or reset soon still need to be prepared for an increase in interest rates. Some borrowers with ARM loans are already experiencing rates of over 8%. Home Equity Lines of Credit, also known as HELOCs, now carry interest rates that may exceed 10.25%. I have even seen some cases where clients have had HELOCs with interest rates in excess of 11.00%!
Credit card interest rates, which are often tied to the Prime Rate, remain at recent historic highs. I've worked with several clients who have had credit card interest rates that exceeded 23.90%!
What should I do now?
For those who are interested in either buying a new home or restructuring their finances, consider looking into a mortgage with Low Closing Costs or No Closing Costs. With each of these options, the mortgage comes with an interest rate that is slightly higher than a normal market rate. However, in both cases the lender pays either a portion of or all of your closing costs depending on your loan amount and credit situation.
For those who are looking to take advantage of lower interest rates in the future or expect to be moving within four years, the savings can be significant!
More importantly, the majority of the closing costs you pay are not tax deductible. Home mortgage interest, on the other hand, is tax deductible in most cases. So, not only could you pay less money by choosing the No or Low Closing Costs option, any additional amount you pay in the form of interest could then decrease your taxes.
Interest Rates for Fixed Rate Mortgages are still very attractive!
Fixed interest rates are at their lowest levels since mid-May. This may offer you the best opportunity to grab the lowest remaining fixed rates of the year as some experts predict rates will go higher.
If you're considering purchasing a home or investment property, this is the time to do so. Waiting could lead to higher monthly payments for the same piece of real estate.
Consolidate higher interest rate loans and lines of credit into an affordable fixed rate loan, complete with lower monthly mortgage payments. Some customers have saved over $700 a month by refinancing.

Time to buy? Will the good deals will go away?

The first article, Economist says builders should take lead in housing correction, from the Phoenix Business Journal, reports on yesterdays Greater Phoenix Chamber of Commerce Economic Outlook 2007 held at the Arizona Biltmore. Local housing analyst RL Brown gave a blunt talk on our housing market, saying that to bring the housing market into balance, Phoenix area home builders need to shrink their inventory and home sellers need to realize they won't get top dollar for their homes. "It's time to take some corrective action," RL said. Resales are controlling the market, he said, as many sellers continue to seek top dollar for their homes as they did during the housing boom of late 2004 and all of 2005. As a result, Brown said, fewer houses are selling. That combined with large home builder inventories, has slowed the market. "We need to achieve a more realistic balance between supply and demand," Brown said. Brown had advice for resale sellers looking to sell: "They are probably going to have to realize they aren't going to get what Jim three houses down got." RL did say that the market is still one of the best in the nation and all the fundamentals are still in place, population and job growth, for a bright future.
http://phoenix.bizjournals.com/phoenix/stories/2006/09/18/daily47.html?t=printable
The second article, Analyst: Adapt to slowdown, from the Arizona Republic, also reports on RL Brown's presentation yesterday. It states that Brown gave a "come to Jesus" talk to the audience stating that sellers and home builders need to get real. Neither is going to capture the abnormally high real estate prices seen last year. If a more realistic approach isn't taken, the market will continue to slug along. So far this year, resales in the Valley are off 30 percent, and new home sales are off 23 percent. http://www.azcentral.com/php-bin/clicktrack/print.php?referer=http://www.azcentral.com/arizonarepublic/business/articles/0922biz-realestate0922brown.htmlThe third article, Propping up the economy, from the Arizona Republic, also reports on yesterdays presentation. Elliott Pollack, another presenter, said that the Valley is expected to create 80,000 jobs in 2006, and 60,000 in 2007. As many as 130,000 people will move to metropolitan Phoenix this year. On housing, it quotes RL Brown as saying "I thought we would have seen the housing market stabilize by now. Now home builders have a surplus and no lines at their sales offices. Reality set in for them a month ago." On commercial, it quotes Pete Bolton of CB Richard Ellis as saying "We need more industrial space. Until we get it, the Valley will lose more jobs as companies go where there's space." More than 8 million square feet of warehouse space is under construction in metro Phoenix. About 3 million square feet of office space will go up in the Valley this year. On the retail end, Ron Barness of Retail Brokers, Inc. stated that "it wasn't long ago that high-end East Coast retailers weren't interested in Phoenix. The opposite is true now." The Valley retail vacancy rate is 5 percent, lower than it's ever been. Currently, 6.6 million square feet of retail space is under construction in the Valley.http://www.azcentral.com/php-bin/clicktrack/print.php?referer=http://www.azcentral.com/arizonarepublic/business/articles/0922biz-realestate0922intro.htmlThe fourth article, Survey predicts higher home prices, from the Arizona Republic, reports on a Cox survey that was done on viewers T.V. sets allowing viewers to respond to questions using their remote controls. The results were presented at yesterdays Economic Outlook 2007. In the survey, nearly half the respondents said they thought housing prices will increase over the next year, 29 percent said they would stay the same, and 22 percent think they will decline. On the economy, 44 percent said they believe the economy will perform better this year than last year, and 34 percent think it will be worse.http://www.azcentral.com/php-bin/clicktrack/print.php?referer=http://www.azcentral.com/community/scottsdale/articles/0922sr-biz0922realestateZ8.html

BUY NOW! Wow a positive real estate story!

'Buy now!' Conventional wisdom says the time is right to take advantage of home incentives
The Business Journal of Phoenix - September 15, 2006
by Christia Gibbons
The Business Journal
Jim Poulin/The Business JournalDavid Gunn, a real estate expert with Standard Pacific Homes, on site at The Villages at Sonoran Mountain Ranch in Peoria, stands in front of barren yards where incentives could help make the sale. Housing inventory is high so far this year.
Contrary to today's popular wisdom to ride out the current market correction in single-family home sales, some experts say: Buy now.
Incentives, from swimming pools to cash offerings of up to $100,000, eventually will come to an end.
"Most of the pricing incentives are geared to get closings by the end of the year," said Pat Moroney, president of Standard Pacific Homes. His company is offering $25,000 to $100,000 off new home sales, depending on the house.
Standard Pacific homes, without incentives, range from the high $100,000s in Maricopa and other parts of Pinal County to the low $400,000s in Queen Creek, Gilbert and Peoria.
"It's a better time to buy now than this same time last year," Moroney said. "A lot of people are waiting to see the bottom of the market and, in my opinion, we're almost there."
The home builder said the excess inventory -- mostly spec houses built when sales were booming in late 2004 and through 2005 -- is being absorbed quickly.
Prices are lower now, Moroney said, because much of the excess inventory has come from cancellations, backlogging builders.
Michael Chasse, a home builder specialist with Scottsdale-based Land Advisors Organization, said builders now are in a position to offer special deals because today's prices are based on 2004 land prices. He said there usually is a two-year period between when the land is bought and houses get built.
Two things are happening. First, the acceleration of land prices in 2005 will impact home prices next year.
"If (prices) follow the trend," Chasse said, "I would expect '07 prices to be higher."
Second, the higher prices for homes during the boom period, coupled with the lower land prices in 2004, provides, in essence, a kind of wiggle room for today's home builder in which to offer incentives.
Chasse also pointed out that for the first half of 2006, the Multiple Listing Service reported new listings of 3,000 to 4,000 per month.
In July, however, only 1,300 new homes were added to the MLS, and just a little more than 500 were added in August for a total of 46,028 from January through August of this year.
"This is significant in that resale homes on the market appear to be reaching a peak," Chasse said. "Hopefully, this trend will continue and we'll reach the tipping point where listings on the market will start coming down to a more reasonable level, which will also establish less sales competition for the new home builders."
John Graham, president of Scottsdale-based Sunbelt Holdings, said in a healthy market, 15,000 or fewer homes are on the books.
Keith Mishkin, a broker with Cambridge Properties, echoed the sentiment of others, saying people can take advantage of "the temporary moment."
"For those saying 'Oh, I missed the market,' here's your chance," Mishkin said.
Graham, warned, however, that people shouldn't expect to get just any home with loads of incentives. Home builders are trying to get rid of excess inventories in various spots, not everywhere.
"It's a little deceptive," Graham said. "I always say, if you buy a house or a car -- anything because it's cheaper -- you may want to think about it. You might not get your dream house now, but if you like the house, the neighborhood, the schools and you get incentives, then it's a great time to buy."

Daily real estate news

$450M residential resort planned near Camelback and 44th Street, from the East Valley Tribune, reports that Phoenix-based M3 companies plan to redevelop a 17-acre site at the northwest corner of Camelback and 44th Street with a boutique hotel, retail, office and residential uses. The project, called CamelSquare at 44th, would replace the 12-building CamelSquare complex that was built in the 1970's. It will have 950,000 s.f., including three 9-story condominiums. The residential portion will offer a range of luxury housing, from single-family lofts to single-family homes on 14,000 s.f. lots, with prices ranging from $500,000 to $3 million. Developers hope to have city zoning approval in February. The project is expected to take five-years to build out.

http://www.eastvalleytribune.com/index.php?sty=74126


Tiny home lots in demand, from the Arizona Republic, reports that as land cost continue to rise and new homes get more expensive, a new type of urban housing that is more common in California and the East Coast is starting to appear in Chandler and Ahwatukee. The product is a normal sized home on a small lot with virtually no yard and narrow side yards. One example is the two-story, closely spaced homes at Woodside Homes' new Tapestry at Club West development near Liberty and 17th Ave. in Ahwatukee. These new homes on small lots cost less than competing homes on larger lots, and are attractive to people with no children who want less maintenance. In Chandler, the product is being built at Randall Martin Home's Portello at Dobson Crossing, on Queen Creek Road between Arizona Ave. and Alma School Road. "There definitely is a demand for this," said Dennis Herring, vice president of sales and marketing for Randall Martin. "If there wasn't we wouldn't build it. It lets the builder provide a finished home at a lower overall cost." Some of the lots are 32 feet wide by 100 feet deep, and allow for eight to nine homes per-acre.

http://www.azcentral.com/php-bin/clicktrack/print.php?referer=http://www.azcentral.com/community/chandler/articles/0915ar-smalllots0915Z6.html

East Valley Article - The real story about real estate as an investment.

The sales of St. Joseph statues across America appear to have tripled. Faithful sellers are relying on the “Patron of the Family and Home” to help stimulate real estate closings. The press has also given considerable coverage to the reluctance of consumers to spend money during what is perceived to be challenging economic times. You can’t believe everything you read. The experts are often wrong. Time Magazine reported, “The prices of houses seem to have reached a plateau, and there is reasonable expectancy that prices will decline.” They wrote that in 1947. Business Week said, “The goal of owning a home seems to be getting beyond the reach of more and more Americans.” When they wrote that in 1969, the average price of a house was $28,000. The Miami Herald wrote, “If you are looking to buy, be careful. Rising home values are not a sure thing anymore.” That sage advice came in 1985. Money Magazine said, “Most economists agree . . .a home will become little more than a roof and a tax deduction, certainly not the lucrative investment it was .” That was their best advice in 1986. As Paul Harvey would say, here’s the “rest of the story”. Real estate is and will be one of the safest and best investments most people have. The doom and gloom folks are doing their best, but time will prove, as it has time and time again, that they are wrong. They are entitled to their opinions, but there are other facts you should know. Many industry experts see the 2006 real estate market as a mirror of the 2003 market. By some standards, that’s disappointing. But, the truth is that 2003 was the second best real estate market metropolitan Phoenix has ever seen. 2004 and 2005 was frenzied and unrealistic, so anything “normal” seems slow by comparison. Even with some projected market adjustments, 2006 and 2007 may well become some of our best historical markets. There have been recent reports that real estate agents are leaving the business in record numbers. I heard that ten percent of the agents scheduled to renew their dues and licenses in July left the biz. They’re back to their old jobs, or on to something new. We all wish them well. Realistically, real estate is a tough and serious business. During the good times, people flock to careers in real estate looking for easy money. This is certainly not the time for casual opportunists to pursue or continue careers in real estate. I find it fascinating that no one was capable of predicting when the market would heat up in 2004. It was almost of if someone flipped a light switch in a room to the on position and demand exceeded supply instantaneously. By the same token, everything was going relatively smooth in 2005. The only voices of concern said that astronomical appreciation rates were unsustainable. They expected demand to continue with sellers moderating their pricing expectations. The same light switch was flipped from on to off, and listing inventories soared and days on the market went from hours to months almost overnight. As the market continues to adjust from frenzied to normal, some people are reluctant to become players. The press is full of stories of reluctant buyers not sure of the ultimate direction of the market. No one is talking about the future. They’re stuck in idle rather than taking any leadership. No one has bothered to pay attention to the reports of 1947, 1969, or 1985. Here’s what we know. Phoenix is still an ideal destination. We’re blessed with pleasant weather and a lack of natural disasters. Compared to other areas in the Country, our economy and future prospects are bright. Companies will continue to relocate here. It won’t be long before it is bitter cold again in Buffalo, Chicago, Minneapolis, Calgary and hundred of other cities across North America. They all watch TV and read newspapers, and will yearn for our sunny, clear weather and our reputation for friendliness and western hospitality. There may be no better time than now to buy. Interest rates are relatively low. There are lots of listings to choose from and prices are more realistic. Before we know it, we will be in another boom for Arizona real estate. No forms of radar will show it coming, it will just happen like it has before. The economists and PhD’s can only issue reports in hindsight. Time proves they are mostly wrong. Do me a favor. Clip my column and put it in a baggie and stick it in your scrapbook box, so we can retrieve and read it ten years from now. I’m absolutely confident prices will be higher, and we all will have wished that we had bought more real estate.
Thank you…..Gary Shapiro, CRB, CRS, GRI, is a Platinum Quality Service Certified• real estate broker associated with Coldwell Banker Residential Brokerage at 9035 E. Mountain View Rd., Scottsdale, AZ 85258-4410.Gary Shapiro, CRB, CRS, GRI, is a Platinum Quality Service Certified• real estate broker associated with Coldwell Banker Residential Brokerage at 9035 E. Mountain View Rd., Scottsdale, AZ 85258-4410.

Median Prices Up? Down?....It's a Buyer's Market out there!

Foothills sees resale-price slide, from the Arizona Republic Ahwatukee, reports that Median home resale prices in Ahwatukee and the Southeast Valley are being driven down by a record number of homes on the market and incentives by new-home builders. The Ahwatukee median resale price fell to $360,000 in august, down from $399,950 in July. The Ahwatukee area has about 1,000 homes for sale, including condos, according to the Arizona Regional MLS. Condo prices in Ahwatukee also fell to $181,990 in August, compared with $267,500 a year earlier. "Right now there is plenty of supply," Ahwatukee real estate agent Pete Meier said. "I have never seen this much supply ever in this market. That leads to a softening of prices."

Foothills sees resale-price slide
http://www.azcentral.com/php-bin/clicktrack/print.php?referer=http://www.azcentral.com/community/ahwatukee/articles/0913ar-homeresales0913Z14.html


Home resale prices up, from the Arizona Republic Chandler, reports that resale Chandler homes rose in August to $308,000, up from $300,500 in July and $289,600 in August 2005. But not all areas of Chandler shared the gains equally. Gina McKinley, a Chandler real estate agent, said prices have been coming down in East Chandler but seem to be holding their values in south and west Chandler. But the number of homes sold in Chandler was almost half what it was last summer, with 410 sales in August 2006, compared with 780 in august 2005. Condo sales fell from 100 in August 2005 to 40 in August 2006.

Home resale prices up
http://www.azcentral.com/php-bin/clicktrack/print.php?referer=http://www.azcentral.com/community/chandler/articles/0913cr-resales0913Z6.html



Market glutted, median resales at '06 low, from the Arizona Republic Gilbert, reports that the median price for a Gilbert resale home dropped $15,000 to $320,000, according to the Arizona Real Estate Center at ASU. The number of homes sold in August was at 355, up slightly from July, but down from August 2005 665 sales. The inventory of homes for sale in the Southeast Valley continues to set records every month, hitting 17,550 in July, according to the ARMLS. Jay Butler, director of the Real Estate Center at ASU, said Gilbert should be able to hold its high values because it's a family-friendly community with good freeway access, good schools and a growing number of stores.

Market glutted, median resales at '06 low
http://www.azcentral.com/php-bin/clicktrack/print.php?referer=http://www.azcentral.com/community/gilbert/articles/0913gr-resales0913Z12.html



Median home price drops, from the Arizona Republic Mesa, reports that the median resale home price in Mesa dropped to $240,000, matching January's median price, as prices are being driven down by excess inventory and new-home incentives. The median resale price in July was $249,900. Trent Powell, an east Mesa real estate agent, predicted that prices will fall more because of the competition from new-home builders in east Mesa, Gilbert and communities farther to the east who are offering tremendous incentives. Condo sales in Mesa fell from 325 to 165 from August 2005 to August 2006, but condo prices rose from $138,000 to $159,950.

Median home price dropshttp://www.azcentral.com/php-bin/clicktrack/print.php?referer=http://www.azcentral.com/community/mesa/articles/0913mr-homesales0913Z11.html

Buyer Alert-Surprise Condos

Condos near stadium offers buyers sneak peak, from the Arizona Republic, reports that construction is almost complete on the 258-unit Park Place condo project at Grand Ave. and Reems Road in Surprise. The resort-style complex will have walking and jogging trails, a dog park, guest suites, private garages, a clubhouse, concierge service and other amenities. Prices for the Tuscan-style condos start around $200,000 and go up to $285,000. There will be nine floor plans ranging from 846 to 1,645 square feet. Prospective buyers will have a chance to snatch up some of the first units at a presale next week. "This is one of the first resort-style condo communities in Surprise," said Jimmy Foster, president of Blue Tipping Group, the sales and marketing company for the developer, Diversified Real Estate Group. "That's why we're seeing so many buyers show up at our doorstep." http://www.azcentral.com/php-bin/clicktrack/print.php?referer=http://www.azcentral.com/community/westvalley/articles/0909gl-condo09Z20.html

SURPRISE?!

Growth has Surprise in 'different league', from the Arizona Republic, reports that the city of Surprise now has a population of 100,000, joining the ranks of Phoenix, Scottsdale, Mesa, Glendale, Peoria, Chandler and Gilbert as a Valley city with at least 100,000 residents. Surprise's rapidly growing population bolsters its reputation among major retailers, restaurant chains and companies looking to expand. Surprise's commercial properties were worth about $61 million in 2005, a dramatic increase over the $7 million they were worth in 1996 when the city's population was only 11,395. In the real estate market, Surprise homes have stayed hot while others around the Valley have cooled. The Maricopa County Assessor's Office pegs the median home value in Surprise at $186,000, up from last year's $123,500. What a success story Surprise has become!

http://www.azcentral.com/php-bin/clicktrack/print.php?referer=http://www.azcentral.com/community/westvalley/articles/0908gl-nwvpop08Z20.html

Marley Park still selling fast and Mortgage rates dropping again

The first article, Marley Park filling up fast, from the Arizona Republic, reports that of the 499 homes released so far in the first phase of Marley Park in Surprise, 98 percent have been sold. The 956-acre master-planned community is being developed by DMB Associates, who also built DC Ranch in Scottsdale and Power Ranch in Gilbert, and offers buyers several architectural styles of homes, such as Spanish, Monterey, Craftsman, Bungalow, Cottage and others. Many models feature front porches, in addition to garages that face the side or back of homes.By the end of the year, attached housing will also be available in Marley Park with the 157-unit Frank Residential development featuring lofts, carriage houses and townhomes. Marley Park's theme is diverse neighborhoods with a close community feel. At build-out between 2010 and 2013, Marley Park will contain 3,500 homes.

http://www.azcentral.com/php-bin/clicktrack/print.php?referer=http://www.azcentral.com/community/glendale/articles/0901gl-marley01Z18.html

The second article, Mortgage rates down for sixth week in a row, from MSNBC.com, reports that rates on 30-year mortgages fell for a sixth straight week, providing homebuyers with more relief from an earlier rise in rates. Freddie Mac said Thursday that 30-year, fixed-rate mortgages dipped to 6.44 percent this week, down from 6.48 percent last week. That's the lowest level since they averaged 6.43 percent in the first week of April. "Mortgage rates continued to drift lower this week in large part because of the cooling in the housing market and in consumer confidence, thus giving financial markets reason to believe that economic growth will moderate and inflation will remain in check," said Frank Nothaft, chief economist at Freddie Mac. Rates on 15-year, fixed-rate mortgages fell to 6.14 percent, down from 6.18 percent, and rates on five-year adjustable-rate mortgages fell to 6.11 percent, down from 6.14 percent last week. Good reason to get your buyers to make an offer this weekend!

http://www.msnbc.msn.com/id/7148582/

Arizona ranks second for job growth

Arizona ranks No. 2 for job growth, from the Phoenix Business Journal, reports that Arizona held the No. 2 spot for job growth among states in July behind Nevada, according to the most recent Blue Chip Job Growth Update released Tuesday. Arizona had 2.58 million jobs as of July 2006, up from 2.47 million in July of 2005. That's a 4.75 percent increase, much higher than the national average of 1.3 percent. Arizona ranked No. 1 in two job categories; trade with a 5.37 percent gain and hospitality with a 5.82 percent increase. Good news for our future real estate market-- as long as we have population and job growth our real estate market will be strong.

Arizona ranks No. 2 for job growth
http://www.bizjournals.com/phoenix/stories/2006/09/04/daily7.html?t=printable

Tempe condo craze continues & More custom homes in development

The first article, Townhome proposals go before council, from the Arizona Republic Tempe, reports that the Tempe condo craze continues as proposals for condo developments large and small continue to roll into the city. The city council will hear seven of those proposals regarding condominiums or townhomes during its formal meeting tonight. All of the projects are scheduled to go in or near downtown or in north Tempe. They range from nine to 100 units. They include Ash Avenue Condominiums, 9 units at Maple and Ash; Campus Edge Condominiums, a 100-unit project at 922 E. apache Blvd.; Dorsey Place Condominiums, 90-units at 1275 E. University; Miller-Curry Townhomes, 11-units at 1245 N. Miller Road; and Roosevelt Court, a 10-unit townhome project at 323 S. Roosevelt.

http://www.azcentral.com/php-bin/clicktrack/print.php?referer=http://www.azcentral.com/community/tempe/articles/0907tr-condos0907Z10.html

The second article, More custom homes for East Valley, from the East Valley Tribune, reports that a partnership formed by Taber and Lyle Anderson bought 200-acres at 118th Street and Dynamite Road in Scottsdale and plan to develop about 50 custom homes. The property is next to The Golf Club Scottsdale and has dramatic views of the golf course and surrounding mountains. The land has been approved as a subdivision in Scottsdale, said Taber Anderson. It is one of the few parcels left in North Scottsdale. Anderson is unsure of when the lots will be ready for market. "My wish list would include completing all the site improvements, gate house, entry features, all the perimeter walls along the scenic corridors, the landscaping. My objective would be to get it all done before I start selling anything."

http://www.eastvalleytribune.com/index.php?sty=73479