A century of water for Buckeye

A century of water: Study confirms Buckeye has enough groundwater to sustain growth, from the West Valley View, reports that a recent 1,665-square-mile Lower Hassayampa Sub-Basin Hydrology Study concludes that Buckeye has a sufficient groundwater supply to meet the town's development needs for the next century. "It means that we now have assurance that if we properly manage our groundwater supply, we can provide water for the growth of Buckeye," said Scott Lowe, Buckeye Public Works Director. The water study was funded by the town and developers/landowners in the study area, including Belmont, Festival Ranch, Douglas Ranch, Elianto, Tartesso and Trillium. Approximately 30 percent of the water accounted for in the study will come from recharge, or treated water that is released back into the ground. This study will support the development of the area of Buckeye north of Interstate 10 and should make this area a continuing hot spot for real estate development in the Valley.

A century of water: Study confirms Buckeye has enough groundwater to sustain growth
http://www.westvalleyview.com/main.asp?SectionID=2&SubSectionID=1&ArticleID=24325

Scottsdale Development Update

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Scottsdale Update - Development Focus ================================================================================
Scottsdale Development Update
A weekly newsletter from the City of Scottsdale
November 28, 2006
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TELL A FRIEND -- If you know others who would be interested in receiving 'Development Update', please forward this subscription address and tell them to click on Development Update -- http://www.scottsdaleaz.gov/listserve/default.asp

===== HEADLINE NEWS (What's New in Planning & Development)
-- City to initiate process to review sign ordinance regulations
-- Process to update R1-7 section of zoning ordinance continues to move forward
-- Citizens invited to Nov. 30 open house to review proposed changes for fences in R1-7 districts
-- Stormwater Impact Mitigation process previewed at Nov. 29 & Dec. 14 community meetings
-- Process underway to acquire trail easement near Mescal Park.
-- Improvements planned for Central Groundwater Treatment Facility
-- City to host meeting for residents to review plans for TPC desert course and clubhouse
-- Downtown Town Hall update
-- Downtown speaker series resumes Jan. 11, 2007
-- City's inspection services information now available in Spanish
===== PUBLIC MEETING CALENDAR
-- Nov. 29 Planning Commission meeting, 5 p.m. in the City Hall Kiva, 3939 N. Drinkwater Blvd. Agenda available at: http://www.scottsdaleaz.gov/boards/pc/documents.asp
-- Dec. 13 Development Review Board, 1 p.m., City Hall Kiva ¡V when finalized, the agenda will be available at: http://www.scottsdaleaz.gov/boards/DRB/documents.asp

===== DEVELOPMENT ACTIVITY UPDATE
-- Projects being proposed/considered and those under construction

===== AT YOUR SERVICE -- HELPING YOU DO BUSINESS IN & WITH THE CITY
-- City services geared towards simplifying the planning & development processes and encouraging neighborhood reinvestment

===== PROGRAMS FOR YOU
-- Free classes and monthly lectures highlight solar and green building topics

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HEADLINE NEWS
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CITY TO INITIATE PROCESS TO REVIEW SIGN ORDINANCE REGULATIONS. In response to City Council direction, staff is initiating the process to review regulations related to temporary signs that are located in the public right-of-way and/or on private property. The proposed changes will include options to further limit and in some cases prohibit the location of temporary signs which include political signs. This issue was most recently reviewed as part of a proposed 2004 text amendment (http://eservices.scottsdaleaz.gov/cases/casesheet.aspx?caseid=28263). As part of the broad city-wide outreach on this issue, stakeholders are invited to attend the following community open houses:
Wednesday, December 6 from 4:30 to 7 p.m. at the city Water Campus and
Thursday, December 7 from 4:30 to 7 p.m. at the Granite Reef Senior Center, Room #8 The proposed public hearing timeline for this issue includes Planning Commission review in January and City Council review in March.

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PROCESS TO UPDATE R1-7 SECTION OF ZONING ORDINANCE CONTINUES TO MOVE FORWARD. This section of the Zoning Ordinance applies to approximately 14,000 residential properties in southern Scottsdale. In the first phase, staff is addressing issues relating to non-conforming structures (approved by the Council on Nov. 21) and walls/fences, which is scheduled for a community meeting to gather input on Nov. 30. The second phase will address carport conversions, setbacks, accessory building location and corner lot height. The third phase will focus on alleys as well as building heights and second stories. While the process is underway, staff has provided five site plans with ideas for residents wanting to maximize buildable space under current zoning requirements. These plans are online at: http://www.scottsdaleaz.gov/codes/Zoning/R1-7

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CITIZENS INVITED TO NOV. 30 OPEN HOUSE TO REVIEW PROPOSED CHANGES FOR FENCES & WALLS IN R1-7 DISTRICTS. Residents are invited to provide input from 4:30 to 6:30 p.m. at the Granite Reef Senior Center, 1700 N. Granite Reef Road, Room #11. Additional information about the R1-7 update process is available on the city's web site at: http://www.scottsdaleaz.gov/codes/Zoning/R1-7/default.asp

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CITY HOSTS TWO COMMUNITY MEETINGS TO INTRODUCE PROPOSED STORMWATER IMPACT MITIGATION PROCESS. The city is hosting two community meetings to preview a proposed new process related to mitigating stormwater impacts.
** Nov. 29 meeting at the city's Water Campus, located at 8787 E. Hualapai from 4 to 6 p.m. to learn about a proposed new process designed to provide an objective review of stormwater impact for proposed projects.
** Dec. 14 meeting at the city's Water Campus from 5:30 to 7 p.m. At these input meetings, staff will:
Highlight a proposed new review process --Stormwater Impact Mitigation Analysis (SIMA) that identifies options for implementing a third party review of stormwater impacts. The goal of this process is to require proposed projects located in areas of special concern to go through a new, additional review process to ensure no adverse impacts on neighborhoods. Background information related to the city's drainage review process is available at: http://www.scottsdaleaz.gov/bldgresources/DevProcess/drainage/default.asp
Upcoming public participation opportunities are highlighted on the city's web site at: http://www.scottsdaleaz.gov/projects/OpenHouse/Default.asp


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PROCESS UNDERWAY TO ACQUIRE TRAIL EASEMENT NEAR MESCAL PARK. Staff is continuing the process to acquire a public trail easement along the public utility corridor between 68th Street and 68th Place from Mescal Park, north to the existing trail on Cactus Road. As part of the acquisition process, there will be an informational open house for the 35 affected property owners from 6 -7:30 p.m. on Wednesday, Dec. 13 at Cocopah Middle School, 6615 E. Cholla. Information, project maps and the Trails Master Plan will be made available at the open house along with a brief presentation to further explain the project.

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IMPROVEMENTS PLANNED FOR CENTRAL GROUNDWATER TREATMENT FACILITY. In January 2007, the City of Scottsdale will begin making improvements to Central Groundwater Treatment Facility (CGTF), the water treatment plant located at Thomas and Pima Roads. This project will complete rehabilitation improvements to the facility that are required prior to and in conjunction with the removal and replacement of the packing of the existing air-stripping columns. Improvements include re-coating the supply lines and column walls to prevent corrosion, replacing blowers and valves and installing surge protection. A community meeting will be held for residents to learn more about the project and facility from 6 to 8 p.m., Tuesday, Nov. 28 at the Granite Reef Senior Center, 1700 N. Granite Reef Rd.

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CITY TO HOST MEETING FOR RESIDENTS TO REVIEW PLANS FOR TPC DESERT COURSE AND CLUBHOUSE. The City is currently designing a series of improvements to the Tournament Players Club (TPC) Desert Golf Course and Clubhouse. Construction is scheduled to begin in January 2007 prior to the FBR Open, and the course will reopen in November 2007. An open house will be held from 4 to 6 p.m., Wednesday, Dec. 6 at the current TPC Desert Course Clubhouse located at 17020 N. Hayden Rd. Plans for the clubhouse and the updated golf course design will be on display, and members of the design team will be available to answer questions.

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UPDATE ON DOWNTOWN TOWN HALL MEETINGS. The city, in conjunction with the Arizona Town Hall, held a series of Town Hall discussions focusing on the future of Downtown Scottsdale on Nov. 15, 16 and 20. The Town Hall event was the kick-off for a comprehensive community process to update the Downtown Master Plan. Roughly 100 Scottsdale stakeholders, including residents, investors and business owners met to discuss what programs, services and facilities will be needed in Downtown's future. Next steps include gathering the information from the three meetings and compiling it into a summary report that will be presented to the community in January. The city will periodically update the Downtown Town Hall Web page to provide the most recent information related to this process. Here's the address: http://www.scottsdaleaz.gov/projects/downtown/townhall.asp


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DOWNTOWN SPEAKER SERIES RESUMES JAN. 11. As part of the ongoing community dialogue involved with updating the Downtown Plan, the city will be hosting a series of speakers who will highlight issues related to urban environments, design, and public open spaces. The next speaker will be Vern Swaback, a nationally recognized architect and Taliesin West graduate who will discuss his recent book, "Designing for the Future," from 7 to 9 p.m. Jan. 11 at the Human Resources Pinnacle Room, 7522 E. Main St. For more information call (480) 312-7990.


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CITY'S INSPECTION SERVICES INFORMATION NOW AVAILABLE IN SPANISH. Scottsdale's Inspection Services division has Spanish-speaking staff members available from 8 a.m. to 4:30 p.m. weekdays to provide assistance to customers. In addition, the city's automated inspection request line -- (480) 312-5796 -- can accommodate inspection requests from Spanish-speaking customers. On-line inspection scheduling as also available at: http://eservices.scottsdaleaz.gov/permits/permit_keycode_lookup.asp
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DEVELOPMENT ACTIVITY UPDATE
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National Economic Trends:
** The U.S. leading index increased 0.1 percent in September, following two consecutive declines. From March to September, the leading index fell by 0.9 percent (a -1.7 percent annual rate) and has declined in five of the last eight months. Weaknesses have offset strengths among the leading indicators in recent months. The slowing of housing permits and of manufacturers' new orders of nondefense goods made the largest negative contributions to the leading index from March to September, offsetting positive contributions from consumer expectations. The leading index has fallen 1.0 percent below its most recent high reached in January. At the same time, real GDP growth slowed to a 2.6 percent (annual) rate in the second quarter, following a 5.6 percent gain in the first quarter. The behavior of the leading index suggests that economic growth should continue at a slow rate in the near term.
** The Consumer Confidence Index, which increased in September, edged down in October. The Index now stands at 105.4 (1985=100), down from 105.9 in September. October's dip in confidence was prompted by consumers' mixed assessment of present-day business conditions and a less favorable view of the job market," according to Lynn Franco, Director of The Conference Board Consumer Research Center. "Consumers' short-term expectations posted a slight improvement, but the outlook for the labor market remains mixed. Overall, [October's] readings continue to suggest a moderate pace of economic growth and more of the same for the first few months of 2007." Consumers' assessment of present-day conditions was less favorable in October than in September. Labor market conditions also were less positive than last month, while consumers' short-term outlook was moderately more optimistic in October than in September. The outlook for the labor market, however, was mixed, and the proportion of consumers expecting their incomes to increase in the months ahead edged down to 19.6 percent from 20.2 percent in September.
** The Consumer Price Index for All Urban Consumers decreased 0.5 percent in September, before seasonal adjustment. The September level of 202.9 (1982-84=100) was 2.1 percent higher than in September 2005.
** The Nation¡¦s Employment Increased in October, and the Unemployment Rate Dropped to 4.4 Percent. Nonfarm payroll employment grew by 92,000 in October following gains of 148,000 in September and 230,000 in August (as revised). In October, job growth continued in several service-providing industries, while employment declined in manufacturing and construction. Also, average hourly earnings rose by 6 cents over the month. A year earlier, the number of unemployed persons was 7.4 million and the jobless rate was 4.9 percent.
Arizona Economic Trends:
** Arizona Hotels, Restaurants Miss 5-Star List Again. Despite an abundance of luxury resorts in the state, no Arizona properties appear on the prestigious Mobile Travel Guide five-star list for the fourth year in a row. Mobil's ratings are widely considered the most rigorous in the business. Five stars is the highest a property can receive based on facilities and customer-service inspections. Eight local hotels and restaurants retained their four-star status. The resorts are the Boulders Resort and Golden Door Spa in Carefree; Four Seasons Resort Scottsdale at Troon North; the Phoenician in Phoenix; and Ritz-Carlton Phoenix. The restaurants are Mary Elaine's in Phoenix; Ventana Room in Tucson; and Acacia and Vu, both in Scottsdale. Hotels can lose their status if they fail to invest enough in facilities, human resources and training, he added. The Four Seasons is a five-diamond resort according to the AAA rating system released earlier this month.
** Median home price down in Scottsdale. Scottsdale's median home price fell in October to $548,500, down 2 percent from a year ago and 5 percent from September, according to the most recent monthly newsletter update from the Arizona Real Estate Center at Arizona State University. Sales of existing homes picked up a healthy 23 percent from September to October, but was still off 27 percent from a year earlier. The median price of an existing home in south Scottsdale was $300,000 in October, down $20,000 from September and $10,000 from a year earlier. North Scottsdale's median price in October was $635,000, a decline of $43,000 from the previous month and off $20,000 from a year earlier. Sales of Scottsdale condominiums and townhouses last month were off 41 percent from a year earlier, but prices were up 3.4 percent year-over-year, to $253,350. Paradise Valley's median home price was $1.74 million, up 4 percent from a year earlier, for a median-size home of 3,755 square feet, or about $463 per square foot.
** Arizona Ranks Last in Ranking of Smartest States. For a second consecutive year, a survey ranks Arizona dead last in the nation when it comes to the intelligence of its population. The list is put out by Morgan Quitno Press, a private research and publishing company in Kansas that also puts out annual rankings on the most livable, safest and healthiest states. Vermont came in at the top of the list as the smartest state, followed by Massachusetts, Connecticut, New Jersey, and Maine. Arizona is preceded by Nevada, Mississippi, California and Alaska. The ratings are based on 21 elementary and secondary education indicators, ranging from graduation rates and test scores to teacher pay and class size.
PRELIMINARY APPLICATIONS TO BE REVIEWED:
623-PA-2005-2 -- Development Review for Covered Parking Canopies at AJ's 31313 N. Scottsdale Rd. Request to construct 107 shaded parking spaces for AJ customers.
866-PA-2006 - Abandonment request for residence at 5745 Quail Track Dr. Request to abandon 57th St. Between parcel 212-11-007-D and 212-11-009-K. Applicant owns lots on either side of 57th St. One parcel has a 20' ROW dedication along 57th St. along with a likely GLO.
868-PA-2006 - Development Review for Scottsdale Crossing at 15101 N. Scottsdale Rd. Request to develop this site into a mixed use project consisting of retail, residential, offices, and restaurants.
876-PA-2006 - Preliminary Plat request for Brusally Ranch at 11600 N. 84th St. Request to sub-divide this 5.73 acre site into 5 lots. The existing home will remain intact on a 73,226 square foot lot.
879-PA-2006 - Development Review request for '4333' at 4333 N. Scottsdale Rd. Request for five-story mixed use project, consisting of retail, office and residential (.38 acre parcel.
KEY PROJECTS UPDATE:
-- UPDATED KEY PROJECT FACT SHEETS AVAILABLE ¡V at: http://www.scottsdaleaz.gov/projects/ProjectsInNews/

-- NEW DEVELOPMENT CASES SUBMITTED November 20 through November 22. Click on the Case Name to go to the on-line Case Fact Sheet; click on the coordinator name to submit comments.) http://eservices.scottsdaleaz.gov/cases/weeklyreports.aspx

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AT YOUR SERVICE -- HELPING YOU DO BUSINESS IN & WITH THE CITY
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ATTENTION SINGLE-FAMILY HOMEOWNERS SOUTH OF INDIAN BEND ROAD. You are invited to participate in Scottsdale's 4th annual Design Day Event being held Saturday, Feb. 10 from 8 a.m. to 2 p.m. at Saguaro High School, 6250 N. 82nd Street. Volunteer architects, landscape and interior design specialists will be on hand to provide one free, 45-minute consultation to each pre-registered participant who is planning a home renovation or landscape redesign. Local home improvement businesses will also be present to provide information about additional services and products available that can assist you in the home remodeling process. City staff will be on hand to discuss city incentives, waivers, rebates, programs and services. To register call the City of Scottsdale at (480) 312-3111 or email Neighborhoods@ScottsdaleAZ.gov Registered participants are encouraged to bring sketches, photos, measurements and design ideas to your pre-assigned consultations.

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FOR ACCESS TO CITY OF SCOTTSDALE ON-LINE MAPS, VISIT THE CITY'S DIGITAL MAP CENTER at http://eservices.scottsdaleaz.gov/dmc/

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SAVE TIME AND MONEY USING THE DIGITAL PLAN SUBMITTAL PROCESS. Scottsdale offers a digital plan submittal process for single-family and tenant improvement projects that eliminates the need to visit city offices. For additional information visit: http://www.scottsdaleaz.gov/bldgresources/Digital/Default.asp


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CITY OFFERS EXPEDITED TENANT IMPROVEMENT REVIEW PROCESS. Find out how the city is streamlining the tenant improvement review process at: http://www.scottsdaleaz.gov/bldgresources/TI.asp

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CHECK YOUR PLAN REVIEW AND PERMIT STATUS ON-LINE. Any day, any time - plan and permit status is available on-line at: http://eservices.scottsdaleaz.gov/permits/planlookup.asp
http://eservices.scottsdaleaz.gov/permits/permitlookup.asp

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CUSTOMER SERVICE ALTERNATIVES (including self-service options) are highlighted on the city¡¦s web site at: http://www.scottsdaleaz.onestopshop

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AWARD WINNING WEB SITE. Find out what's going on in your neighborhood (permits, crimes, construction projects and more) by visiting http://www.scottsdaleaz.gov/projects/myneighborhood/

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HOW ARE WE DOING? Your input helps us better address your reads. Customers are encouraged to fill out an electronic survey at: http://www.scottsdaleaz.gov/bldgresources/Survey/Default.asp

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PROGRAMS FOR YOU
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-- FALL/WINTER GREEN BUILDING LECTURE SERIES now available on-line at: www.scottsdaleaz.gov/greenbuilding/Lectures/
www.scottsdaleaz.gov/projects/OpenHouse/

-- DECEMBER 7 -- FREE GREEN BUILDING LECTURE, 7 to 9 p.m., Location at Community Design Studio, 7506 E. Indian School Road. Discussion: Natural Building Materials. For more information visit the Green Building web site at: http://www.scottsdaleaz.gov/greenbuilding

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TELL A FRIEND - If you know others who would be interested in receiving 'Development Update', please forward this subscription address and tell them http://www.scottsdaleaz.gov/listserve/default.asp
To access past issues of Development Update, log on to the listserve archive at: http://www.scottsdaleaz.gov/listserve/archive.asp?mode=browse&ListID=72
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You can view a video version of Scottsdale City Update each day at 4:55 p.m. on Cox Channel 11, the City of Scottsdale municipal cable television channel. =========================================================================
To reach Scottsdale Development Update, mailto: rmeinhart@ScottsdaleAZ.gov or call (480) 312-2647. _____________________________________________________________________________

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Growth factors remain strong

Growth factors remain strong, from the Arizona Republic, reports on local economist Elliott Pollack's take on the local economy. He states that Phoenix has been a well-established growth area for virtually the entire 20th century, and the trend has continued into the 21st century. He states that the primary reason he is optimistic about the areas future is because people and businesses will continue to migrate to the area and prosper. The long-term outlook remains favorable, and in the short-term, he states that the current business cycle has a couple of good years left in the tank. Pollack addresses the current housing market and says that we need to work ourselves out of the current market imbalance created by the exuberance of 2004 and 2005, as we may have constructed roughly 20,000 more homes than the population inflows would normally demand, and that as of early fall, we have not begun absorbing these excess units. He states that this needs to occur at some point, so expect some adjustment pains in this sector.

http://www.azcentral.com/php-bin/clicktrack/print.php?referer=http://www.azcentral.com/arizonarepublic/business/articles/1126biz-bizaz-mytakepollack1126.html

The first article, GM sale could invigorate east Mesa, from the Arizona Republic, reports that the development of the GM Proving Ground will shape southeast Mesa's future look and personality. "The General Motors property is probably the most attractive property in the entire Southeast Valley for development," said Wayne Balmer, a land-use consultant who helped plan the area. "This property will set the tone and character for southeast Mesa's future and how it is developed." A recent land-use study of the airport and the 50-square miles around it by the Urban Land Institute reinforced belief that some housing should be part of the development mix near the Williams Gateway airport and that could be part of the mix with the GM Proving Grounds. Sources identified the buyer of the GM property as Scottsdale based DMB Associates, known for its high-end projects, including residential communities.
http://www.azcentral.com/php-bin/clicktrack/print.php?referer=http://www.azcentral.com/community/mesa/articles/1114mr-gmsale1114-ON.html
The second article, Phoenix OK's increase in development fees, from the Arizona Republic, reports that the Phoenix City Council approved increasing impact fees in the growing northern and southern flanks of the city. The fees in Ahwatukee rose to $17,500 per home, and nearly $24,000 in North Black Canyon City. Impact, or development fees, are fees charged for each new home to cover costs for parks, libraries, police and fire protection, and water and sewer infrastructure. The city assesses these fees in growth areas where the cost to bring in these services is higher than in infill areas. Builders usually pass these fees onto the homebuyer in the form of higher housing prices.
http://www.azcentral.com/php-bin/clicktrack/print.php?referer=http://www.azcentral.com/arizonarepublic/local/articles/1116phximpact1116.html
The third article, $10 million sets Scottsdale house sale record, from the East Valley Tribune, reports that a house sold on Tuesday for what may be the highest price ever paid for a residential property in Scottsdale. The home, located at 9422 E. Happy Valley Road was sold for $10 million, according to Bob Hassett, a broker with Russ Lyon Realty. The buyer plans to resell the house and subdivide the 20-acre lot into smaller lots for construction of two more luxury homes, Hassett said. The 27,000 square-foot house has six bedrooms, eight baths, four fireplaces, an eight-car garage, two separate guest apartments and an indoor swimming pool and tennis court. It was built in 1994 by Kitchell Custom Homes and cost more to build 12 years ago than it was sold for on Tuesday, Hassett said. The owner originally sought $35 million for the property but the price was reduced to sell. RL Brown, the Valley's housing guru, said he was not surprised that the seller had to lower the price because the high end of the market has been affected by the same pressures as less elaborate homes. He said the Scottsdale property appears to be more of a land deal than a housing deal.
http://www.eastvalleytribune.com/index.php?sty=78980

High-end homebuyers attracted to condos

High-end home buyers attracted to condos, leaving homes behind, from the Arizona Republic, reports that many high end homeowners are selling their homes to move into luxury condos closer into the city and amenities such as shopping, dining and entertainment. The article talks about two such buyers; one couple who moved into the Optima Biltmore condo project, the other couple buying a condo at Kierland Commons, and their reasons for doing so. Condo sales have slowed along with the Valley's home market, but the luxury sector has been more stable than the overall market. Through early October, 2,031 homes priced at $1 million or more had been sold in the Valley. That is on pace to top last year's total of 2,285. With luxury condos selling for $1 to $4 million, or roughly $400 to $800 per square foot, the pool of potential buyers is a fairly elite group.
WE are the experts in high-end luxury condo living in Phoenix and Scottsdale. Visit us at at Scottsdale Fashion Square.

http://www.azcentral.com/php-bin/clicktrack/print.php?referer=http://www.azcentral.com/arizonarepublic/business/articles/1115biz-condos1115.html

Is the market settling?

The first article, Home resale market up last month in Valley but off from a year ago, from the Arizona Republic, reports that there were 4,985 resales in October in the Valley, up slightly from 4,875 the previous month but down nearly 41 percent from October last year, according to the Arizona Real Estate Center at ASU. The median price stayed flat, rising to $257,000, up from $256,900 in September. At $257,000, the new median resale price is just 1 percent lower than in October of last year. Jay Butler, head of the real estate center, said the market is struggling to shake a hangover from last year, trying to find its footing at a more reasonable pace.

Home resale market up last month in Valley but off from a year ago
http://www.azcentral.com/php-bin/clicktrack/print.php?referer=http://www.azcentral.com/arizonarepublic/business/articles/1109biz-talker1109.html



The second article, Median home price down in Scottsdale, from the Arizona Republic, reports that Scottsdale's median home price fell in October to $548,500, down 2 percent from a year ago and down 5 percent from September, according to the Arizona Real Estate Center at ASU. Sales of existing homes picked up a healthy 23 percent from September to October, but were off 27 percent from a year earlier when 575 homes were sold. The median price of an existing home in south Scottsdale was $300,000 in October, down $20,000 from September and down $10,000 from a year earlier. North Scottsdale's median price in October was $635,000, a decline of $43,000 from September and off $20,000 from a year earlier. Paradise Valley's median price was at $1.74 million, up 4 percent from a year earlier.

Median home price down in Scottsdale, from the Arizona Republic
http://www.azcentral.com/php-bin/clicktrack/print.php?referer=http://www.azcentral.com/community/scottsdale/articles/1109sr-homesales1109Z8.html

Greenspan Slump will NOT worsen

The article, Greenspan: Slump will not worsen, from MSNBC.com, reports that former Federal Reserve Chairman Alan Greenspan said that "the economy is obviously going through a significant slowing period, which as best I can tell is more than likely temporary". Greenspan said that while the housing market is not out of the woods yet, the current slump may not worsen. "I think that while we are past most of it there are a lot of negatives... but it is no longer subtracting from the (gross domestic product) growth," the former Fed chairman said. Greenspan also touched on the potential adjustment in loan costs for home buyers with nontraditional mortgage products. While some individual buyers may feel the pinch as payments rise, Greenspan said those changes were "very unlikely to have a macroeconomic effect."


http://www.msnbc.msn.com/id/15591349/

Mortgage rates drop....the market is better than you think

The first article, City warned fees may stunt growth, from the Arizona Republic, reports that noted state economist Elliott Pollack warned the Goodyear City Council that raising impact fees too high could stunt the city's future economic development. Pollack was commissioned to do an economic analysis after developers and city staff were concerned that the fee increases proposed in a July report were too steep. The study produced by an independent economic consulting firm suggested that Goodyear triple its impact fees from $9,000 per home to about $27,000. That number shocked many, including Goodyear officials. After some additional debate, the fee increase recommendation was lowered to $21,000 per home. Pollack said that if the fees are too high, developers might take their projects to neighboring cities that have lower impact fees. That could have Goodyear lose regional commercial developments that could generate huge sales-tax revenues for the city. Avondale is considering raising impact fees to about $18,000, while Surprise has talked about boosting theirs to $21,000. Developers pay impact fees to cities in order to build infrastructure for resident services, but builders just pass these fees on in the price of the home.

City warned fees may stunt growth
http://www.azcentral.com/php-bin/clicktrack/print.php?referer=http://www.azcentral.com/community/swvalley/articles/1103swv-impact03Z5.html



The second article, Mortgage rates dip to 6.31 percent, from MSNBC.com, reports that rates on 30-year mortgages dropped this week to the lowest level in a month as financial markets viewed new evidence of a slowing economy as a sign that inflation will decline. Rates for 30-year, fixed-rate mortgages dropped to 6.31 percent this week, down from 6.40 percent last week. The article also states that in an effort to dispel some of the gloom surrounding housing at present, the National Association of Realtors announced that is beginning a series of newspaper ads proclaiming "it's a great time to buy or sell a home." The ads, which were to start appearing in newspapers on Friday, noted that mortgage rates have been falling recently and the near-record level of unsold homes means that buyers have more homes to choose from. The ad quotes former Fed Chairman Alan Greenspan as saying that "most of the negatives in housing are probably behind us." Tom Stevens, the Realtors president, said, "The market is much better than you might hear or read." Mortgage rates dip to 6.31 percent
http://www.msnbc.msn.com/id/7148582/