The first article, Western states see rise in home resales as mortgage rates dip, from the Phoenix Business Journal, reports that existing home sales in the West rose 0.8 percent to an annual pace of 1.32 million in November but were 17.5 percent lower than a year earlier, according to the National Association of Realtor's latest housing report. The median price in the West was $351,000, down 0.8 percent from November 2005. "As the housing market recovers from its correction, existing home sales should be rising gradually during 2007- it looks like we may have reached the low point for the current cycle in September," said David Lereah, NAR's chief economist. "We've entered a more sustainable period of home sales now, and we expect greater support for prices over time as inventory levels are eventually drawn down," he added. Mortgage rates remain low, with the 30-year mortgage rate sitting at 6.24 percent in November, down from 6.33 percent in November 2005.

http://www.bizjournals.com/phoenix/stories/2006/12/25/daily25.html?t=printable

The second article, 6 developments are moving Surprise growth north, east, from the Arizona Republic, reports that a cluster of six new housing developments comprising more than 20,000 acres will account for Surprise's next growth spurt to the north and east, according to Surprise city planners. The communities are: Desert Oasis with 3,250 units; Austin Ranch with 2,481 units; Asante with 6,703 units; Tierra Verde with 538 units; Asante North with 8,962 units and Burke property, with 741 units. Desert Oasis is already underway, and plans for the Burke property and Asante North are heading to city council. Previously, most of Surprise's growth took place on the city's western area, near Sun City Grand and the Loop 303.

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