The Sept. 6 Phoenix Planning Commission meeting is shaping up to be contentious and long. The 11-page agenda concludes with two rezoning cases — one involving a retail/residential project, and one incorporating high-rise condos and a hotel. Both sides are digging in their heels for a showdown that ultimately will take place in October, when the City Council considers the commission’s recommendations. More…
The Arizona State Land Department has set a Nov. 8 auction date for a key parcel that Westcor wants for its Palisene shopping center northwest of
People in the Valley trying to sell a home are getting more realistic. The median price of homes sold in metropolitan Phoenix during July dropped, but so did the median price on homes listed for sale last month. The median price of Valley home sold last month was about $250,000. The median price of a home listed in July was almost $275,000. More…
NEW YORK - Some homeowners hamstrung by the slow market are seniors trying to downsize for retirement. Others are young couples trying to move up from their starter condominiums or growing families that need more space. “A lot of people are finding it’s taking longer to sell than they expected,” said Stephen Piazza, vice president of Quicken Loans in Livonia,
JACKSON, Wyo. - Federal Reserve Chairman Ben Bernanke vowed Friday to do all that is necessary to protect the U.S. economy from the ill effects of a global credit crunch, but not to bail out investors and lenders “from the consequences of their financial decisions.” President Bush confidently predicted the country would weather this financial storm. More…
PHOENIX - After a summer of inactivity, the State Land Department has chosen three northeast
Arizona is one of four states facing a particularly high rate of mortgage defaults on homes bought by absentee owners, mainly for speculation.
Some homeowners with risky subprime adjustable-rate mortgages will be able to refinance before they lose their homes to foreclosure, with the help of steps President Bush will announce today, senior administration officials said Thursday night. An estimated 80,000 homeowners with bruised credit and subprime ARMs they can no longer afford will be able to refinance their loans, which the Federal Housing Administration would insure. More…
Mesa obtained almost twice the assessed value when it sold property earlier this month to downtown hardware-store owner Ken Lenhart. The deal closed the books on what probably was the most controversial land transaction in Mesa history, one that became a national rallying cry for property-rights advocates and an example of what many view as abuse of the power of eminent domain. More…
Residents could see more high-rises and redevelopment projects in
Home-building in metro
WASHINGTON - Sales of existing homes dropped for a fifth straight month in July, while the number of unsold homes shot up to a record level. Many analysts said the worst slump in housing in 16 years is likely to deepen in coming months, reflecting the recent turmoil in credit markets, which has caused lenders to tighten their standards. The National Association of Realtors reported Monday that sales of existing homes dipped by 0.2 percent in July, compared with June, to a seasonally adjusted annual rate of 5.75 million units. More…