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06/13/09
Real Estate: What happened in Phoenix
Filed under: General, Real Estate
Posted by: Lillian Wong @ 6:19 pm

PHOENIX (Fortune) — Did you happen to see the latest home-price stats from S&P/Case-Shiller, or did you avert your eyes? Here’s what struck me: As of March 2009, every metro area in Case-Shiller’s 20-city index, without exception, has fallen double digits from its peak. Ten are down more than 30%. Eight have dropped more than 40%. Las Vegas is down 50%. Phoenix? It doesn’t get any worse than Phoenix. According to Case-Shiller, between June 2006 and March 2009 the average house in Phoenix lost a staggering 53% of its value. Possibly during the Great Depression, but almost certainly at no time since then, have house prices in a major metropolitan area fallen by more than half. It’s almost unbelievable. Brother, tell me you didn’t buy a house during the boom in Phoenix!   more…



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Scottsdale home sales surged 16%
Filed under: General, Real Estate
Posted by: Lillian Wong @ 5:52 pm

Scottsdale home sales surged in May as the Valley real-estate market recorded its best month since August 2005, according to an analysis of Arizona Multiple Listing Service data by Fletcher Wilcox of Grand Canyon Title.

Scottsdale recorded 351 home sales in May, up 16 percent from last year.  more…



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Scottsdale may pull out of light-rail group
Filed under: General, Real Estate
Posted by: Lillian Wong @ 5:47 pm

The Scottsdale City Council will consider that question at a meeting next week.

Scottsdale pays $50,000 a year to belong to Metro light rail, the group that operates and plans the Valley’s light-rail system.   more…



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House: Regulators misused power in bank deal
Filed under: General, Business, Mortgages
Posted by: Lillian Wong @ 5:40 pm

WASHINGTON - House lawmakers on Thursday accused federal regulators of a gross misuse of power in orchestrating a “shotgun wedding” between Bank of America Corp. and Merrill Lynch & Co. that cost U.S. taxpayers $20 billion.  more…



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Investors not flipping houses, but renting
Filed under: General, Real Estate
Posted by: Lillian Wong @ 5:34 pm

Real-estate investors have returned to the Valley in a big way, prompting concerns that the housing market is becoming too speculative to sustain the recent buyer activity.

The lure of once-in-a-lifetime deals on bank-owned homes is driving investor purchases, which experts say account for 50 to 70 percent of recent home-buying transactions. Still, it’s the ability to generate revenue by renting the homes to tenants - in some cases, previous owners - that makes the properties such attractive investments.  more…



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10 banks to return $68 billion
Filed under: General, Business
Posted by: Lillian Wong @ 5:26 pm

WASHINGTON - Ten of the nation’s biggest financial companies got a green light Tuesday to return $68 billion in federal bailout money, freeing the banks from limits on executive pay and leaving the government with a small gain on the rescue cash.

While the paybacks could be a signal that the banking industry is stabilizing, analysts say it is far from a clean bill of health.  more…



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Exec insists lending going strong at BofA
Filed under: General, Business
Posted by: Lillian Wong @ 5:15 pm

The lending spigot is flowing more normally these days, and one of Bank of America’s top executives wants more people to realize that.

Liam McGee, president of BofA’s Consumer and Small Business Bank, said the company remains willing and able to lend money to qualified individuals and businesses.  more…



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Builders, city officials clash over moratorium on development fees
Filed under: General, Business, Real Estate
Posted by: Lillian Wong @ 4:59 pm

Arizona home builders say a proposed three-year moratorium on development impact fees will stimulate development and reduce housing costs. But local leaders say it will mean millions of dollars less for communities and is a move away from the philosophy that growth should pay for itself.   more…



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Repaying TARP loans raises questions
Filed under: General, Business, Real Estate, Mortgages
Posted by: Lillian Wong @ 4:28 pm

NEW YORK - Banks have been eager to pay back bailout money almost since the moment they accepted it. Now, the government is deciding which banks can return the cash - at the risk of setting up a system of winners and losers.  more…



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Shopping center ebbs and flows in downturn
Filed under: General, Real Estate
Posted by: Lillian Wong @ 4:17 pm

When Celeste Biegen opened a pet boutique on Market Street in DC Ranch, she envisioned a “lovely strolling mall” and a steady stream of customers.

What she got, she said, is a ghost town.  more…


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Light rail contributes to Phoenix area’s revival
Filed under: General, Real Estate
Posted by: Lillian Wong @ 4:04 pm

Phoenix native Dana Mule had spent 15 frustrating months trying to find an ideal spot to open his Hawaiian-inspired eatery when he stumbled upon a funky building along the Central Avenue light-rail line.   more…


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The Summit luxury condos saddled by debt
Filed under: General, Real Estate
Posted by: Lillian Wong @ 3:48 pm

When the first condo owners moved into the Summit at Copper Square, Phoenix leaders hailed the luxury high-rise because it would bring residents who live, work and shop in the heart of the city.

But two years later, the 22-story complex near Chase Field has millions of dollars in unpaid bills, from late utility payments to construction costs.   more…


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