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%.
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…
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…
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
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…
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…
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…
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…
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…
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…
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
When the first condo owners moved into the
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…