At no time in the Phoenix area’s history has so much office space sat empty.
Nearly 1 out of every 4 square feet of Valley office space was vacant in the third quarter ending Sept. 30, commercial-real-estate experts said.
That’s about 28 million square feet of empty space, according to
Home-foreclosure activity has spilled across every geographic and socioeconomic border this year, proving that no community was too cautious, clever or well-funded to remain unscathed.
Subprime lending gave the home-foreclosure crisis its initial push, but the problem could not have reached existing proportions without feeding on a host of broader economic problems, according to real-estate experts responding to the latest Valley Home Values data, provided by Information Market. more…
For struggling metro Phoenix department stores and malls, the Grinch this holiday season may be carrying a black shopping bag from Barneys New York.
After years of anticipation, the fabled retailer arrives in
Renting out homes has long been a profitable enterprise for many Valley landlords.
The business model was simple: Buy a home. Rent the home for at least the monthly mortgage payment. And when you decide to sell the home, enjoy the Valley’s reliable appreciation in home prices. more…
Five years ago, Debbie and Scott Jarson were sitting on rocks at the edge of the Phoenix Mountains Preserve. From their perch overlooking the Valley, they shared with architect Will Bruder a vision of their dream home.
For at least a decade, the Jarsons had imagined the home on a steep, rocky
Real-estate industry officials are trying to convince consumers to take advantage of the current market conditions that combine low interest rates, lower prices and tax credits for some buyers.
The $8,000 federal tax credit for first-time buyers is set to expire at the end of November, and some observers believe that interest rates are likely to climb from current levels close to 5 percent. more…
The Valley’s retail vacancy rate was 10.9 percent for the third quarter, up 4 percentage points from a year earlier, according to a market report by CB Richard Ellis. more…
For all the doom and gloom about the housing market, it still generally pays to own a home.
That might be a tough case to make right now to the 16 million homeowners who owe more on their mortgage than their house is worth. But history suggests the American dream is a pretty safe bet. more…
New federal loan-guarantee rules imposed to fend off future government losses from plummeting condominium prices have rendered condos utterly worthless, Valley real-estate experts said.
The Federal Housing Administration rules, which took effect Oct. 1, prohibit any new FHA-backed loans on condo units in projects that include more than 25 percent commercial space. more…
Valley-area consumers are on a roll, but it’s in the wrong direction.
For the fourth consecutive month, bankruptcy filings for the
The honeymoon between banks and customers is over, cut short by last year’s credit crunch.
Banks are done wooing customers. Customers have given up on the idea that banks will always be there for them. The thrill - of cheap, easy-to-obtain money, that is - is gone. more…
According to information published in The Wall Street Journal, Freddie Mac and Fannie Mae are preparing to step up and help some of their affiliates in the current credit crunch.
The two government sponsored enterprises (GSEs) are rumoured to be test-driving a program to make it easier for independent mortgage banks to acquire the short-term funding needed to make home loans. more…
If you’re a home mortgage loan originator, mortgage broker, realtor, title agent or other provider of services related to the processing or closing of a residential mortgage loan, you know that January 1, 2010 is D-Day for the use of the new Good Faith Estimate (GFE) of settlement charges (www.hud.gov/respa) and HUD-1 Settlement Statement (www.hud.gov/respa) prescribed by the RESPA reform final rule published January 16, 2009. Hopefully, you and your firm are well on you way to being ready to implement the rule. more…
A new boutique hotel and convention center in Gilbert’s SanTan corridor could soon create hundreds of new jobs and entice larger events to the burgeoning area.
The meeting and event space will be Gilbert’s largest, holding up to 1,000 people. And unlike many other proposed hotels and attractions that have fallen victim to the recession, this one is no pipe dream. more…