Friday, March 30, 2012

Phoenix Still Rebounding

Cities with the most new construction
A recent rebound in home sales in Phoenix - and more modestly in home prices - has spurred talk of a recovery. Turns out that budding rebound extends out into overall construction, too. In 2011, the Phoenix metro area welcomed a 41% increase in new construction, totaling $5.3 billion in new starts for both residential and non-residential building projects. "In the case of markets that were categorized by the housing boom and bust, that [construction] correction has already occurred," explains Robert Murray, vice president of economic affairs at McGraw-Hill Construction, a construction data firm. "Now areas like Phoenix are in the process of seeing an upturn in new structures - that aren't even necessarily housing."
Read article - MSNBC

Monday, March 26, 2012

Ariz. jobs outlook expected to rebound as confidence grows

Ariz. jobs outlook expected to rebound as confidence grows
Hiring is expected to increase in several areas of the Arizona economy this year as the recovery picks up momentum and employers gain confidence. Traditionally strong sectors are poised to add jobs in 2012: private education, health care and transportation, as well as retail and hospitality. Some areas in technology are also hot, and construction jobs are making a small comeback. Warehouse and distribution centers are expanding and adding workers, which is a harbinger of future economic growth fueled by increased consumer spending.
Read article -

The one number to watch for a housing recovery
Over the past few months, many economists have concluded that that the U.S. housing market has reached a turning point and is healing. In a recent, economist Paul Dales said higher prices won't be the sign that tells us there's a real recovery under way. Rather, the recent pick-up in sales is what we should pay attention to. After all, prices tend to be a lagging indicator. It could take six months for any improvements to show in the market, if not longer.
Read article - Your Hub

Wednesday, March 7, 2012

New info on market ..... if you're thinking of buying please read.!!!

Phoenix Home Sales Pick Up in January
In the Phoenix metro area, a total of 7,123 new and resale houses and condos closed escrow during January - up 3.2% from a year earlier. The number of new and resale homes that sold for less than $100,000 fell 7.3% from a year earlier, while sales between $100,000 and $200,000 increased 3.3%. Deals in the $200,000 to $600,000 range rose 9% from a year earlier, while above $800,000 sales increased 3.6 %. The median price paid in January for all new and resale houses and condos sold was $127,500 - up 7.1% from a year earlier.

Read article -

'Rehab' Loans Surge in Popularity to Fix Up Properties
FHA's 203(k), also known as the FHA. rehab loan, is designed to cover not only buying the home but also renovating it. It is then paid back like a regular mortgage. A hybrid that has been around for more than 30 years, the loan program has recently surged in popularity. "We're seeing an explosive grown in these loans," said Ed Brehm, the branch manager of the Point Pleasant office of Prospect Mortgage, one of the country's largest processors of 203(k) loans. The demand is being fueled by the numbers of bank-owned properties, he said, "but also from clients who can no longer get home equity loans."
Read article - New York Times