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Millionaire Now! by Larry NusbaumThis blog is based on the organizational principles found in my new book, "Millionaire Now! - A Financial Toolbox with Seven Steps to Wealth". |
Arizona Maintains Its Low Foreclosure Rate
Posted on 05/08/2007 01:49:04 | Link | Post Comment
Market lures contractors to Arizona
from the Business Journal of Phoenix, reports that the Phoenix metro area continues to draw home builders and others in the growth industry as the area continues to see big population gains. According to the latest figures from the U.S. Census Bureau, Maricopa County's population increased by 129,642 last year, helping Phoenix pass Philadelphia to become the nation's fifth largest city. As the area continues to grow, more construction related companies are moving operations here. Jay Butler, director of Realty Studies at ASU said the market most likely will absorb more local and national construction contractors, subcontractors and other growth-industry entities. He points to the usual economic factors-- a thriving economy and population growth-- to stimulate the construction business. "Phoenix is typically viewed as one of the top five growth markets in the country. Some consider it No. 1," he said. "Phoenix is unique in that way, because we have always had growth on our side."
Arizona maintains its low foreclosure rate from the Arizona Republic,
reports that while foreclosures and mortgage delinquencies have climbed in the metro area in the past year, Arizona still ranks very low nationally for both. Arizona's foreclosure rate is in the bottom ten among U.S. states, primarily due to our wild run up in prices, continued growth and proactive efforts by lending groups to stave off foreclosures. Arizona does rank high for subprime loans, second in the nation after Nevada, which has many concerned that these homeowners could fall into foreclosure. But efforts from ACORN and other governmental agencies are trying to change grace periods and restructure bad loans to help homeowners avoid foreclosure.
Tighter credit is hurting agents, lenders, builders from the Arizona Republic,
reports that tighter lending restrictions that are cutting back subprime loans come at a bad time for the Phoenix-area housing market. Real estate agents and lenders are losing deals because buyers can no longer qualify for riskier loans. Builders, struggling to unload spec homes, fear that the fewer number of buyers will stall efforts to get back to higher production. Doug Fulton of Fulton Homes expects to lose 10 percent of the sales of its current 700 homes under construction as buyers fail to qualify. "Builders are going to get a bunch of inventory back, and I am too," he said. "You don't want to get one (house) back if you don't have to. You're kind of scratching for sales as it is." The National Association of Home Builders said in April that the subprime crisis pushed builder confidence to its lowest level since December 2006. The trade group said tighter lending standards were rattling consumers and builders.
Pac Union real estate exec Avram Goldman sends out a local real estate market analysis. This month's report shows that within the San Francisco Bay Area, markets vary quite substantially with the supply of inventory ranging from 2.4 months to 8 months. Now, does this sound like a bubble bursting? Read further: "The hottest housing market continues to be San Francisco with the lowest months supply of inventory standing at 2.4 months. That puts SF in primarily a seller’s market, which is reflected by nearly half of the offers last week being involved in a multiple offer transaction. A St. Francis Wood 4 bed./3ba. fixer listed at $1.195 mil. received 33 offers. Add to that a large Presidio Hts. 4bed./4ba fixer listed at $1.950 mil. that handed out 41 disclosure packages and ended up garnering 9 offers and going well (and I mean well over) list price." - via Inman News
from the Business Journal of Phoenix, reports that the Phoenix metro area continues to draw home builders and others in the growth industry as the area continues to see big population gains. According to the latest figures from the U.S. Census Bureau, Maricopa County's population increased by 129,642 last year, helping Phoenix pass Philadelphia to become the nation's fifth largest city. As the area continues to grow, more construction related companies are moving operations here. Jay Butler, director of Realty Studies at ASU said the market most likely will absorb more local and national construction contractors, subcontractors and other growth-industry entities. He points to the usual economic factors-- a thriving economy and population growth-- to stimulate the construction business. "Phoenix is typically viewed as one of the top five growth markets in the country. Some consider it No. 1," he said. "Phoenix is unique in that way, because we have always had growth on our side."
Arizona maintains its low foreclosure rate from the Arizona Republic,
reports that while foreclosures and mortgage delinquencies have climbed in the metro area in the past year, Arizona still ranks very low nationally for both. Arizona's foreclosure rate is in the bottom ten among U.S. states, primarily due to our wild run up in prices, continued growth and proactive efforts by lending groups to stave off foreclosures. Arizona does rank high for subprime loans, second in the nation after Nevada, which has many concerned that these homeowners could fall into foreclosure. But efforts from ACORN and other governmental agencies are trying to change grace periods and restructure bad loans to help homeowners avoid foreclosure.
Tighter credit is hurting agents, lenders, builders from the Arizona Republic,
reports that tighter lending restrictions that are cutting back subprime loans come at a bad time for the Phoenix-area housing market. Real estate agents and lenders are losing deals because buyers can no longer qualify for riskier loans. Builders, struggling to unload spec homes, fear that the fewer number of buyers will stall efforts to get back to higher production. Doug Fulton of Fulton Homes expects to lose 10 percent of the sales of its current 700 homes under construction as buyers fail to qualify. "Builders are going to get a bunch of inventory back, and I am too," he said. "You don't want to get one (house) back if you don't have to. You're kind of scratching for sales as it is." The National Association of Home Builders said in April that the subprime crisis pushed builder confidence to its lowest level since December 2006. The trade group said tighter lending standards were rattling consumers and builders.
Pac Union real estate exec Avram Goldman sends out a local real estate market analysis. This month's report shows that within the San Francisco Bay Area, markets vary quite substantially with the supply of inventory ranging from 2.4 months to 8 months. Now, does this sound like a bubble bursting? Read further: "The hottest housing market continues to be San Francisco with the lowest months supply of inventory standing at 2.4 months. That puts SF in primarily a seller’s market, which is reflected by nearly half of the offers last week being involved in a multiple offer transaction. A St. Francis Wood 4 bed./3ba. fixer listed at $1.195 mil. received 33 offers. Add to that a large Presidio Hts. 4bed./4ba fixer listed at $1.950 mil. that handed out 41 disclosure packages and ended up garnering 9 offers and going well (and I mean well over) list price." - via Inman News
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