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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 (non) Housing Bubble updates
Posted on 09/05/2006 00:00 AM | Link | Post Comment
Arizona job gains likely to continue, from the Arizona Republic, reports that Arizona will continue to add jobs at a healthy clip through 2007 but not at the fast pace seen in 2005. Arizona economist at the Department of Economic Security see a 4.9 percent job growth rate in 2006 and 4 percent in 2007. That's down from the 5.3 percent job growth rate seen in 2005. The slowdown will be due to the housing market slowdown. But even at 4.9 percent, it will be much higher than the national average. The Department of Economic Security report said that out of Arizona's 11 major industry groups, 10 should grow jobs this year and next. The Arizona Business Conditions Index also rose to 60.5 in August from 54.4 in July. A reading above 50 indicates growth.
Study: Phoenix top relocation destination, from the Arizona Republic, reports that The Retirement Solutions Foundation, a group run by personal-finance author Jane White, ranked Phoenix number 1 in a new study of best relocation destinations. The report looked at several factors such as local economic strength, employment, housing affordability and attractions that make a city enjoyable. "Affordable real estate attracts workers, especially from obscenely overpriced California," the study says of Phoenix. "The region also has an unusually large number of organizations devoted to helping small businesses." Also, the report noted high rankings for the Valley from Inc. and Entrepreneur magazines and the Milkin Institute.
Surprise home prices keep rising, from the Arizona Republic, reports that this years average home price in Surprise was roughly $280,000, according to Realtor Mike Holloway, citing figures from the Arizona Regional MLS. The number is up from 2005, when the median home value was about $245,000. Halloway said he was surprised that home prices have continued to increase, since the number of local home sales declined from 4,154 last year to 1,951 so far this year. "Home prices are quite simply a supply-and-demand issue," he said. "We've had a huge increase in supply, so you would think we'd have a decline in prices in Surprise." Halloway said he believes that the steady Surprise market is a result of a "West Valley buzz" attracting residents to new sporting and cultural attractions like Cardinals Stadium and Heard Museum West.
Arizona ranks No. 2 for job growth, from the Phoenix Business Journal, reports that Arizona held the No. 2 spot for job growth among states in July behind Nevada, according to the most recent Blue Chip Job Growth Update released Tuesday. Arizona had 2.58 million jobs as of July 2006, up from 2.47 million in July of 2005. That's a 4.75 percent increase, much higher than the national average of 1.3 percent. Arizona ranked No. 1 in two job categories; trade with a 5.37 percent gain and hospitality with a 5.82 percent increase. Good news for our future real estate market-- as long as we have population and job growth our real estate market will be strong.
And this on the National Market from Crossing Wall St.: What's That Hissing Sound?
Please read this more than once. Prices have not gone down, just the increase in appreciation has slowed dramatically. That's a huge difference, considering that in Phoenix, a so called "bubble city" where we came in at over 11.8% on top of the 36% for the previous 12 months! Now, look at the list of 151. The top gainers are still the places where people still want to be. (supply & demand)
The median price of a Valley resale was $265,000 in July, $10,000 higher than July 2005's figure but a $2,000 dip from June 2006. - Bloomberg News
click on title to read entire article
Study: Phoenix top relocation destination, from the Arizona Republic, reports that The Retirement Solutions Foundation, a group run by personal-finance author Jane White, ranked Phoenix number 1 in a new study of best relocation destinations. The report looked at several factors such as local economic strength, employment, housing affordability and attractions that make a city enjoyable. "Affordable real estate attracts workers, especially from obscenely overpriced California," the study says of Phoenix. "The region also has an unusually large number of organizations devoted to helping small businesses." Also, the report noted high rankings for the Valley from Inc. and Entrepreneur magazines and the Milkin Institute.
Surprise home prices keep rising, from the Arizona Republic, reports that this years average home price in Surprise was roughly $280,000, according to Realtor Mike Holloway, citing figures from the Arizona Regional MLS. The number is up from 2005, when the median home value was about $245,000. Halloway said he was surprised that home prices have continued to increase, since the number of local home sales declined from 4,154 last year to 1,951 so far this year. "Home prices are quite simply a supply-and-demand issue," he said. "We've had a huge increase in supply, so you would think we'd have a decline in prices in Surprise." Halloway said he believes that the steady Surprise market is a result of a "West Valley buzz" attracting residents to new sporting and cultural attractions like Cardinals Stadium and Heard Museum West.
Arizona ranks No. 2 for job growth, from the Phoenix Business Journal, reports that Arizona held the No. 2 spot for job growth among states in July behind Nevada, according to the most recent Blue Chip Job Growth Update released Tuesday. Arizona had 2.58 million jobs as of July 2006, up from 2.47 million in July of 2005. That's a 4.75 percent increase, much higher than the national average of 1.3 percent. Arizona ranked No. 1 in two job categories; trade with a 5.37 percent gain and hospitality with a 5.82 percent increase. Good news for our future real estate market-- as long as we have population and job growth our real estate market will be strong.
And this on the National Market from Crossing Wall St.: What's That Hissing Sound?
Please read this more than once. Prices have not gone down, just the increase in appreciation has slowed dramatically. That's a huge difference, considering that in Phoenix, a so called "bubble city" where we came in at over 11.8% on top of the 36% for the previous 12 months! Now, look at the list of 151. The top gainers are still the places where people still want to be. (supply & demand)
The median price of a Valley resale was $265,000 in July, $10,000 higher than July 2005's figure but a $2,000 dip from June 2006. - Bloomberg News
click on title to read entire article
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