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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 Real Estate & Housing News
New home closings, prices up last month from the East Valley Tribune,
reports that new home closings in Maricopa and Pinal counties were up nearly 10 percent last month compared with October 2005, while resales were down 38.5 percent during the same period. The information was released yesterday by RL Brown, publisher of the Phoenix Housing Market Letter. The median new home price was $281,990 last month, compared with $251,568 in October 2005. The median resale home price was $248,000, compared with $249,000 a year ago. Many homebuilders are making headway into reducing their inventories, Brown said. Through October, new home closings totaled 42,079 this year, compared with 45,648 for the same period last year. Resales this year through October totaled 78,388, compared with 116,435 for the same period last year. "The market's doing just what it needed to do, and that is get itself back in balance," Brown said.
New homes in the Valley from the Arizona Republic,
also reports on the latest numbers from RL Brown and adds that new-home building has probably hit bottom in metropolitan Phoenix. There were 2,341 single-family permits issued in October, up slightly from September but half the pace of October 2005. Part of the slowdown is due to the many cancelled contracts for new homes in the Valley. Brown cites some sources saying as many as 40 percent of all contracts for new homes in 2005 and early 2006 being cancelled, mostly by investors getting cold feet. Brown is forecasting new-home building permits this year to fall 29 percent below 2005's record pace of 63,570.
Light rail may come early to West Valley from the Arizona Republic,
reports that efforts are gaining steam to extend the light rail system 11 miles along Interstate 10 by 2015, to a point just east of the Loop 101. The Metro board is expected to seek federal study money and hopefully launch the study in January rather than in 2011. Among the options being considered are using buses or some kind of rail, and running transit down the Interstate 10 median, along the freeway or through a nearby neighborhood. The I-10 route is currently scheduled to open in 2019, after the Mesa, Tempe and Phoenix links are completed. The transit option is being planned in conjunction with ADOT's plans for widening the I-10.
And, this just in from the OFHEO: House Price Index for the Third Quarter of 2006 and, sure to get the Bubble Boys pissed, Phoenix came in at 25 out of 275 major markets tracked with a 16.9% YOY % increase in Housing Price. (99% for 5 years)
- How (bad) Certain Investments Did Last Week
- Dow Dips Below 8,000 Threshold, Reaching April 2003 Levels
- Some Insight From The Blogs:
- Canslim.net Morning Comment And Links (for Traders)
- Stocks Fail To Turn Up; Sec's Shorting Ban On Financial Shares Expires
- October 2008
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- Millionaire Now! by Larry Nusbaum
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Made several great trades today. Traded the QID, QQ [read more]
Today we have the Fed speaking and release of Fed mi [read more]
NOTE: Please click on the charts below to enlarge them [read more]
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