Arizona Should Avoid An Economy Stall In '07

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Millionaire Now! by Larry Nusbaum

This blog is based on the organizational principles found in my new book, "Millionaire Now! - A Financial Toolbox with Seven Steps to Wealth".

Arizona Should Avoid An Economy Stall In '07

Posted on 12/07/2006 18:04 PM | Link | Post Comment

Arizona should avoid an economy stall in '07 from the Arizona Republic,
reports that economists generally seem to think the United States will avoid a recession in 2007, with Arizona faring a bit better than average. But many forecasters also note that growth is slowing and caution that housing weakness and other potential disruptions could spoil the party. The forecasts came from yesterday's forecast luncheon presented by JPMorgan Chase and the W.P. Carey School of Business at ASU. Lee McPheters, director of the JPMorgan Chase Economic Outlook Center at ASU, said Arizona now ranks first or second in most economic and population-growth measures but is still susceptible to unpleasant surprises from the national economy, for which a "yellow flag" is out. Such surprises could come from inflationary pressures sparked by higher oil prices, a massive terrorist strike or lingering overhang from the housing market.

444-unit condo project in Surprise advances from the Arizona Republic,
reports that Chicago-based Terrapin Properties had its 444-unit Bellazano condo project approved by Surprise Planning & Zoning, paving the way for the start of the project located at Parkview Place just south of Grand Ave. The project will have one, two and three-bedroom units ranging from 1,072 to 1,755 square feet. Prices will span from the low $200,000s to the high $300,000s. Bellazano will have a 6,333 square-foot clubhouse with a fitness center, yoga room, entertainment kitchen, resort-style pool, paved walking trails and two dog runs. Just north of Bellazano, the first residents of Park Place Condominiums are moving in. That 258-unit complex, developed by Diversified Real Estate Group, has condo units from $200,000 to $285,000. It has sold 207 of its 258 units.

Mortgage demand rises as rates fall, refinancing surges from the USA TODAY, reports that mortgage applications rose sharply last week as 30-year fixed-rate mortgages fell to 5.98%, down 0.15 percentage point from the previous week. That's the lowest since Oct 7, 2005. Interest rates were also below year-ago levels of 6.32%. "The decline in mortgage rates and the slowing in home price appreciation, along with the build-up in inventories, has led to a much better situation for home buyers through increased affordability as well as more inventory to choose from," said Dean Maki, chief U.S. economist at Barclays Capital in New York. "Households are saying on surveys that home buying conditions have improved notably, and that has coincided with the stabilization in home sales."

Most profitable renovations from CNN Money Renovations cost more this year and bring less at resale (more)
Renovation costs are shooting higher and homeowners are getting a lot less bang for their remodeling bucks, according to a report by the National Association of Realtors (NAR) and Remodeling Magazine.
Last year, for example, adding a master bedroom suite to a house cost an average of $75,959 nationwide and boosted the home's resale value by $64,419 - that's 84.8 percent of the cost recouped. The same job this year cost a lot more - $94,331 - and returned just $68,458, or 72.6 percent.

The Most Affordable Suburbs, Plus Where to Find New-Home Discounts
In this week's survey of real-estate news from across the Web, we take a look at where home builders are slashing prices, why mortgage delinquencies are up, the best communities for metros across the U.S., where prices are falling and an upstate New York area that is bucking the housing slowdown.

Housing Bubble and Real Estate Market Tracker
on Dec 7th, 2006 in Market Overview by Judy Weil with stocks: TOL