Californians Lay Odds On Phoenix More Than Vegas

Slump isn't slowing vacation home sales from MSNBC.com, reports that demand for vacation homes was strong in 2006, while sales of investment homes plunged, according to a report released by the National Association of Realtors on Monday. The NAR said sales of second homes for investment fell by 28.9 percent in 2006, while vacation home sales rose 4.7 percent. According to the NAR survey, 22 percent of all homes purchased last year were for investment, down from 28 percent in 2005. The number of vacation homes purchased last year represented 14 percent of the total market for new and existing homes, up from a 12 percent share in 2005. The NAR survey shoed the typical vacation-home buyer in 2006 was 44 years old and had a median household income of $102,000. The vacation home was a median of 215 miles from the homeowners primary residence. The median price of a vacation home in 2006 was $200,000.

Californians lay odds on Phoenix more than Vegas
from the Arizona Republic, reports that for the first time since Nevada became a magnet for Californians in the 1990s, the Phoenix area has nudged Las Vegas out of No. 1 destination for people leaving the Golden State and its soaring home prices. Tax returns for 2005, the most recent data, show a net 11,375 households, representing 29,000 people, moved from California to Maricopa County in 2004, while a net 10,657 households with about 23,000 members moved from California to Clark County, Nev. "Housing isn't cheap in Vegas anymore, nor is it in Phoenix, compared to what it was. It's still cheap compared to California," said R.L. Brown, publisher of Phoenix Housing Market Letter. "We're averaging 9,000 Californians a month changing their (driver's) licenses to Arizona. To me, that's a phenomenal number."

Construction hiring, spending climbs as housing permits wane from the Business Journal of Phoenix, reports that construction employment was up 5.8 percent during the first quarter of 2007, compared with the same quarter of 2006, according to the latest issue of the Arizona Blue Chip Economic Forecast. Going forward, Blue Chip economists say construction job growth will likely weaken as housing permits continue to wane. Blue Chip economist report a 30 percent drop in single-family home permits year to date on both a national and state level.

Nicholas Cage's house in S.F. is back on the market 898 Francisco Street [MLS]

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