Phoenix Ranks No. 1 Nationally In Retail Building

Phoenix ranks No. 1 in retail building
from the Arizona Republic, reports that metro Phoenix has more retail space under construction than anywhere else in the country, according to national real estate information firm CoStar. Most of the retail growth is along the Loop 101 and Loop 202 extensions. The fast growth can be attributed not only to the Valley's increasing population and low unemployment but perhaps also to residents who love to shop, said Garrett Newland, vice president with Westcor, a shopping-center development company. Metro Phoenix had 13.4 million square feet of retail space under construction at the end of the second quarter. Nearly 83 percent of it is pre-leased, according to CoStar.

Subprime standards tighten from the Arizona Republic,
reports that more banks have tightened lending standards on subprime mortgages, the Federal Reserve said Monday in a survey that provided further evidence of spreading problems. The survey found that nearly half of the banks responding said they have tightened loan standards for so-called non-traditional mortgages, which are defined as adjustable-rate loans with multiple payment options, interest-only mortgages and products referred to as "Alt-A" loans that offer such features as limited verification of incomes. The Fed survey also showed that ten percent of the banks have also tightened loan standards on prime loans, such as 30-year mortgages to borrowers with good credit. The Mortgage Bankers Association reported recently that the percentage of subprime loans that were 30 or more days past due climbed to 15.75 percent in the first three months of this year, a record high and up from 14.44 percent in the final three months of 2006.

Housing Bubble and Real Estate Market Tracker from SA for 8/14

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