June Sales Thump May Sales

By Fletcher Wilcox | VP, Grand Canyon Title (July 2, 2020) Greater Phoenix Single Family Resales in June 2020 thumped May by 1,940 sales. June sales were the highest so far this year — beating the previous record set in March by 615 sales and falling only 91 sales behind June 2019 (6,827). Source: ARMLS …

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Developer Alleges ‘Shakedown’ in Suit Against Paradise Valley

By Brandon Brown | Phoenix Business Journal The developer behind a $2 billion, 122-acre master-planned community in Paradise Valley has filed a lawsuit, alleging in court documents that the town is trying to “shake down” the company for millions of dollars. Five Star Development, which is building the Palmeraie luxury community and accompanying Ritz-Carlton, Paradise …

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2020 Virtual Town Hall slides courtesy of Dr. Lawrence Yun

On June 25, Scottsdale REALTORS® hosted a Virtual Town Hall that included National Association of REALTORS® 2020 President Chief Economist Lawrence Yun. Below are some slide highlights and commentary (video presentation here). Blue: All-time low Mortgage Rates, averaging 3.1% | Orange: 10-Year Treasury Borrowing Rate Yun: “Both are moving very similarly, but the last data …

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Virtual Town Hall Highlights from June 25, 2020

On June 25, Scottsdale REALTORS® hosted a Virtual Town Hall with National Association of REALTORS® 2020 President Vince Malta, Chief Economist Lawrence Yun and Arizona REALTORS® Government Affairs Director Matt Contorelli. Below are some highlights. Malta: “REALTORS® are active participants in promoting Equality, Inclusion and Acceptance. Consider the story of the Scottsdale Area Association of …

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Thousands of Arizonans Could Become Homeless Soon

By Catherine Reagor | Arizona Republic Thousands of Arizonans struggling to pay rent because of the COVID-19 pandemic could lose their homes this summer when Gov. Doug Ducey’s executive order delaying evictions expires, government data suggests. Renters who were sick with the virus, lost jobs or had to stop working because schools were closed have …

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Unemployment, Credit Changes May Impact Valley Housing Market

By Angela Gonzales | Phoenix Business Journal As the Phoenix housing market begins to recover from the COVID-19 pandemic, another type of infection could hurt long-term demand. “We need to watch how the credit infection infects the housing market today,” Jim Belfiore, founder of Belfiore Real Estate Consulting in Phoenix, told homebuilders in a recent …

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What Does Recovery Look Like?

Back in March, National Association of REALTORS® Chief Economist Lawrence Yun said, “I am optimistic that the (CARES Act) stimulus package will lessen the economic damage, and we may get a V-shaped robust recovery later in the year.” Economists often describe trends by shapes, such as V (steep decline, strong recovery), U (wider, less defined …

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Rents Finally Dip in Scottsdale

By Catherine Reagor | Arizona Republic Metro Phoenix rents have finally stopped rapidly increasing and are even dipping in some areas. Scottsdale posted the second biggest decrease in the U.S. for the median rent on a one-bedroom apartment this month. Other Valley cites including Chandler, Tempe and Phoenix saw rents drop, too. This month’s dips …

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May Sales a Bright Spot for Valley Homebuilders

By Angela Gonzales | Phoenix Business Journal Homebuilders in Maricopa County saw an uptick in sales during May as residents began to venture out with an itch in their pocketbooks. Homebuilders saw a 9% increase during May over April and increased by less than 1% year-over-year from May 2019, said Jim Daniel, president of RL …

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Valley Homebuilders Commit to More Construction

By Angela Gonzales | Phoenix Business Journal Homebuilders are pulling more single-family building permits than they did this time last year, according to new data released by the Home Builders Association of Central Arizona. From January through April, homebuilders pulled 8,680 permits, an 11% increase over the same period during 2019, according to HBACA. Avondale …

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