Scottsdale Housing Voucher Use Concentrated in 85251

By Catherine Reagor, Amy Qin, Jessica Boehm | Arizona Republic Housing choice vouchers are supposed to give low-income tenants real choices about where to live and a chance to move to a better neighborhood. But few tenants with vouchers in metro Phoenix get that opportunity. Most of the housing that voucher holders find is concentrated …

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Valley Luxury Home Market Cooling

By Angela Gonzales | Phoenix Business Journal The buying frenzy in the Valley’s luxury home market appears to have ended. “I don’t feel the market is dead in any way,” said Robert Joffe, co-founder of Launch Real Estate. “There’s just no question it’s a complete slowdown from what it was, but I feel we are …

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Metro Phoenix Median Home Price Poised to Fall by $25K for July 2022

By Catherine Reagor | Arizona Republic Metro Phoenix’s overly hot housing market cooled quickly in June, and prices are expected to drop in July. Rising interest rates, stock market swings, a jump in supply of houses for sale and slower sales all hit the market this summer. As a result, the Phoenix-area median home price …

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Converting Commercial Buildings Into More Phoenix Housing

By Audrey Jensen | Phoenix Business Journal WeBuild Res plans to redevelop old office buildings into a multifamily complex near 31st and Northern avenues in Phoenix. Developers are planning to convert defunct commercial buildings into apartments to bring more residences to the city of Phoenix, which is facing a major housing shortage. Phoenix-based WeBuild Res …

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Valley Homebuilders See Surge in Homebuyers Backing Out

By Angela Gonzales | Phoenix Business Journal Homebuilders in metro Phoenix face an alarming surge in contract cancellations at a time when economists are pointing to another recession. Through the middle of July, the cancellation rate was in the 30% range, up from 8-10% in 2020 and 2021, and up from 15% in 2018 and …

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Phoenix Drops Another Rung in National Home Price NSA Index

By Angela Gonzales | Phoenix Business Journal Falling steadily, Phoenix didn’t even make the top three metros in home price growth in May, according to the latest S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index released on July 26. Phoenix had led the nation in home price growth for nearly three years until earlier …

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We Need to Keep Building Houses, Even if No One Wants to Buy

By Conor Dougherty and Ben Casselman | The New York Times The United States has a deep, decades-old housing shortage. Also, at the moment, homebuilders across the country are pulling back on development because they can’t sell enough homes. How can both of these things be true? That riddle is at the heart of the …

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Are Manufactured Homes An Affordable Housing Solution?

By Ashley Kritzer | The Business Journals In rural Florida, a new development could offer one solution to the nation’s affordable housing crisis: a built-to-rent community populated with manufactured homes. ERC Communities, led by Jerry Ellenburg, is about to begin horizontal construction on a 60-unit manufactured housing project in Zephryhills, the small city 30 miles …

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Metro Phoenix’s Booming Build-to-Rent Market Adding 10K Units

By Angela Gonzales | Phoenix Business Journal The burgeoning build-to-rent sector has about 9,500 units under construction in metro Phoenix, adding to existing inventory of about 8,700 units, according to a report released by Northmarq. “We’ll be seeing the local inventory of single-family build-to-rent units doubling in the next 18 to 24 months,” Peter O’Neil, research director …

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