Arizona Housing Links

October 21, 2007
Homebuilders offer incentives, discounts
Misty Williams, Tribune

http://www.tribunehomefinder.com/story/100085

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New-home market flooded on outskirts as builders, owners compete
By Christie Smythe and Lourdes Medrano
Arizona DAily Star
Tucson, Arizona Published: 10.21.2007

When the market was at its peak, some of the hottest areas were northwest, southeast and southwest of the city. But now, buyers no longer line up to buy homes in outlying subdivisions. Instead, builders slash prices, pack on incentives and still are left with unsold spec homes and empty lots.

In many cases, homeowners trying to sell properties in newer developments are finding they can't compete with builders' rock-bottom prices.

Tucson housing market consultant John Strobeck, of Bright Future Business Consultants, declined to comment for this story. But previously, in describing his monthly sales report, the Southern Arizona Housing Market Letter, Strobeck said the market is suffering from an oversupply of both new and resale homes, and conditions might not improve until 2010.

http://www.azstarnet.com/dailystar/207396

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Many Valley homeowners pressured or tricked into bad loans, experts say
Catherine Reagor
The Arizona Republic
Oct. 21, 2007 12:00 AM

Arizona is second only to Nevada for subprime loans, and the mortgage industry is bleeding billions of dollars from losses on those types of loans. Interest rates on the biggest block of subprime adjustable-rate mortgages are set to climb by the end of the year, prompting market watchers to predict the largest jump in foreclosures to happen in early 2008.

Loose lending guidelines and speculators fueled the housing boom in 2004 and 2005.

Home prices across metropolitan Phoenix shot up 50 percent because of speculator-driven bidding wars. With little regulation in Arizona's mortgage industry, loan officers flocked to the state offering more creative, and often riskier, financing to any buyer who couldn't otherwise afford the rising home prices.

http://www.azcentral.com/arizonarepublic/news/articles/1021bad-loans1021.html