Bloomberg: Scottsdale, Tempe among top 5 most fun and affordable U.S. cities

10 most fun, affordable U.S. cities

By Venessa Wong of Bloomberg Businessweek

Good times, low prices

It can be difficult to enjoy the wealth of dining and nightlife options in big cities such as New York, Los Angeles and San Francisco after housing and other expenses are paid. Fortunately, many areas outside of major metropolises offer both affordable homes and a variety of restaurants and bars, according to a new report from Better Homes & Gardens Real Estate. The company, with real-estate data company Onboard Informatics, evaluated 6,106 ZIP codes in which the median home price is within 20% of the state’s median home price. It then selected the 25 areas with the greatest number of bars and restaurants. The list of fun, affordable places includes tourist destinations, such as Honolulu and Myrtle Beach, S.C., which tend to have a greater number of restaurants and bars, as well as college towns, such as Wilmington, N.C., and Tempe, Ariz.

Read more



Scottsdale, Paradise Valley Market Update

The average rate on the 30-year fixed mortgage this week fell below 4 percent for the first time ever, to 3.94 percent. Many observers are beginning to hint Arizona home prices have hit bottom and will stabilize as 2012 approaches. Home remodeling tips are also featured in the Scottsdale, Paradise Valley Arizona market update.

http://jkdbuilding.com

http://www.scottsdalecustomhomebuilder.com

Money is cheap and so are homes in Arizona

Last week mortgage interest rates dropped below 4 percent...levels unseen since the 1950's.

Despite the cheap money, a decreasing supply of homes and other positive factors, home prices haven't rebounded yet.

The median price for home in Phoenix now is $116,500...down from $245,000 in 2006 during the "bubble."

One would hope the laws of supply and demand would cause home values to rise but it's not the case yet. A combination of appraisals, the economy and an overall lack of confidence has prevented a home value recovery for the moment.

The good news....

All these numbers indicate we are at the bottom and have no where to go but up.

Read more at AZ Central

Has Housing Hit Bottom? Smart Money

Mortgage Interest Rates below 4 percent for the first time (Forbes)

The average rate on the 30-year fixed mortgage this week fell below 4 percent for the first time ever, to 3.94 percent.

For those who can qualify, it's an extraordinary opportunity to buy or refinance. And mortgage rates could fall even further now that the Federal Reserve plans to reshuffle its portfolio of securities to try and lower long-term rates.

On Thursday, Freddie Mac said the rate on the 30-year fixed mortgage dropped from 4.01 percent last week, the previous low. The average rate on a 15-year fixed loan, a popular refinancing option, dipped to 3.26 percent, also a record. The 15-year loan has fallen for six straight weeks.

Mortgage rates are now lower than they were in the early 1950s, when the average rate reached 4.08 percent for a few months, according to the National Bureau of Economic Research. Back then, mortgages typically lasted just 20 or 25 years.

Still, rates have been below 5 percent for all but two weeks in the past year and that has done little to boost home sales. This year is shaping up to be among the worst for sales of previously occupied homes in 14 years.

"Interest rates are obviously not an impediment to housing. It's uncertainty about the economy, about jobs, about incomes," said Mark Vitner, senior economist at Wells Fargo. "It's not a question of affordability. It's simply a lack of wherewithal to buy a home or a lack of confidence to commit to buying one."

Read article in Forbes



Have we hit bottom? Maybe....

Phoenix-area home prices in July were down 8.8 percent from a year ago, according to new data from the latest 20-city Standard & Poor's/Case Shiller Home Price Index.

Property values in the Phoenix area fell on average 8.8 percent in July 2011 compared with July 2010 in the latest 20-city Standard & Poor's    Standard & Poor's Latest from The Business Journals Bond refunding to save state MBond refunding to save state MAgencies maintain Tennessee’s top credit rating Follow this company /Case Shiller Home Price Index. Prices were down 0.1 percent from June to July of this year.

Nationwide, average prices in the past 12 months fell 4.1 percent. Minneapolis was the only city to see a bigger annual decline than Phoenix, with prices falling 9.1 percent.

Nationwide, unadjusted prices increased 0.9 percent in July from June. Only two markets posted month-to-month declines. In Phoenix and Las Vegas, prices eased 0.2 percent.