Shares of home builders look pricey, vulnerable; affordability strained.Building homes not nearly as good a business as investors think it is, says The Wall Street Journal. –> http://bit.ly/2vbef9O
Buying a home just got easier for many Millennials with student loan debt. Millennials buried in so much student-loan debt that they could make the dean’s list at a college called I.O.U. “now have a better chance of buying a home” thanks to Fannie Mae and Freddie Mac “rais[ing] their debt-to-income ratios for borrowers.” Their actions have AZCentral real estate reporter Catherine Reagor a bit conflicted: “I cheer the good news for the many Millennials held back from a home purchase because of hefty student-loan debt. But then I worry about adding more debt to their load.” http://bit.ly/2g1GWTE
Loan delinquency rates in U.S. lowest in nearly a decade. [In May 2017], 4.5 percent of mortgages were in some stage of delinquency. This represents a 0.8 percentage point decline in the overall delinquency rate compared with May 2016 when it was 5.3 percent.” More from CoreLogic’s latest “Loan Performance Insights Report” in World Property Journal. http://bit.ly/2wv6lfD
FHFA extends HARP through 2018. “The program was set to expire on September 30, after being extended one year prior. At the time, the FHFA said that it was extending the crisis-era refinance program until Sept. 30, 2017 in order to ‘create a bridge’ to a new refinance product it was planning to launch in October 2017. Last week, the FHFA said the new high-LTV refinance program is still set to launch in October…” So why the extension? Find out in Builder. http://bit.ly/2wAX050
Salary needed to afford a home in popular U.S. markets. “Four of the top five markets are located in California and will require you to have salary over $100,000. In the number one market, San Jose-Sunnyvale-Santa Clara, California, the median home cost is $1,183,000 and the average salary needed to buy a home is $218,996.” For how the rest of the markets shake out nav to Builder. http://bit.ly/2xpVGiu
‘Regional citizen’ weighs in on Cave Creek’s general plan. “The three general plan segments discussed during the Aug.17 input session included: Land Use, Water Resources and Open Space.” Sonoran News has the recap of the session which featured input from a “regional citizen” (i.e., a Carefree resident) who “suggested the general plan declare no new development be approved without ‘wet water.’” (As opposed to developments that could be approved with merely “dry water” or even “dry dryness”??) http://bit.ly/2wkTSuj
NO “WET WATER” IN AJ – $2.4 million swim center to be removed from Apache Junction plan. Apache Junction Independent reports that the city of AJ is proposing to replace the recreation swim center with “Flatiron Community Park as a necessary public facility.” Details are scant in this AJI report; however, there is a link to the city’s official site for more info. http://bit.ly/2v2n4Xs
Sun City fire officials have construction start date. “The new fire station to be built [by Core Construction] at 111th and Michigan avenues in Youngtown will eliminate cramped conditions at the current station. The project, with a total estimated cost of $6 million… [is] expected to begin Tuesday, Sept. 5.” YourWestValley. http://bit.ly/2wkHVoo
Hobby Lobby opening two new Tucson stores and one in Nogales. “The new stores… will open next year… at Oracle and Orange Grove [in Plaza del Oro shopping center] and [in The Landing shopping center at] Interstate 19 and Irvington… The Nogales store will be… in the Mariposa shopping center” on Mariposa and Grand. Arizona Daily Star. http://bit.ly/2wjUWyK
Avondale Vice Mayor dies at 62; mayor to proclaim Aug. 28 ‘Sandi Nielson Remembrance Day.’ “Vice Mayor Sandi Nielson died Saturday morning… after ‘a courageous battle’ with… ALS.” Mayor Kenn Weise, who will “sign a declaration proclaiming… ‘Sandi Nielson Remembrance Day,’” said this about Neilson: “[S]he left an indelible mark on the lives of all she touched… I am so grateful to her and her contribution to Avondale. She will be greatly missed by all of us here at the city.” http://bit.ly/2x9kYlP
Dealmaker BONUS: Asian cuisine heavy hitters to reopen ShinBay, launch Sizzle Korean BBQ in Old Town Scottsdale. “Mutual friends connected the two chefs [Shinji Kurita and Hyunwook Lee], and Lee immediately knew he wanted Sizzle to share space with ShinBay… In September, HL Concepts will break ground at the southwest corner of Scottsdale Road and Second Street. When it opens in early 2018, the 4000-square-foot building will be split into two distinct spaces with separate entrances: • 3,000 square feet for Sizzle • 1,000 square feet for ShinBay.” AZCentral. http://bit.ly/2vlZq3i
Cameron’s $5M + deals of the day- http://bit.ly/2inOS2B
As a supplement to the Dealmaker, we thought you might enjoy these articles!
GOP on eggshells as Trump storms into Phoenix. “While White House officials won’t say exactly what’s on [President] Trump’s agenda… there is a widespread expectation that he will go after GOP Sen. Jeff Flake, a loud critic of the president… In the days leading up to Trump’s Arizona trip, Senate GOP leaders have implicitly warned Trump that attacking Flake, who faces a treacherous path to reelection, would only serve to further rupture his relationship with a congressional GOP wing…” POLITICO. http://bit.ly/2x9DGtK
Why Gov. Doug Ducey won’t attend President Donald Trump’s Phoenix rally. The governor will “greet” the president“ on the tarmac after Air Force One touches down.” However, AZCentral reports that Ducey will not be attending the Trump rally at the Phoenix Convention Center. Instead, he “will be working with law enforcement” to ensure “a safe event.’” It’s a decision one ASU political science professor says “illustrates the Trump tightrope” the governor has to walk in advance of a “2018 reelection bid.” http://bit.ly/2g2HF7a
Judge rules civil forfeiture case can proceed, legality of state laws at issue. “The case… surrounds the complaint of San Tan Valley resident Rhonda Cox. She said her rights were violated when Pinal County sheriff’s deputies took her truck and the Pinal County Attorney’s Office sold it based on the activities of her son.” Capitol Media Services’ Howard Fischer looks at the case along with the federal judge’s ruling that “has given the go-ahead for a broad-based challenge to Arizona statutes that allow police and prosecutors to profit from items they seize,” in Arizona Capitol Times. http://bit.ly/2wBi1wy
[IN-DEPTH] What if government just gave everyone cash, no strings attached? Seriously. “Right now in Oakland, Calif., there’s a family getting $1,500 a month for doing, well, whatever it wants to do….They can work, not work… They can spend it on food or rent… or yoga classes or movies… It’s all part of a nascent effort to answer a question that’s on the minds of a lot of economists and social scientists and a growing number of public officials [How can we make Ayn Rand roll over in her grave? No…]: Can giving people cash without any strings attached help lift them out of poverty? Governing examines the “radical concept” of “universal basic income.” (Forget Ayn Rand — even Marx & Engels must be doing a few spins over such a crazy idea!) http://bit.ly/2wvmFwU
Arizona mine inspector Joe Hart arrested on suspicion of domestic violence. “Kingman police were alerted on Thursday to a fight that… took place between the 73-year-old Hart and his 59-year-old nephew Kenneth Tooman…” AZCentral has the blow-by-blow along with Hart’s mugshot. (And from the looks of Hart’s condition in the mugshot, it’s a safe bet to assume that the nephew wasn’t the first one to cry uncle.) http://bit.ly/2wvcf0e
BONUS. One of the most stunning eclipse photos you’ll ever see. Credit: Eduardo Munoz/Reuters. Check it out in Rose Law Group Reporter. http://bit.ly/2wBl2gb
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