The Dealmaker: 2/3/2017

Big cities with the most affordable rent prices include Phoenix.
“AppFolio [‘an online property management company’] commissioned data from Axiometrics to find the effective rent growth (ERG) and average monthly rent figures.” This Yahoo Finance piece teases with just the top 5 “most affordable” cities. To see a slideshow for all 20, you’ll have to click the link at the end of the article. http://bit.ly/2kB2uqE

PLAN AHEAD – Cave Creek initiates general plan schedule for 2018 ballot. “Because voters rejected the 2016… General Plan last year, [A.R.S.] requires the town to submit its proposed 2018 General Plan… Citizens are encouraged to review the document [via the town’s website]… and offer any comments they may have during [an upcoming] public meeting.” (And a review of the plan probably isn’t such a bad idea because, according to this piece in Sonoran News, the 2016 General Plan “appeared to be rejected primarily due to misunderstandings and misconceptions citizens had.”) For date, time, and location of this “public-input” meeting, click it—> http://bit.ly/2kavPrj

Mesa’s Kavanaugh reflects on his beloved ‘caring community’, steps away after 16 years on city council. Regrets? Sure, Dennis Kavanaugh’s had “a few,” just like Sinatra in “My Way.” And while (unlike Sinatra) Kavanaugh actually does “mention” his regrets, not only are they few, but they’re also far between in this East Valley Tribune look-back. This piece focuses instead on a “consensus-building politician” who “gets along with everybody” — someone who “liked being a council member so much that he came back and did it again” after getting “booted off the ballot in 2004…. [At] his last City Council meeting… Mayor John Giles thanked Kavanaugh… for… dedication and service to the city.” And we here at Dealmaker would like to do the same! Thanks Counselman Kavanagh And good luck! http://bit.ly/2kpLiCj

Homeownership rate bottoming out? And the reason Eye on Housing poses the question? Because, according to the Census Bureau’s Housing Vacancy Survey, “[t]his is the second consecutive [rate] increase, following a 50-year low of 63.1% in the second quarter of 2016.” Click through for highlights from the Survey, including charts/graphs for “Homeownership by Age,” “Housing Vacancy Rates,” and “Household Counts.” http://bit.ly/2k4skjz

TRIAL… BALLOON – Court nixes development deal with space tourism, research firm in southern Arizona. “[A] Tucson judge sided with the libertarian Goldwater group, which argued Pima County ran afoul of state rules governing subsidies and incentives to businesses.” The case involved an “economic development and real estate deal between [the county] and [World View Enterprises which is a] firm that uses high-altitude balloons to get into Earth’s stratosphere.” More on the ruling and how the Board of Supervisors plans to deal with it, in Phoenix Business Journal. http://bit.ly/2kxJmtR

55+ housing market ends fourth quarter on record high. “The single-family 55+ Housing Market Index (55+ HMI) jumped eight points to 67 in the fourth quarter of 2016… This is the highest reading since the inception of the index in 2008…. The NAHB produces two 55+ HMIs: one for the single-family market and another for multifamily condominiums” — and this report in Eye on Housing has graphs of both for your data-viewing pleasure—> http://bit.ly/2kxBLeY

Homeowners waiting longer to break even on buying a home. “[T]he time it takes to break even on a home increased one month from one year and 10 months in the fourth quarter 2015 to one year and 11 months in 2016, but some markets were much more pronounced… according to the Q4 2016 Zillow Breakeven Horizon.” HousingWire looks at the report and presents the “top nine metros that saw the most slow down in time to break even after buying a home.” Is metro Phoenix on the list? http://bit.ly/2k4ipdJ

Mortgage apps nosedive. “[A]pplications fell 3.2 percent… from the previous week… Volume was 18 percent lower than the same week one year ago. Most notable was a 13 percent drop in FHA applications — a direct result of the Trump administration reversing a cut in the FHA’s annual mortgage insurance premium just hours after the inauguration,” reports  CNBC’s Diana Olick, who also delivers the data via videocast, where she opens with “I’m not doin’ the politics, I’m lookin’ at the numbers.” Yeah, right! http://bit.ly/2kawmJP

Freddie Mac housing outlook: Uncertainties abound. “Outlook for January looks at the uncertainties facing the housing market heading into the second month of 2017…”  And Mortgage News Daily’s Jann Swanson looks at how “[p]ost-election, expectations about [‘fiscal policy, foreign investments in U.S. real estate, and the size of the mortgage market’] have shifted.” http://bit.ly/2kaoIyZ