The Phoenix area housing composite was the only market in the 20 city index to record a month over month increase from October to November of 2011. With inventory near all time lows, this trend is expected to continue with year over year numbers to be in positive territory in the next one or two releases of data.
Tuesday, January 31, 2012
Tuesday, January 24, 2012
Arizona up in population rankings
According to the Phoenix Business Journal, Arizona is poised to overtake Indiana and become the 15th most populous state. Population was expected to hit 6,553,719.
Wednesday, January 11, 2012
Careful of what you wish for
In a recent article, the Arizona Republic pointed out that those who are thinking of doing strategic foreclosures or sympathize with those who do may be doing their own pocketbooks harm. As we so often forget, most loans are sold off to FNMA or Freddie MAC, so any loses on those loans is now costing us, the taxpayer. They would have absorbed the costs themselves in the past but the government has stepped in due to their insolvency and the burden of the loss has been place squarely on our shoulders.
Now the two government sponsored entities are getting banks to pony up for losses due to faulty underwriting but that is a drop in the bucket. It is hard not to sympathize with people who are 30-50% underwater because we see big businesses do it all the time. There is a sentiment out there that "Wall Street got theirs, where is ours?" I would never be one to judge someone for what they decide to do but keep in mind, it is not harming the Banks as much as you think. As usual, it is coming to rest on the shoulders of we, the taxpayers.
Now the two government sponsored entities are getting banks to pony up for losses due to faulty underwriting but that is a drop in the bucket. It is hard not to sympathize with people who are 30-50% underwater because we see big businesses do it all the time. There is a sentiment out there that "Wall Street got theirs, where is ours?" I would never be one to judge someone for what they decide to do but keep in mind, it is not harming the Banks as much as you think. As usual, it is coming to rest on the shoulders of we, the taxpayers.
Wealthiest Zip Codes in the Phoenix MSA
The numbers are in from the end of last year and according to the Phoenix Business Journal the five wealthiest zip codes were, in order:
85253 Paradise Valley with a median net worth of $808,289 and average new worth of $1,716,970
85262 Scottsdale with a median net worth of $804,999 and an average net worth of $1,728,889
85263 Rio Verde Foothills with a medium net worth of $705,209 and an average net worth of $1,571,223
85266 Scottsdale with a median net worth of $699,486 and an average net worth of $1,590,101
85255 Scottsdale with a medium net worth of $646,958 and an average net worth of $1,507,681
85253 Paradise Valley with a median net worth of $808,289 and average new worth of $1,716,970
85262 Scottsdale with a median net worth of $804,999 and an average net worth of $1,728,889
85263 Rio Verde Foothills with a medium net worth of $705,209 and an average net worth of $1,571,223
85266 Scottsdale with a median net worth of $699,486 and an average net worth of $1,590,101
85255 Scottsdale with a medium net worth of $646,958 and an average net worth of $1,507,681
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