Typical Homebuyer’s Mortgage Payment Up 15% since Mid-August

inbusinessPHX.com

The typical homebuyer’s monthly mortgage payment has climbed $337 (15%) over the past six weeks to a new high of $2,547, according to a new report from Redfin, the technology-powered real estate brokerage. The extreme volatility and recent surge in mortgage rates has caused many potential homebuyers to delay or cancel their plans to purchase a home altogether. Pending sales … [More]

Tumultuous Economy Challenges on Companies’ Consumer Relations

by Jonathan Shroyer

A potential worldwide recession may be on the horizon. Additionally, buyer priorities are changing in customer services and the overall customer experience. How will a tumultuous economic period such as this one impact the customer service industries as a whole? As we see the pandemic period ending and a potential worldwide recession on the horizon, we are starting to see … [More]

Fall Home Shoppers Find More Options amid Still-High Listing Prices, Phoenix Inventory Up 167%

inbusinessPHX.com

The U.S. housing market is offering home shoppers more options this fall than in 2021, as inventory increased 26.9% year-over-year in September, according to the Realtor.com® Monthly Housing Trends Report released today. While yearly listing price growth remained in the double-digits in September (+13.9%), the pace continued to moderate, suggesting that a rise in relatively … [More]

Most States Are Well Prepared to Weather a Recession, Not Arizona

inbusinessPHX.com

  The majority of US states have the resources needed to get through an economic recession, according to a new study from Moody’s Analytics. A record 43 states have the cash they need to weather an economic slump without having to resort to severe spending cuts or tax increases. “States have never been in a better position to make it through a recession,” … [More]

New Survey Reveals What Shrinks the Gender Gap for Working Women

inbusinessPHX.com

A July 2022 Great Place To Work® market research survey of nearly 4,200 workers found: More than half of women (54%) are open to leaving their jobs in the next six months One in 10 women want to leave their job, but don’t feel they can Only 45% of women report fair pay (56% for men) Only 45% report fair promotions (53% for men) The gender gap, however, … [More]

Sun Belt Homebuyers Are Backing Out of Purchases at a Higher Rate Than Anywhere Else in the U.S.

inbusinessPHX.com

Nationwide, roughly 64,000 home-purchase agreements fell through in August, equal to 15.2% of homes that went under contract that month. That’s up from 12.1% a year earlier and is comparable with July’s revised rate of 15.5%, according to a new report from Redfin, the technology-powered real estate brokerage. The percentage has now hovered around 15% for the past three … [More]

Bidding-War Rate Drops to Lowest Level since April 2020, Phoenix among Lowest

inbusinessPHX.com

Nationwide, 44.6% of home offers written by Redfin agents faced competition in August, the lowest bidding-war rate since the beginning of the pandemic when the housing market nearly ground to a halt, according to a new report from Redfin, the technology-powered real estate brokerage. It’s down from 63.5% a year earlier and a revised rate of 47.2% in July, and marks the … [More]

New Electric Vehicle Registrations Grew More Than 250% over the Last Five Years

inbusinessPHX.com

Electric vehicles (EVs), once thought of as an industry outlier, have demonstrated their staying power, with new EV registrations growing more than 250% over the last five years. According to Experian’s Automotive Consumer Trends Report: Q2 2022 there are more than 1.7 million EVs in operation in the US today (compared with more than 400,000 EVs in Q2 2018). This number may … [More]

Layoffs Continue around the Country but Not in Arizona

inbusinessPHX.com

With large-scale companies like Amazon, Gannett and Bed Bath and Beyond announcing layoffs recently, employees are growing increasingly concerned about job security. However, experts say that Arizona is not following this trend. Blake Quinlan of Express Employment Professionals, a top global staffing firm, says Arizona has only seen one major layoff in the last two years … [More]

EN NEGOCIOS: 10 maneras en que ser ecológico en su pequeña empresa ayuda a la economía local

por Edgar R. Olivo

La economía global se está volviendo más ecológica y se han abierto muchas oportunidades para los empresarios sostenibles que quieren ser parte de la revolución verde. Una empresa sostenible, o “verde,” es aquella que muestra un compromiso con un futuro ambientalmente sostenible al esforzarse por crear un impacto positivo en los recursos naturales y sus comunidades … [More]

10 Ways Going Green in Your Small Business Helps the Local Economy

by Edgar R. Olivo

The world’s economy is going green, and many opportunities have opened for sustainable entrepreneurs who want to be part of the green revolution. A sustainable, or “green,” business is one that shows a commitment to an environmentally sustainable future by striving to create a positive impact on natural resources and their local communities. Small businesses are a powerful … [More]

Record Share of Homebuyers Relocating, Many Are Coming to Phoenix

inbusinessPHX.com

A record 33.9% of Redfin.com users nationwide looked to move from one metro to another in July and August, according to a new report from Redfin, the technology-powered real estate brokerage. That’s up from 32.6% in the second quarter and about 26% before the pandemic. The U.S. housing market has slowed considerably from the height of the pandemic homebuying frenzy, … [More]

Prospective Home Sellers and Buyers Retreated in August as Mortgage Rates Approached 6%

inbusinessPHX.com

Seasonally-adjusted new listings of homes for sale fell 8% from July to August to their lowest level since May 2020, when the housing market was paralyzed by the onset of the COVID-19 pandemic, according to a new report from Redfin, the technology-powered real estate brokerage. Prior to the pandemic, we hadn’t seen so few homes hit the market since November … [More]

Phoenix Real Estate Market’s Latest Home Sales Data from August

inbusinessPHX.com

Phoenix REALTORS®, one of the foremost industry experts serving more than 11,000 real estate sales professionals Valley-wide, released the latest market data giving perspective to current real estate trends. The report, which is based on ARMLS data that includes primarily the Phoenix-metro area and some surrounding communities in Arizona, revealed a 10.5% increase in median … [More]

Drops in Home Sales Price Result in More Closings, Phoenix Sees YOY Decrease

inbusinessPHX.com

According to August data in the RE/MAX National Housing Report, home sellers, on average, accepted offers below their listing prices last month – a further indication of rebalancing in the housing market. Across the report's 51 metro areas, the average Close-to-List Price Ratio in August was 99%, meaning that homes sold for 1% less than the asking price. That's down from 101% … [More]

Mortgage Delinquencies Inch Up from May but Remain Near Record Low in June

Rick McCartney

CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released its monthly Loan Performance Insights Report for June 2022. For the month of June, 2.9% of all mortgages in the U.S. were in some stage of delinquency (30 days or more past due, including those in foreclosure), representing a 1.5 percentage point decrease … [More]

Inflation Eases for Some Small Businesses but Remains a Serious Problem

inbusinessPHX.com

The NFIB Small Business Optimism Index rose 1.9 points in August to 91.8, marking the eighth consecutive month below the 48-year average of 98 but reversing some of the declines in the first half of the year. Twenty-nine percent of owners reported that inflation was their single most important problem in operating their business, a decrease of eight points from July’s highest … [More]

U.S. Prices Rose 8.3% in the Year through August, Not What Economists Expected

inbusinessPHX.com

The Consumer Price Index for All Urban Consumers (CPI-U) rose 0.1 percent in August on a seasonally adjusted basis after being unchanged in July, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 8.3 percent before seasonal adjustment. Increases in the shelter, food, and medical care indexes were the largest of … [More]

More Jobs Than Ever Before, Arizona Economic Development Sets Record Again

inbusinessPHX.com

For the second year in a row, Arizona economic development efforts broke records. During the 12-month fiscal period that ended June 30, 2022, the Arizona Commerce Authority (ACA) and local economic development agencies successfully worked with companies that committed to creating a projected 24,186 new Arizona jobs - a single year record. Those companies also committed to … [More]

Industry-Specific Small Business Economic Trends Survey Is Somewhat Optimistic

inbusinessPHX.com

The NFIB Research Center released the latest industry-specific Small Business Economic Trends report highlighting small businesses in the construction, manufacturing, retail, and services industries. The overall Optimism Index in July was 89.9. “Small business owners in various industries continue to manage historic economic headwinds that are impacting their … [More]

In Business Dailies

Sign up for a complimentary year of In Business Dailies with a bonus Digital Subscription of In Business Magazine delivered to your inbox each month!

  • Get the day’s Top Stories
  • Relevant In-depth Articles
  • Daily Offers
  • Coming Events