New Data Reveals Impact of Popular Airline Credit Cards to Arizona Economy

inbusinessPHX.com

A new analysis by Airlines for America (A4A) – the industry trade group representing major U.S. carriers – reveals there are nearly 30 million U.S. airline credit card holders in the United States who rely on their airline credit cards to accrue loyalty points, which can be used for travel, flight upgrades and other benefits such as dining at local restaurants or shopping for … [More]

National Housing Report for August 2023 Released, Phoenix YOY New Listings Rose 36.6%

inbusinessPHX.com

New listings rose 1.8% sequentially in August, bucking the typical July-to-August seasonal trend of decline. Last year, new listings declined 12.8% in August, the second month in a streak of six month-to-month declines that ended in January. Home sales rose 7.4% over July and the Median Sales Price of $425,000 was unchanged across the 50 metro areas surveyed. Meanwhile, … [More]

Home Purchases Fell Through at the Highest Rate in Nearly a Year in August, Says Report

inbusinessPHX.com

Residential real estate deals are falling through at the highest rate in almost a year as high mortgage rates give homebuyers sticker shock, according to a new report from Redfin, the technology-powered real estate brokerage. Nationwide, nearly 60,000 home-purchase agreements were canceled in August, equal to 15.7% of homes that went under contract that month. That’s up … [More]

Freeport-McMoRan Publishes Updated Climate Report

inbusinessPHX.com

Freeport-McMoRan Inc. announced the publication of its annual Climate Report outlining FCX’s ongoing progress to advance its climate strategy focused on reducing its greenhouse gas (GHG) emissions, enhancing its resilience to climate risks and contributing responsibly produced copper to the global economy. Richard C. Adkerson, Chairman of the Board and Chief Executive … [More]

Forecast Includes Arizona and Finds Small Businesses Confident, Undeterred by Economic Outlook

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Nearly eight out of 10 small business owners feel a strong degree of confidence that their companies will grow over the next year even amid rocky market conditions, according to a new survey. The ninth annual First Citizens Bank Small Business Forecast found 79% of owners to be somewhat or very confident their small businesses will experience growth over the next 6-12 months, … [More]

Monthly Housing Costs Hit All-Time High, Deterring Would-Be Buyers, Says Report

Rick McCartney

The median U.S. monthly mortgage payment hit an all-time high of $2,632 during the four weeks ending September 10. That’s according to a new report from Redfin, the technology-powered real estate brokerage. What homebuyers need to know: It’s more expensive than ever to buy a home, with monthly payments at a record high due to stubbornly high rates and home prices. Although … [More]

Buyers Are Seeing More Options as Housing Market Hits Its Late-Summer Slowdown

inbusinessPHX.com

An expected end-of-summer slowdown in the housing market came with a pleasant surprise for home shoppers in August. The latest market report1 from Zillow® shows an uptick of new listings. Although sellers are still listing fewer houses than pre-pandemic norms, the monthly increase gave buyers a bit of relief in the midst of a long-standing drought of inventory.   "Those … [More]

Annual U.S. Home Price Growth Rebounds in July, Says Report

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U.S. home price gains rebounded year over year in July, increasing to 2.5% and following two months of 1.6% annual gains. The annual reacceleration reflects six consecutive monthly gains, which drove prices about 5% higher compared to the February bottom. The 11 states that saw home price declines were all in the West, but since many of those markets continue to struggle with … [More]

Prices Rising Slightly on Main Street as Inflation Remains a Top Business Problem, Optimism Declined

inbusinessPHX.com

NFIB’s Small Business Optimism Index decreased 0.6 of a point in August to 91.3, the 20th consecutive month below the 49-year average of 98. Twenty-three percent of small business owners reported that inflation was their single most important business problem, up two points from last month. The net percent of owners raising average selling prices increased two points to a net … [More]

Phoenix Ranks Seventh for Data Center Construction in First Half of 2023

inbusinessPHX.com

Activity from cloud service providers continues to drive construction in Phoenix in the first half of 2023, helping the market retain its status as one of the primary data center markets* in North America, according to a new report from CBRE. There is 163.5 MW under construction in H1 2023 and 88.07% percent of the under-construction inventory in Phoenix is already preleased – … [More]

Business Owner Optimism Soars to 21-Year Record High while Hiring Concerns Linger, Says Survey

inbusinessPHX.com

PNC's latest semi-annual survey of small and mid-sized businesses, which concluded Aug. 9, shows that business owner optimism about the outlook for their own business in the next six months has reached a 21-year high amid strong expectations for sales, profits and demand. Despite PNC economists' predictions for a shallow recession starting in early 2024, business leaders' … [More]

Home Equity Increases from Winter to Spring, Arizona Down $37K

inbusinessPHX.com

CoreLogic®, a leading global property information, analytics and data-enabled solutions provider, today released the Homeowner Equity Report (HER) for the second quarter of 2023. The report shows that U.S. homeowners with mortgages (which account for roughly 63% of all properties) saw home equity decrease by 1.7% year over year, representing a collective loss of $287.6 billion, … [More]

Governor Celebrates Jobs, Strong Workforce, and Growing Economy

inbusinessPHX.com

Governor Katie Hobbs attended two events highlighting Arizona’s booming economy and investments in workforce training. Governor Hobbs attended and gave remarks at the Greater Phoenix Chamber Foundation Workforce Summit that brought together employers and education leaders from across the state. The event focused on discussions about workforce trends and tangible workforce … [More]

Phoenix Q3 Construction Stats: New Report Analyzes Trends in Labor, Supply Chain & Material Costs

inbusinessPHX.com

One of the fastest-growing design-build firms in America, LGE Design Build (LGE), today released its third quarter Construction Delivery Outlook report to examine trends within construction labor, supply chain and material costs across the country as well as in the company’s key markets of Phoenix and Dallas.“Despite the lingering challenges created by the pandemic, our report … [More]

More Than 80% of Home Shoppers Consider Climate Risks when Looking for a New Home, Says Survey

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  More than 4 out of 5 prospective home buyers consider climate risks as they shop, new Zillow research shows. Most say their major concern is flood risk, followed by wildfires, extreme temperatures, hurricanes and drought.  "Climate risks impact where most prospective buyers shop for a home," said Zillow senior population scientist Manny Garcia. "While all generations … [More]

Home Prices Tick Up After Two Months of Declines

inbusinessPHX.com

Following two months of year-over-year declines, home prices rose in August (+0.7%) as the number of homes on the market decreased for the second month in a row, down -7.9% year-over-year, according to the Realtor.com® August Monthly Housing Trends Report released today. Active inventory remained -47.8% below typical 2017 to 2019 levels, although an unseasonable increase in … [More]

Unlocking Opportunities with Hard Money

When does hard money lending make sense for businesses and investors?

by Elizabeth Hale

In today’s dynamic business and real estate investment landscape, the availability of fast and flexible financing is frequently the key to success.  That’s where hard money loans come into play. Hard money lending is a type of financing that allows borrowers to secure loans based on the value of real estate assets rather than their creditworthiness. While traditional … [More]

Real Estate Investors Pull Back, Buying 45% Fewer Homes Than a Year Ago

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Investor home purchases fell 45% from a year earlier in the second quarter, outpacing the 31% drop in overall home sales, according to a new report from Redfin, the technology-powered real estate brokerage. That’s the biggest decline since 2008 with the exception of the quarter before, when they dropped 48%. The decline comes as this year’s relatively cool housing and rental … [More]

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