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
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
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
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
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
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
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
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
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
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
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
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
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
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?
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
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]
See Which Arizona Charter Schools Top National Rankings
U.S. News & World Report, the global authority in education rankings, today announced the 2023-2024 Best High Schools rankings. The rankings evaluate nearly 18,000 public high schools at the national, state and local level. This year’s rankings showcase the schools whose students demonstrate outstanding outcomes, surpassing the anticipated benchmarks, including … [More]
August Job Growth among Small Businesses Unchanged from July
According to the Paychex | IHS Markit Small Business Employment Watch, the national Small Business Jobs Index — which measures the rate of small business job growth in the U.S. — is essentially flat at 99.10, a decrease of 0.04% in August. Meanwhile, an hourly earnings growth rate of 3.98% among U.S. small businesses is unchanged in August from July and below four percent for … [More]
