On a year-over-year basis, Consumer Price Index (CPI) inflation in the Phoenix metropolitan area and United States is down to its lowest point since March 2021 when it was 2.9%. At 4.4%, year-over-year price inflation in the Phoenix metropolitan area last month was 3 percentage points below its April reading of 7.4%. Between April and June Phoenix area inflation was 0.2%, a 0.7 … [More]
While U.S. Home Prices Rise for the First Time in Nearly Five Months, Phoenix Drops
The median U.S. home-sale price rose 1.5% from a year earlier during the four weeks ending July 9, the first increase in nearly five months. That’s according to a new report from Redfin, the technology-powered real estate brokerage. Average weekly mortgage rates are at their highest level since November 2022, bringing the typical homebuyer’s monthly payment to a … [More]
Commercial Chapter 11 Filings Increased 68% in the First Half of 2023
The 2,973 total commercial Chapter 11 bankruptcies filed during the first six months of 2023 represented a 68 percent increase over the 1,766 filed during the same period in 2022, according to data provided by Epiq Bankruptcy, the leading provider of U.S. bankruptcy filing data. Individual Chapter 13 filings increased by 23 percent during the same period. Overall commercial … [More]
Gen Z Values Flexibility over Pay: Report Shows What Motivates Workers of Four Distinct Generations
Talent and business consulting firm Robert Half released its 2023 Examining the Multigenerational Workforce report which explores what motivates workers of four distinct generations that make up today’s workforce. Social and economic disruption in the past few years compunded with a global health crisis have transformed workers’ life priorities and notion of what it means to … [More]
The Spring 2023 Homebuying Season Never Happened
As spring turns into summer, it’s official: The traditionally hot spring homebuying season didn’t come to fruition in 2023. That’s according to a new report from Redfin, the technology-powered real estate brokerage. This year, instead of the calendar determining the homebuying season, the Federal Reserve is dictating when people buy and sell. And so far, the Fed's actions are … [More]
Housing Market Slowdown Across U.S. Starting to Affect Upscale and Western Markets More Than Others
ATTOM, a leading curator of land, property, and real estate data, today released a Special Housing Impact Report spotlighting how the recent downturn in the U.S. housing market is starting to affect counties around the nation, based on key measures from the first quarter of 2023. The report shows that the Western region and other more-upscale areas around the country are … [More]
Arizona Is 10th ‘Most Improved’ State for Retirees, Says Study
Seemingly vying to appeal to the highest number of retiring individuals, each passing year presents a fresh ranking of the most desirable states for retirees. Recently, however, the landscape has fluctuated, with states gaining or losing allure based on various criteria including quality of life, affordable housing, reasonable healthcare costs, safety, and low … [More]
Renters Show Increased Interest for the Valley at the Beginning of the Rental Season
The Rental Activity Report is a comprehensive top of the 150 U.S. largest cities ranked based on the behavior of renters’ themselves. The millions of interactions on RentCafe.com do just that, providing data of their intent to move, which we compile in a monthly report. In June, Chandler and Glendale are the rental hotspots in Arizona, but, in fact, most large cities caught … [More]
Affordability Crisis: United States Needs 4.3 Million More Homes, Phoenix Needs 87,000
A significant shortage of affordable housing options is fueling America's affordability crisis, particularly for those looking to move out on their own for the first time, a new Zillow analysis shows. This huge housing deficit underscores the need for policies and investments that can boost construction. This lack of housing — especially affordable options — has left … [More]
Cash Management Strategies to Help Navigate Economic Uncertainty
Apply best practices and creative solutions
With the market in an ongoing state of financial flux, business owners may need to take new approaches when it comes to managing money. Just as budgeting can support business goals under typical circumstances, establishing plans for challenging periods can help ensure successful outcomes. Financial decisions require thorough consideration before acting, but applying best … [More]
The New WFH: Work from Hotel
Many of us have been working from home for months. While the benefits of WFH are plentiful, it can be downright soul-sucking to be in the same place every single day. Luckily, major hotel chains (from Marriott to Hilton) now offer work-from-hotel packages that give an appealing alternative for working remotely. So … At Passport Photo Online, we’ve decided to poll 700+ … [More]
Exclusivity: A Trending Choice for Gyms
Exclusivity in gyms and boutique studios is one of the most popular trends in the fitness industry this year. The intrigue of a curated community with flashy benefits, merch, private classes and the potential of spotting a celebrity at Pilates has been enough to make gym-goers crave this type of membership. From an operations perspective with a members-only business model, … [More]
Nikola to Reduce Personnel by Roughly 150 in Effort to Reduce Cash Spend
Nikola Corporation, a global leader in zero-emissions transportation and energy supply and infrastructure solutions, via the HYLA brand, today announced a progress update on its business optimization efforts, which are expected to result in a marked decrease in cash spend and streamlining of operations. In conjunction with these initiatives, Nikola conducted a thorough … [More]
There Are Nearly 40% Fewer Homes for Sale Now Than Pre-Pandemic, Says Report
The total number of U.S. homes for sale dropped 6% from a year earlier during the four weeks ending June 11, the biggest decline in 13 months. That’s according to a new report from Redfin, the technology-powered real estate brokerage. New listings dropped 23%, continuing a 10-month streak of double-digit declines. Those add to the deepening post-pandemic inventory … [More]
Arizona Wagered over $644 Million on Sports in March
Bettors in Arizona wagered over $644 million on sports in March of 2023, according to a new report by the Arizona Department of Gaming. “March of 2023 is the fifth time the state eclipsed $600 million in wagers and is the second highest month since the inception of sports betting in Arizona,” said Jackie Johnson, Director, ADG. “I look forward to seeing how sports betting … [More]
Phoenix Mayor Announces Inaugural Phoenix Global Economic Forum
Phoenix Mayor Kate Gallego announced the creation of the Phoenix Global Forum, an annual summit hosted by Phoenix Sister Cities and the International Economic Forum of the Americas (IEFA). The event will launch on May 2, 2024, at the Arizona Biltmore in Phoenix and will convene decision makers and experts to discuss society’s evolving needs amidst ongoing global challenges. … [More]
Home Buyers Outnumbering Sellers Spurs Impressive Price Growth, Even amid Muted Sales
Competition among buyers over few available houses has made this home shopping season unusually hot, according to the latest market report1 from Zillow®. Meanwhile, high mortgage rates are continuing to deter homeowners from listing, pushing inventory to record lows. "Many homeowners are still opting not to sell and give up historically low mortgage rates. But those who do … [More]
