Every month we stumble across a number of real estate articles and blogs that stand out as breaking news in Arizona, and are relevant to real estate professionals. We read hundreds of articles every week about Arizona real estate, but only a few stand out from the information overload as news worthy.
Arizona has been in the news all week for our amazing comeback in the real estate industry, from home prices rising to multiple bids on homes; the market is definitely getting better. However, the news this month is the national foreclosure stats that fell on an annual basis in August. According to RealtyTrack, 99,405 homes entered the foreclosure process in August, up 13 percent from August last year. Although we have a long way to go before foreclosure stats reach the pre housing bubble level, this news has the real estate industry buzzing all over the state and around the nation.
Next up, according to the construction buzz, two new warehouses are being built in Phoenix. The first is an industrial facility being built on a 27 acre parcel in Park Riverside by Prologis Inc., which is going to be the biggest speculative warehouse built in Phoenix since 2008. The second is being built by Marshalls, a Fortune 500 retailer. This 1.2 million square foot warehouse on 100 acres will also be built in Park Riverside. The Marshalls’ distribution center, located on the southwest corner of 55th Ave and Lower Buckeye Rd, will be hiring over 300 people to run its new facilities.
A little more controversial this month, Ally Bank, Citibank, Chase, Wells Fargo and Bank of America claim that they spent $500 million to help distressed Arizona homeowners. This shocking news was released in a report on Wednesday, which divulged the status of the $25 billion lender settlement. Many critics say they have yet to find where that $500 million was spent. Regardless, if the settlement between the County Attorney General and the 5 big lenders go as planned, an average of $75,000 will go to individual Arizona borrowers.
We are almost done wrapping up this interesting month in real estate. Before we go, there’s also news here at Powerhouse Realty. Our listing, 1022 S Coral Key CT in Gilbert Arizona will be featured on the radio station 1100 Business To Business this Sunday at 2pm. We encourage you to tune in to learn more about this listing and to hear from our team.
To stay up to date with real estate news in Arizona, get the latest real estate trends and understand how they affect your real estate career, contact us today.