Daily Archives: November 20, 2008

Attorneys question Mortgages Ltd. settlement with downtown Phoenix developer

[Source: Andrew Johnson, Arizona Republic] — Attorneys for investors in construction lender Mortgages Ltd. expressed skepticism during a bankruptcy hearing Tuesday about a settlement the company wants to enter with a development firm that borrowed money for condominium projects.   Mortgages Ltd. attorneys say settling with KML Development is in the best interest of the nearly 500 investors who put up about $43 million for numerous loans to the borrower.

KML planned to build mixed-use condo towers in downtown Phoenix and Tempe.  The company borrowed loans from Phoenix-based Mortgages Ltd. under the names University and Ash LLC, Roosevelt Gateway LLC, and Roosevelt Gateway II LLC for development costs.  [Note: To read the full article, click here.]

Depression-era interviews of 700 Arizonans preserved

[Source: Richard Ruelas, Arizona Republic] — The Works Progress Administration, a government public-works program started during the Great Depression, didn’t just leave Arizona with canals and sidewalks.  It also preserved some personal human history.  The project yielded oral histories of about 700 residents, most of whom were elderly when they were interviewed in the 1930s.  Consider them slices of government-funded history.

The WPA, later renamed the Work Projects Administration, was part of the New Deal that President Franklin D. Roosevelt instituted during the Great Depression.  It included projects such as those canals and sidewalks.  But writers needed jobs, too.  So did teachers, librarians, artists, and other white-collar workers.  But according to the Web site of the Library of Congress, there was a belief that these folks might not make good bricklayers.  So the government launched the Federal Writers’ Project.  Part of its mission was to document life histories.  The project lasted from 1935 to 1939, before federal funding was yanked.

Melanie Sturgeon, director of Arizona’s History and Archives Division, said most of the interviews were done by the time federal funding dried up.  “By the time 1939 was over,” she said, “they were just cleaning (the interviews) up.”  Twelve boxes containing interviews are stored in the new Polly Rosenbaum Archives and History Building in downtown Phoenix.  The material is available for viewing in the archives center, just west of the State Capitol.  [Note: To read the full article, click here.]

Metro Phoenix housing prices dip again

[Source: J. Craig Anderson, Arizona Republic] — Lenders’ pledges to be more aggressive about modifying delinquent mortgage loans did nothing to ease Maricopa County’s swelling foreclosure rate in October, according to the latest housing report from Arizona State University.  Foreclosures on single-family homes increased from 3,655 in September to 3,745.  Meanwhile, home resales followed a predictable pattern of seasonal decreases, dipping to 4,465 transactions in October from 4,625 sales the month before.

The city with the highest ratio of foreclosures to resales was Phoenix, where there were 65 more foreclosures than regular sales.  The median resale price also fell slightly, to $175,000 in October from $180,000 in September.  The median price is down 30% from $250,000 in October 2007.

  Home Resale Median Price

Foreclosures

2007 Population Foreclosures Per Capita
Chandler           250 $241,200             1,335      246,399 0.542%
El Mirage             85 $101,925               100        26,431 0.378%
Surprise           280 $157,250               215        90,717 0.237%
Goodyear           125 $158,000               110        52,864 0.208%
Avondale           160 $142,250               160        79,798 0.201%
Peoria           195 $214,350               165      146,743 0.112%
Glendale           315 $154,650               275      253,152 0.109%
Phoenix        1,270 $121,950             1,335   1,552,259 0.086%
Mesa           440 $174,000               365      452,933 0.081%
Gilbert           290 $227,000               165      207,550 0.079%
Scottsdale           265 $441,500               155      235,677 0.066%
Tempe             75 $240,000                 35      174,091 0.020%
Sun City             40 $190,000                   5        39,000 0.013%
Maricopa Co.        4,465 $175,000             3,745   3,880,181 0.097%

Color Key: East Valley (green), West Valley (yellow), Phoenix (orange)

CenPhoTV for the week of 11/20/2008

A weekly video webcast about Phoenix living.  For more information, visit their website.