The West Valley Expert

Economic Outlook

April 17, 2007 - The federal bank, thrift, and credit union regulatory agencies today urged financial institutions to work constructively with homeowners who are unable to make mortgage payments. They state that "Prudent workout arrangements that are consistent with safe and sound lending practices are generally in the long-term best interest of both the financial institution and the borrower."

"Under the Homeownership Counseling Act, financial institutions should inform certain borrowers who are delinquent on their mortgage loans (hone loans secured by a single family dwelling that is the borrower's principal residence) about the availability of homeownership counseling. The Department of Housing and Urban Development (HUD) maintains a list of approved counselors."

"If a [military] service member defaults on a mortgage, the Servicemembers Civil Relief Act (SCRA) prohibits the sale, foreclosure, or seiziure of service members property secured by the mortgage during the period of military service, or within 90 days thereafter. Institutions are required to notify service members of their rights under the SCRA. While the SCRA requirements apply only to obligations that were originated prior to the service member's military service, the agencies encourage institutions to work with service members and their families who are unable to meet any of their contractual obligations."

Information on HUD's counseling services

HUD's service member notice

March 31, 2007 - In a report released today by Colliers International Phoenix, called 2020 Vision, the stretch of I-10 between Loop 101 and Loop 303 is predicted to "resemble the current image of north Scottsdale, with high-end retail, power centers, Class-A office buildings and high-end demographic housing."

The report also predicts that the "Southwest Valley population will grow to 800,000 and will capture 30-35 percent of the single family housing permits for Metropolitain Phoenix."

In the shorter term, the population is expected to increase to between 400,000 and 550,000 people by 2010. The report also notes that two large "power centers" will be completed in 2008: Westccor's Estrella Falls Market, and Canyon Trails Towne Center. In addition, work will be complete in 2009 on Westcor's 1.2 million square foot Estrella Falls regional mall, which will be an outdoor style mall similar to Kierland Commons.

Also of note is the planned widening of I-10 to 10 lanes, between Dysart Road and Sarival Avenue, in 2009.

February 26, 2007 - Today, the Maricopa Association of Governments (MAG), the Arizona Department of Transportation (ADOT), the Maricopa County Department of Transportation (MCDOT), and the cities of Buckeye, Goodyear, and Suprise released the details of a study of the transportation needs for the far west valley. The area is bounded by Loop 303 on the east, 459th Avenue on the west, Carefree Highway on the north, and the Gila River on the south.

The Interstate 10 - Hassayampa Valley Roadway Framework Study sets out the conceptual framework for the transportation needs for the region through the middle of the century. The study predicts that Buckeye and Surprise will become the 3rd and 4th largest cities in the state, with Buckeye's population possibly exceeding that of Phoenix today.

The study foresee a minimum of four east-west freeways to link the Hassayampa Valley to the Metropolitain Area over and above existing facilities. These freeways would be spaced approximately 8 - 10 miles apart. It also anticipates north-south high capacity corridors spaced every 3 - 4 miles.

The study predicts a population of 3 million and 1.1 million households in the Hassayampa Valley, and an additional 3 million people and 1.1 million households in the Hiden Valley planning area. The Hidden Valley planning area is bounded on the north by the Gila River south to Gila Bend and bounded on the west by the county border east to approximately the town of Mobile.

January 31, 2007 - Growth of the West Valley's economy is expected to continue unabated into the new year, economist and consultant Elliott Pollack Wednesday told the annual meeting and economic forecast of Westmarc, a regional coalition of business, government and education leaders.

"Economic growth in the West Valley will see little or no slowdown in 2006 and likely will continue at dramatic rates," said Pollack to a crowd of more than 300 business and community leaders in attendance at the Glendale Civic Center, a 25 percent increase over the previous year's Westmarc event.

"The Arizona economy is booming," added Pollack, "and the West Valley is growing more rapidly than virtually any other area."

In addition to Pollack's address, the Westmarc meeting also featured the election of its 2006 board and executive committee. Hal DeKeyser, a longtime Valley journalist, will assume the chairmanship from Lee Peterson, the president and chief executive of Sun Health, who has been chairman for the past 20 months.

"It is exciting to be in the hub of the most dynamic growth in the country right here in the West Valley," said Peterson. "And yet, we are also facing the most significant infrastructure challenges any community can face. I believe Westmarc is well-positioned to assist and lead our community."

Jack Lunsford, president and chief executive of Westmarc, presented Westmarc's annual report to its members and outlined some of the challenges the West Valley faces.

"Our dramatic growth in the West Valley will force us to focus on solutions for more timely and aggressive freeway construction, building schools more quickly to accommodate new families, and assuring that our health care infrastructure can meet the demands of the rapidly growing population," said Lunsford.

The Westmarc CEO pointed out that more than 40 percent of the Valley's total population in the next 15-20 years will be west of the Loop 101.

Pollack, in his remarks, said Lunsford's number is low and that it will more likely be 58 percent.

In assuming leadership of Westmarc's board of directors, DeKeyser said "The West Valley clearly is the 'now' side of town, and I'm looking forward to doing whatever I and Westmarc can do to help the real movers and shakers -- the cities, businesses and organizations here -- to create and evolve this dynamic region."

I can help you with a 1031 Exchange

Visit

for more information.