The percentage of homes that have mortgages which are “underwater” has gone down dramatically in the Phoenix Metropolitan area. Mike Orr, Director of the Real Estate Center at the W.P. Carey School of Business at Arizona State University, will give us a real estate update. Joining him will be Kristena Hansen, who covers real estate for the Phoenix Business Journal.
The collapse of the real estate and financial markets sent Mortgages Ltd., a real estate investment firm, into bankruptcy. The company has emerged from Chapter 11 and is now selling off assets to try to recoup money for investors. We’ll hear from former Arizona Land Commissioner Mark Winkleman who has been hired to oversee that process. And we’ll go inside two premier properties: the Centerpoint Towers in downtown Tempe and the Chateaux on Central brownstones in central Phoenix, which were recently sold to a company that plans to put them on the market by the end of the year.
From mortgages to car loans to credit cards, many people are deep in debt because of our ailing economy. In part two of our series we look at the "credit crunch". Dr. Tony Sanders, ASU Professor of Finance and Real Estate for the W.P. Carey School of Business, joins HORIZON to talk about debt and credit and how it relates to the current economy.
How are the state and national economy affecting Arizona's job market? Joining us to talk about employment issues in Arizona are Department of Commerce Deputy Director Kent Ennis, a former Joint Legislative Budget Committee Senior Economist who has headed up the research division at Commerce, and Dennis Doby, Senior Director of Research Administration.
Did you know that people who sell mortgages in Arizona don't have to be licensed? State Senator Jay Tibshraeny has introduced a bill that would require licensing, education and regulation for those who sell mortgages.
Interest rates are on the rise and homeowners who took advantage of Adjustable Rate Mortgages (ARM) in recent years are feeling the financial pinch. And according to experts, foreclosures in the Valley are climbing at an alarming rate. Jay Butler, Director of the ASU Real Estate Center, will talk about today's housing market and the numerous homeowners left reeling.