Thursday, September 29, 2022 / by Juan Grimaldo
A federal judge recently approved a settlement between the Securities and Exchange Commission and Phoenix-based Cavco Industries Inc. (Nasdaq: CVCO) over allegations that the company participated in insider trading under the direction of its former CEO.
A final judgement for the civil complaint that the SEC filed against Cavco in 2021 said the home manufacturer, without admitting or denying the allegations, has to pay a civil penalty of $1.5 million to the SEC within 30 days after the final judgement is filed.
The Sept. 23 filing also mandates that Cavco cannot directly or indirectly violate the antifraud and internal accounting control provisions of the Securities Exchange Act of 1934.
Cavco recently reported the settlement update and said that this resolves all claims in action against the company. Daniel Urness, Cavco's former CFO, is the remaining defendant in the ongoing action, the company said. Former CEO Joseph Stegmayer settled SEC claims last year.
"After working to res ...
Wednesday, September 28, 2022 / by Juan Grimaldo
It’s no secret at this point that the housing market in the Phoenix metro — and in the U.S. as a whole — has been steadily slowing the past few months, but the Valley continues to fall behind other markets when it comes to home price growth.
The Valley, which until this spring had the highest home price growth percentage in the nation for nearly three years, has fallen yet again on the latest S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, released Sept. 27.
The Phoenix metro fell to No. 5 among nation’s 20 largest housing markets for year-over-year price growth in July, with prices up 22.4% from a year earlier.
The average home price in the Valley was $343,180 in July, according to the index, which still represents a meteoric rise from the pre-pandemic average of $194,000 in July 2019,
Even though home values remain strong compared to last year, annualized price growth has tumbled a full 10 percentage points since March.
The Valley&nbs. ...
Tuesday, September 27, 2022 / by Juan Grimaldo
The Phoenix metro housing market is seeing some of the nation’s highest number of homebuyers backing out of deals, along with one of the biggest declines in bidding wars, according to research from real estate platform Redfin (Nasdaq: RDFN).
The findings come in two different reports from Redfin revealing more evidence of the cooling housing market amid rising interest rates and high inflation.
In one analysis of MLS data released Sept. 26, Redfin found that 21.6% of buyers in the Phoenix-area market called off deals in August, which was the sixth-highest rate out of the top 50 U.S. markets.
Phoenix wasn’t alone among Sun Belt cities, which claimed the top 15 spots on the list, with the top 10 all seeing rates higher than 20%. The national average of buyers backing out of contracts was 15.5%, which is roughly the rate seen over the past three months, Redfin said. A year ago, the rate was at 12.1% nationally.
“House hunters today are taking . ...
Monday, September 26, 2022 / by Juan Grimaldo
Mesa's Planning and Zoning Board will consider rezoning more than 45 acres and annexing land into the city that could make way for an auto mall and residential development near Phoenix-Mesa Gateway Airport.
Pew & Lake PLC applied to city's planning and zoning board on behalf of the Berge family, which has owned car dealerships throughout the Valley for decades. The site of the proposed project is located on Signal Butte and Williams Field roads and to the north of State Route 24, which partially opened in August. The board is set to consider the rezoning on Sept. 26.
The total site stretches for nearly 130 acres on both the east and west sides of Signal Butte Road. The bulk of the site — about 85 acres — on the west side of Signal Butte had already received zoning approval in 2019 for an auto mall.
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By Ron Davis, Reporter - Phoenix Business Journal ...
Monday, September 26, 2022 / by Juan Grimaldo
The True Strength of Homeowners Today
The real estate market is on just about everyone’s mind these days. That’s because the unsustainable market of the past two years is behind us, and the difference is being felt. The question now is, just how financially strong are homeowners throughout the country? Mortgage debt grew beyond 10 trillion dollars over the past year, and many called that a troubling sign when it happened for the first time in history.
Recently Odeta Kushi, Deputy Chief Economist at First American, answered that question when she said:
“U.S. households own $41 trillion in owner-occupied real estate, just over $12 trillion in debt, and the remaining ~$29 trillion in equity. The national "LTV" in Q2 2022 was 29.5%, the lowest since 1983.”
She continued on to say:
“Homeowners had an average of $320,000 in inflation-adjusted equity in their homes in Q2 2022, an all-time high.”
What Is ...