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-   -   Phoenix Development News (3) (https://skyscraperpage.com/forum/showthread.php?t=173764)

PHX31 Mar 5, 2010 4:53 PM

/\ I totally agree. It would be nice if the dirt lots of Phoenix were much smaller. It would allow for smaller developments and much better infill (row houses, 3-4 story apartment or condo buildings with retail, etc.) all which are unique from each other. As it is now, will the superblocks of downtown ever get developed? And if so, will it be anything more than monolith after monolith with half of the block likely a parking lot creating no type of cohesion? Or, will it be any better than the huge Artisan Villiage - which would be cool if it was about 1/8 the size, surrounded by simililarly-sized, but unique developments?

Leo the Dog Mar 5, 2010 5:12 PM

Quote:

Originally Posted by PHX31 (Post 4731628)
/\ I totally agree. It would be nice if the dirt lots of Phoenix were much smaller. It would allow for smaller developments and much better infill (row houses, 3-4 story apartment or condo buildings with retail, etc.) all which are unique from each other. As it is now, will the superblocks of downtown ever get developed? And if so, will it be anything more than monolith after monolith with half of the block likely a parking lot creating no type of cohesion? Or, will it be any better than the huge Artisan Villiage - which would be cool if it was about 1/8 the size, surrounded by simililarly-sized, but unique developments?

Very good points. Speaking of super-blocks, when i was looking at the updated google maps, it is very evident that the entire east side of DT consists of these super blocks, not really pedestrian oriented even in the heart of our DT.

I also noticed that Garfield neighborhood continues to open up. Just take a look at how many vacant dirt lots are there, it has gone from bad to worse. This is a great opportunity for the city of phx to re-develop this area into dense urban living, one small project at a time. How about tax incentives for developers in Garfield?? We don't need massive Alta style projects right now, but we could still continue to add residents in Central Phx.

PHX31 Mar 5, 2010 5:19 PM

I think the city has shot itself in the foot twice. First, by allowing the destruction of many of these older homes and apartments and neighborhoods through the years... that's a given. Second, they they spent years buying up and tying together lots into huge superblocks which will never amount to anything.

But oh well, at least we have pockets left here and there and imaginations.

mwadswor Mar 5, 2010 6:24 PM

Quote:

Originally Posted by Don B. (Post 4731346)
Personally I prefer negative griping to negative gripping, but I digress. :D

Actually, I'd post positive economic news for Phoenix, but there isn't much of that lately, now is there? This is what happens to a one-horse economy built around sprawl and construction of single family homes as your dominant industry, and Talton warned of these things years ago when the party was still roaring hard. This is why Phoenix is facing $200+ million deficits and the state is selling off their office buildings for a lease back scheme. Face it, especially when it comes to state funding, Arizona is the poster child for running a Banana Republic within the United States. Mississippi of the west comes to mind...

Let's see:

313,000 jobs lost since 2006 (second highest percentage lost of all major U.S. cities)
Unemployment rising to nearly 10% from 3%
A dozen high-rise buildings abandoned or in foreclosure, perhaps more
23% of the single-family homes in Phoenix have been foreclosed, are in foreclosure, or are behind as of this writing
Whole suburban neighborhoods ravaged
New construction reduced 90% from 70,000 homes per year to 7,000
A median real estate price of $125,000, down from $266,000 in 2006 and now lower than cities like Salt Lake City, Kansas City, etc. (fourth worst in the U.S.)
17,000 businesses lost in Phoenix since 2006
A 17% drop in retail sales since 2006

Just calling a spade a spade. Sorry I don't run around with my fairy wings on with fruity tights trying to bring oodles of joy to people's lives as you seem to think that's the only thing I should do.

:)

--don

I was browsing SSC the other day and came across this post. I know it's probably not fair to dredge up old posts, but I just find the night and day differences in tone and attitide shocking.

Three guesses who wrote this in July 2006 in a thread predicting what Phoenix would look like in 2009.

Quote:

July 25th, 2006, 10:20 PM

^ This fear is massively overrated of a market crash affecting much of anything. The fact is that people keep moving to Arizona by the thousands every year. They all need a place to live. School enrollments are skyrocketing, driver's license applications increase by 100,000 per year, demand for utilities, etc. Every single standard you can think of that might show that people are moving here is soaring.

In terms of the market, some of the far-flung areas of the city are seeing minor drops in housing prices. However, that only affects investors. People that are actually living here are doing fine. Jobs are increasing, wages are increasing, etc. If you are in no hurry to sell, the market time is fine. My partner and I are still flipping some properties in Arizona and making money. It just takes time and quality work. It is harder than last year but there is still a market. To top that off, some zip codes are still increasing, especially in the core of the city and better neighborhoods.

We are seeing a minor correction in housing prices, but this is nothing compared to the crash of the late 1980s.

Several of the proposed skyscrapers not under construction will get built as there is still some demand. Obviously, not all proposals will come to fruition, but many will.
http://www.skyscrapercity.com/showpo...3&postcount=44

Here's to hoping that some day we can all return to this kind of optimism :cheers:

Don B. Mar 5, 2010 6:28 PM

^ I was wrong, and I'm man enough to admit that. Never again will I be suckered in...

--don

Vicelord John Mar 5, 2010 7:39 PM

The little engine that could turned into Chicken Little in four years.

HooverDam Mar 6, 2010 1:04 AM

Quote:

Originally Posted by Leo the Dog (Post 4731646)
Very good points. Speaking of super-blocks, when i was looking at the updated google maps, it is very evident that the entire east side of DT consists of these super blocks, not really pedestrian oriented even in the heart of our DT.

The Urban Form project addresses this issue. They also noticed the blocks are too long North-South wise, and are looking to create a pedestrian paseo through there roughly lining up w/ Taylor St.

combusean Mar 6, 2010 4:17 AM

Quote:

Originally Posted by Don B. (Post 4731346)
Personally I prefer negative griping to negative gripping, but I digress. :D

Actually, I'd post positive economic news for Phoenix, but there isn't much of that lately, now is there? This is what happens to a one-horse economy built around sprawl and construction of single family homes as your dominant industry, and Talton warned of these things years ago when the party was still roaring hard. This is why Phoenix is facing $200+ million deficits and the state is selling off their office buildings for a lease back scheme. Face it, especially when it comes to state funding, Arizona is the poster child for running a Banana Republic within the United States. Mississippi of the west comes to mind...

Let's see:

313,000 jobs lost since 2006 (second highest percentage lost of all major U.S. cities)
Unemployment rising to nearly 10% from 3%
A dozen high-rise buildings abandoned or in foreclosure, perhaps more
23% of the single-family homes in Phoenix have been foreclosed, are in foreclosure, or are behind as of this writing
Whole suburban neighborhoods ravaged
New construction reduced 90% from 70,000 homes per year to 7,000
A median real estate price of $125,000, down from $266,000 in 2006 and now lower than cities like Salt Lake City, Kansas City, etc. (fourth worst in the U.S.)
17,000 businesses lost in Phoenix since 2006
A 17% drop in retail sales since 2006

Just calling a spade a spade. Sorry I don't run around with my fairy wings on with fruity tights trying to bring oodles of joy to people's lives as you seem to think that's the only thing I should do.

:)

--don

Please do this in another thread.

HooverDam Mar 6, 2010 8:30 AM

Quote:

Originally Posted by Don B. (Post 4731346)
= Sorry I don't run around with my fairy wings on with fruity tights trying to bring oodles of joy to people's lives as you seem to think that's the only thing I should do.

I never said or implied that. I bitch about stuff all the time, I hate on ABOR, I hate on our visionless leaders, I hate on people I meet in planning and parks departments, I hate on people who show up at public meetings, etc. Everyone I know in real life thinks Im fairly negative and complainy, so if you're out doing me on it, its probably a bit much is all. I don't mind bitching and now is certainly the time to, but lets sprinkle in some optimism too.

Phoenix is still a great place to live, its getting better all the time and has oodles of potential, lets not lose sight of that.

Leo the Dog Mar 6, 2010 12:12 PM

Quote:

Originally Posted by HooverDam (Post 4732540)
The Urban Form project addresses this issue. They also noticed the blocks are too long North-South wise, and are looking to create a pedestrian paseo through there roughly lining up w/ Taylor St.

Would the paseo terminate at 3rd St, AMC/AZ Ctr? That would be great if it did.

HooverDam Mar 6, 2010 5:27 PM

Quote:

Originally Posted by Leo the Dog (Post 4733004)
Would the paseo terminate at 3rd St, AMC/AZ Ctr? That would be great if it did.

Yes, it already does. The paseo would just be an extension of the Taylor St mall on the West side of the Civic Space Park. Like Ive said before, I wish they'd reorient AMCs entrance to face Taylor street, that would be nice.

Here's a drawing from Urban Form:
http://img132.imageshack.us/img132/1156/taylorst.png

Leo the Dog Mar 7, 2010 12:17 PM

^^^

Ok, I'm confused as to the wording of "paseo", I was thinking that they would turn it into a pedestrian corridor, eliminating vehicle traffic.

Whats the dark green lines and dotted red lines indicate on the map?

Don B. Mar 7, 2010 2:43 PM

Quote:

Originally Posted by combusean (Post 4732740)
Please do this in another thread.

And what thread would that be? A number of the stats I posted pertain directly to Phoenix development. I could put it in my signature block...heh.

--don

CANUC Mar 8, 2010 5:26 PM

Quote:

Originally Posted by Don B. (Post 4734245)
I could put it in my signature block...heh.

--don

You might as well, you repeat the same garbage enough.

Don B. Mar 8, 2010 7:15 PM

^ Quit yer kvetching...

Since this is supposed to be a thread about news (whether good or bad) and not about bashing people, a piece of positive news:

http://www.azcentral.com/community/p...sts-trend.html

Prices luring more visitors, reversing downward trend

Room deals and freebies are the spring-season staples at Phoenix-area hotels and resorts again this year. To lure Cactus League fans, sun seekers and golfers in a still-sluggish economy, value is a must, even in this peak month of the peak tourism season, hoteliers say.

The good news: The specials appear to be drawing guests in droves, a welcome sign after nearly a year and a half of double-digit declines in occupancy rates because of the recession, increased competition and other factors.
Hotel occupancy rates have been on the rise in greater Phoenix this year, up 1.7 percent in January and an estimated 5 percent in February, according to Smith Travel Research. Hotel-industry executives say early signs are for an even stronger March because of the gradual return of business meetings, an increase in vacation travel and continuing deals.

--don

Don B. Mar 8, 2010 7:18 PM

This is interesting:

http://www.azcentral.com/community/p...ng-zoning.html

Mariposa Street residents seek reversal of zoning for parking

Residents in east Phoenix are fighting to prevent a parking structure from being built in their neighborhood. They filed two lawsuits against the city to make certain city leaders won't permit a parking structure based on a zoning stipulation that expired more than 20 years ago. In this case, no one is proposing a new development or use for three properties on Mariposa Street, but neighbors say they are taking the necessary steps now to protect their home values.

In the 1980s, a developer rezoned three residential properties near 32nd Street and Camelback Road for structure parking as part of a proposed commercial office development. Development faltered and the project changed, but the owner-occupied residential properties kept the zoning for a parking structure.

In 2007, following a developer's attempt to use the expired zoning for parking to support a parking project on Mariposa Street, neighbors sued the city to strip the zoning classification....

--don

combusean Mar 8, 2010 10:13 PM

Quote:

Originally Posted by Don B. (Post 4734245)
And what thread would that be? A number of the stats I posted pertain directly to Phoenix development. I could put it in my signature block...heh.

--don

None of your stats point to a specific project proposed or under construction in the City of Phoenix or anything remotely related to development.

Seriously go create an Economy Thread next time you feel like posting bad news.

Don B. Mar 8, 2010 10:36 PM

Never mind, it's not worth it. I get it...

On another note, since I'm clearly too negative, I'm not going to maintain this thread:

http://forum.skyscraperpage.com/showthread.php?t=74733

...any longer. If there is a Phoenix forumer who wants to take it over, knock yourself out. I'll give you my info but I am going to remove the photos and whatnot from my website.

--don

PHX31 Mar 8, 2010 11:40 PM

/\TSK TSK. Now it sounds like you're going to leave and then come back again. j/k. What was your original screen name? don85028?

If there's nothing going on, it shouldn't be too hard to keep it up.

HooverDam Mar 8, 2010 11:50 PM

Quote:

Originally Posted by Don B. (Post 4736067)
Never mind, it's not worth it. I get it...

On another note, since I'm clearly too negative, I'm not going to maintain this thread:

http://forum.skyscraperpage.com/showthread.php?t=74733

...any longer. If there is a Phoenix forumer who wants to take it over, knock yourself out. I'll give you my info but I am going to remove the photos and whatnot from my website.

--don

People are just asking nicely that you 1. post stuff in the proper forum and 2. don't post the same sort of stuff over and over. There's no reason to over react and leave. You're a terrific photographer and very knowledgeable poster, Im sure we'd all (though I cant speak for Vicelord) hate to lose you :D

Don B. Mar 9, 2010 12:00 AM

Quote:

Originally Posted by HooverDam (Post 4736212)
People are just asking nicely that you 1. post stuff in the proper forum and 2. don't post the same sort of stuff over and over. There's no reason to over react and leave. You're a terrific photographer and very knowledgeable poster, Im sure we'd all (though I cant speak for Vicelord) hate to lose you :D

^ Guys, I'm not planning on leaving (sorry Vicelord!) this site, I just don't have time to maintain that thread anymore. The fact that it has been pounded into my head by more than one person here that I'm "too negative" has made me think that perhaps I'm not the right one to keep it going. I'm also going to replace that folder of images with something more appropriate for my website. There's enough drama in this thread...don't need any more.

Moving on...

--don

PhxPavilion Mar 9, 2010 1:31 AM

I don't think that thread will need to be updated for quite awhile.

SunDevil Mar 9, 2010 2:40 AM

http://blogs.studentlife.utoronto.ca...at-300x225.jpg

Vicelord John Mar 16, 2010 5:23 AM

It's been too long since a post here....


http://i33.photobucket.com/albums/d6...a/DSC_3306.jpg

Tito714 Mar 16, 2010 6:53 AM

nice pic, where did you take it from? Camelback Corridor?

Vicelord John Mar 16, 2010 4:38 PM

32/Lincoln

Leo the Dog Mar 16, 2010 5:48 PM

Great shot! Looks like 44 monroe has more lights on??

gymratmanaz Mar 16, 2010 7:07 PM

I was wondering if I saw more furnature on balconies too. Anyone know a count for 44 Monroe?

Vicelord John Mar 16, 2010 7:33 PM

some of the lights on the north side of 44monroe I feel could be reflections. There are not that many occupied units, though there are more than before.

PhxPavilion Mar 17, 2010 12:25 PM

Most of those look like balcony lights.

SethAZ Mar 17, 2010 2:49 PM

I can't go to this (damn day job) but its an invite from ASU to talk with people from the community. I know there are going to be people there talking about adaptive reuses of the Ramada Inn instead of turning it into a parking lot. If you haven't already, you should email the City Council and let them know how foolish their decision is.


The Communities Connect Dialogues are a series of presentations, workshops, conversations, and celebrations that bring ASU students, faculty, staff, and community members together to build more connected, vibrant communities.

Join us as an Attendee in the Dialogues and you can:

SHARE your thoughts about improving our local communities
LEARN about resources at ASU and in the community that can support your efforts
FIND potential partners through multiple networking opportunities

Join us as a Presenter in the Dialogues and you can:

Enjoy all of the above and...
Showcase your community-based efforts by delivering a dynamic 10-minute presentation (there are opportunities to present on all four campuses, as indicated by the word SHARE below)

Individuals who are interested in presenting should contact Jacqueline Smith for guidelines and more information at Jacqueline.V.Smith@asu.edu. All presentations will be video recorded and made available at ASU Community Connect <http://maildogmanager.com/link.html?url=451&client=ui&campaign=95&email=nan.ellin@asu.edu>. Presentations and topics will also be included in an upcoming publication featuring the many varied ways ASU and our communities work together for positive impact. Copies will be provided to all presenters and distributed widely throughout the university and beyond.

Downtown Phoenix Campus
Thursday, April 1, Civic Space Park, A.E. England Building
Join us for presentations and interactive workshops about setting up internships and finding community partners.

SHARE: presentations begin at 9 a.m.
Other opportunities include: morning networking over coffee, lunchtime samplings from local restaurants, and workshops about internship development and more.

Continue the conversation on Friday, April 2, 6:00 p.m. - 9:00 p.m. at action, advocacy, arts <http://maildogmanager.com/link.html?url=493&client=ui&campaign=95&email=nan.ellin@asu.edu> , University Center, 411 N. Central Ave.

Vicelord John Mar 17, 2010 5:16 PM

Phxpavilion.... No. Trust me those are reflections. I just looked at the full size.

Don B. Mar 18, 2010 2:04 PM

I don't know this restaurant, so I can't qualify this as being "bad news" or "no one really cares news":

http://www.azcentral.com/thingstodo/...05-closes.html

In a blow to the downtown Phoenix restaurant scene, Matt Carter's eight-month-old Nine 05 suddenly shut down Monday afternoon. But according to Carter, the closure had very little to do with the vibrancy of the Fourth Street and Roosevelt area. Instead, it had everything to do with tight money.

"My back was against the wall," he said in an interview Wednesday night...

--don

HX_Guy Mar 18, 2010 3:28 PM

I didn't know it was the same guy that also owned the Mission in Old Town, I freaking love that place!

PHX31 Mar 18, 2010 3:52 PM

Sounds like according to the article it wasn't that it was slow... but other deciding factors. That little strip is pretty cool, something will be back. Does that mean the bar is also closed?

Vicelord John Mar 18, 2010 3:53 PM

It blew. The concept and managment were shit.

Leo the Dog Mar 18, 2010 11:13 PM

Broken into 20 times since they opened? Who would want to even risk a new investment there?

Vicelord John Mar 19, 2010 12:13 AM

A lot of people dont like matt, and there are a lot of hipsters around there

jvbahn Mar 19, 2010 6:38 AM

New York Times article.
 
Not so good press for Phoenix, but does compliment the efforts downtown.

http://www.nytimes.com/2010/03/17/re...ce=patrick.net

combusean Mar 20, 2010 4:12 AM

Also: First Friday's downtown from the NYT

http://travel.nytimes.com/2010/01/31...surfacing.html

phoenixboi08 Mar 20, 2010 11:01 PM

Quote:

Originally Posted by combusean (Post 4755497)
Also: First Friday's downtown from the NYT

http://travel.nytimes.com/2010/01/31...surfacing.html

That's so cool! I didn't realize this. I haven't lived in Phx since over 7 years ago, and haven't been in the last 5 years...definitely need to visit :D

Leo the Dog Mar 23, 2010 10:53 AM

Phoenix Real Estate News
 
Source: http://finance.yahoo.com/real-estate...ousing-markets

Quote:

America's Most Underwater Housing Markets
by Luke Mullins
Friday, March 19, 2010
provided by

Negative equity--what you have when you owe more on your home loan than the property is worth--is one of the defining features of the still-unfolding mortgage crisis. It's a particularly nasty problem because it can lead to all sorts of unpleasant outcomes for the real estate market and the economy as a whole.

Having negative equity, which is also known as being "underwater" on a mortgage, makes homeowners more likely to end up in foreclosure. It restricts a borrower's ability to refinance or buy another home, which in turn stifles demand for housing. It even reduces the flexibility of the labor market, since underwater homeowners are less willing to leave town to take a different job, says Stan Humphries, the chief economist at Zillow.

"We have never had negative equity like this at the national level in as many different regions as we have now," Humphries says. To get a better sense of the cities with the greatest concentrations of negative equity, Zillow provided U.S. News with data that detail the percentage of mortgage borrowers who are underwater in 142 distinct markets throughout the country. Based on this research, we compiled the following list of America's most underwater housing markets. (Please note: We chose no more than one city per state.)...

3. Phoenix

As exotic mortgage loans and investor demand swept through the market, home prices in Phoenix jumped more than 101 percent from 2002 to their 2006 peaks. Jay Butler, an associate professor of real estate at Arizona State University, says many people who purchased property in Phoenix during the boom felt pressure to get in on the action. "You had [real estate] seminars all over the place, you had 'flip this' shows," Butler says.

"You were constantly being fed a barrage that if you weren't actively participating in this thing, you were not only denying yourself a great bit of wealth but your kids [and] your grandkids." But once the music stopped, the housing market in Phoenix was clobbered. Home prices dropped more than 52 percent from their peaks through the third quarter of 2009. And as of the fourth quarter of last year, nearly 62 percent of single-family home mortgages were underwater, according to Zillow.

dtnphx Mar 23, 2010 11:19 PM

Construction ready to roll on $187M health sciences building

Phoenix Business Journal - by Angela Gonzales

The Arizona Board of Regents now can begin construction on a $187 million research and education building on the Phoenix Biomedical Campus, which will create 2,000 construction jobs.

The Joint Committee on Capital Review met to review the project on March 23, the only step holding up construction. The 268,000-square-foot Health Sciences Education Building, part of the planned expansion of The University of Arizona College of Medicine - Phoenix in partnership with Arizona State University, is supported by future Arizona Lottery revenue through a financing plan that begins in 2016. The universities will issue bonds immediately and make interest-only payments on them for five years to get the project underway.

Dr. Stuart Flynn, dean of the medical school’s Phoenix campus, said he is ecstatic.

“If I could do a cartwheel, I would do one,” he said. “Now we know we’re over a huge hurdle and it’s just going to be very difficult to slow this momentum down at this point. It’s been a long journey and tomorrow we go to work on keeping the campus moving forward with a new building now in sight.”

Now that the JCCR has reviewed the project and as bond proceeds become available, construction on the building could begin as early as April, creating 2,000 construction jobs.

Overall expansion plans for the Phoenix Biomedical Campus is expected to generate $2.1 billion in economic impact each year.

The Arizona Board of Regents endorsed the expansion plan in December, allowing the medical school to expand its class size to at least 110 students per year from its existing 48 medical students in Phoenix. Also in that building will be students from the ASU College of Nursing and Health Innovation as well as other health-related programs from Northern Arizona University.

------------------------------------------
The 2.1 billion in economic impact per year seems really high, but hey what I know...

Vicelord John Mar 23, 2010 11:27 PM

Quote:

Originally Posted by Leo the Dog (Post 4760623)

how bout the picture they used for that article? Hello 1990's

PhxPavilion Mar 24, 2010 11:11 AM

Quote:

Originally Posted by Vicelord John (Post 4761772)
how bout the picture they used for that article? Hello 1990's

At least it's not a bad shot.

Leo the Dog Mar 24, 2010 12:22 PM

Quote:

Originally Posted by Vicelord John (Post 4761772)
how bout the picture they used for that article? Hello 1990's

Haha true, look at the old B of A tower...has the old logo and everything.

Leo the Dog Mar 24, 2010 9:53 PM

Not a construction development but for all of you iPhone users out there, there is a new free AZCentral app out. Its not bad.

glynnjamin Mar 24, 2010 9:54 PM

oh great - more douchiness on AZCentral.

Leo the Dog Mar 24, 2010 11:22 PM

Quote:

Originally Posted by glynnjamin (Post 4763686)
oh great - more douchiness on AZCentral.

Thats what I thought too, but you can't post on the iphone app. :tup:

Vicelord John Mar 25, 2010 8:53 PM

Well, fuckin' a. If I can get one under $500,000 I may jump.




Phoenix's cluster of brick minimansions called Chateaux on Central has a new owner. Wisconsin-based MSI West Investments paid $7 million for the 21 homes with elevators and rooftop terraces.

The high-profile project was started during the housing boom. Then, plans called for the homes, some with turrets and wine cellars, to each sell for $2.8 million and higher. The current deal breaks down to less than $350,000 a home.


Chateaux on Central, at Central Avenue and Palm Lane, has been tied up in Mortgages Ltd.'s financial problems for the past few years. When the original lender, Desert Hills Bank, filed to foreclose in 2007, Mortgages Ltd. took over with a $65 million financing deal. Then, Mortgages Ltd. was forced into bankruptcy by its creditors and investors in June 2008, and Chateaux on Central had been stalled ever since.

Chateaux's new owner intends to unveil its plans for the development soon. Central Phoenix neighbors of the project, including many office tenants on Central Avenue, will be happy to see the homes completed.

"We are very aware that the eyes of the community have been focused on this project for quite some time and that, with the acquisition, comes a tremendous responsibility to provide a top-quality development," said Bill Schmitz, president of MSI West Investments, which paid cash for Chateaux on Central.

MSI West Investments is a division of the food-industry firm Main Street Ingredients of La Crosse, Wis. Joe Morales of Arizona Realty ONE Group has been hired by MSI West to market and sell the homes.

Chateaux on Central is so high profile that it was featured in last year's New York Time's list of "Ruins of the Second Gilded Age."


Mortgage-fraud summit

U.S. Attorney General Eric Holder will be in Phoenix on Thursday for a mortgage-fraud summit. The event is part of the Financial Fraud Enforcement Task Force formed by President Barack Obama last year.

The Phoenix event will be the second summit for the task force. The first was held in Miami in February.

Mortgage fraud began to plague Phoenix's housing market during the boom, when illegal cash-back deals were happening in almost every neighborhood. Now, most fraud schemes in the Valley involve foreclosures.

A diverse group of Arizona market watchers, fraud experts, state and federal regulators and prosecutors as well as real-estate leaders have been invited to Phoenix's mortgage-fraud event.

Reach the reporter at catherine.reagor@arizonarepublic.com.


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