The Gilbert Arizona Temple will be located on the South East Corner of Greenfield and Pecos Road.

There has still been no groundbreaking ceremony scheduled for the Temple, however workers are currently getting the electrical trenches finished before the project begins.   The city council has approved the final steps in the process for the temple to be built.

The construction should begin shortly and is currently scheduled to be finished within 3 years.

The 15-acre site near Greenfield and Pecos roads would have 658 parking spaces and room for a future meeting house, which would likely be built within two to four years, town planner Amy Temes said.

The meeting house will include a chapel for Sunday worship services, which are open to the general public. The temple itself will be closed Sundays. Only church members are admitted to the temple.

Temples are used for church ceremonies such as weddings, baptisms on behalf of deceased ancestors and instructional ceremonies.

Pre-construction work on the temple site begins this month, and the church plans to hold a formal groundbreaking ceremony after the design receives final approval. Church officials estimate it will take about two years to build the temple.

During a preliminary evaluation, the Design Review Board asked questions about potential parking and traffic-flow issues but voiced no major concerns over the temple design.

The next Design Review Board meeting is scheduled for July 15

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This is a question facing many homeowners who may be considering a “voluntary foreclosure” that is, to simply stop paying the mortgage and give up the home because of how much negative equity has been accrued, this is also known as a strategic walkaway. From their perspective, to continue paying a $375,000 mortgage on a home that’s now only worth $220,000, is simply throwing good money after bad.

University of Arizona law professor Brent White argues that so-called “strategic defaults” can potentially save homeowners hundreds of thousands of dollars and are morally no different from a business deciding to cut its losses on a venture. He argues this is really the only option.

whether or not it is the smart move financially, family’s will still need a place to live, and many will want to return to home ownership eventually, particularly those who gave up their previous homes as an economic choice, rather than out of necessity.

Five-year wait for Fannie, Freddie mortgages

If you lose your home to foreclosure, voluntary or otherwise, you won’t be able to qualify for a Fannie Mae or Freddie Mac conforming loan for at least five years and perhaps seven. Same for an FHA loan. Because conforming and FHA mortgages account for the great majority of home loans made in this country, particularly in the middle and lower price ranges, that’s a pretty big obstacle to overcome.

Of course, you can always seek a nonconforming mortgage, but those lenders will have their own guidelines for how soon they’ll lend after a foreclosure. They’ll also be likely to demand a 20 percent down payment and charge a relatively high interest rate.

A short sale or deed-in-lieu of foreclosure may be better strategies than simply allowing your home to go into foreclosure. With a short sale, you can qualify for a Fannie Mae/Freddie Mac-backed mortgage in as little as two years, and three years on a deed-in-lieu. And while both have the same impact on your credit rating as a foreclosure, your credit can begin to recover in as little as two years after any of them.

Credit impacts decline after two years

That’s not to say you’ll get a great interest rate after two years, but you can at least get a decent one. Of course, the full effect of a foreclosure, short sale or deed-in-lieu will remain on your credit for seven years, but the impact does begin to tail off significantly after the first two.

As for the effect on your credit score of a foreclosure or short sale, many mortgage advisers say you can expect a drop of 200-300 points, with the biggest drop for those whose credit was previously unblemished. However, much of that decline is due to the accumulation of missed or late payments that precede a foreclosure or late score.   Put the impact of a foreclosure or short sale by themselves at about 100-150 points.

If you’re faced with the possibility of losing your home, either involuntarily or as a deliberate economic choice, you’re probably better off pursuing a short sale or deed-in-lieu instead of simply allowing the property to fall into foreclosure. The effect on your credit score may be the same, but if you want to get back into home ownership within a relatively short time, either a short sale or deed-in-lieu will provide the quicker route back, provided your lender is agreeable to them.

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With Summer so obviously upon us, a great deal of time is though about our air conditioning and high electricity bills.  Gilbert is home to the first country in the U.S. to have an entire community to be built to reduce energy consumption by over 80%.

Meritage Homes has built its first green neighborhood in Gilbert, Ariz., according to a report in the Phoenix Business Journal. The energy-efficient subdivision aims to reduce energy consumption by 80 percent, according to the report. According to a report in the Wall Street Journal, the company said that much of the energy-saving technology deployed in the community did not exist as recently as a year ago.

Boasting a unique solar system that harnesses energy as well as heat, a tight envelope, and an array of conservation-minded products, houses in Meritage Homes’ new Arizona community exceed Energy Star requirements by 50%–while still maintaining a starting price point of $174,900.

Each of the 210 homes in the Lyon’s Gate development in Gilbert, Ariz., will feature a roof-mounted Echo solar system from PVT Solar. The systems not only convert sun power to electricity like traditional PV panels, but also transfer the remainder of the sun’s heat to air drawn-in under the panels for use in water and home heating; cool air is brought in during nighttime hours to supplement stale indoor air. According to PVT Solar, Echo generates twice as much energy as a basic PV system but only costs about 25% more.

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In the new issue of Money Magazine, an article ranks the best places to live in 2010.  Two locals in Arizona made the top 100.  Scottsdale and Gilbert were both represented in the July Issue.

Scottsdale was ranked 71st while Gilbert filled in the 36 spot.  The cities were ranked on issues such as, safe streets, good schools, ample job opportunities and affordable real estate.

Gilbert was described as such:

Population: 216,000

Whether grabbing something to eat at the famed Joe’s Real BBQ restaurant, shopping in the Downtown Heritage District, or hitting the greens at the Trilogy Golf Club, residents of Gilbert are never at a loss for things to do.

This safe city a half-hour outside Phoenix celebrates the anniversary of the paving of Gilbert Road each year during Gilbert Days, a three-day event that includes a rodeo, a parade and a carnival.

The housing market was hit here hard, though, and it has yet to recover.

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Mortgage rates dipped to record lows this week, with the 30-year fixed rate hitting 4.74%, Bankrate.com reported Wednesday from its national weekly survey. Adjustable rate mortgages also slid as the average 5-year ARM touched 4.06% and the 7-year declined to 4.46%. Looming uncertainty over the pace of economic recovery has sent investors to safer plays in Treasurys, and “will help keep rates at ultra-low levels,” the note stated. At current rates, homeowners who refinance would save on average $199 each month.

Seeing rates this low get everyones excitement up.  The knee jerk reaction is to go out and refinance, because the average person will save 200 a month.  However, while you will most definitely save money refinancing is not for every homeowner.   When people get wrapped up in the excitement of lowering their mortgage payment they often forget about the upfront refinancing fee’s.

Make sure to run the numbers before you pull the trigger on a refinance.  Origination fees, the appraisal, pulling the credit score, having your title insurance all these things do add up.  If you plan to move within the next few years the numbers might not pencil.   For instance, if you will be saving $100 a month, but you know you will be moving in two years.  The savings might look good but if it costs $3,000 out of pocket you will still end up $600 short.

For homeowners who have been living at their home for a long time, refinancing may hurt their wallets as well.

“If you’ve had your mortgage for a number of years, your monthly payments are probably primarily principal at this point,” says Cohn. “If you refinance, you’re going to add on years and years of interest payments, which may take away the benefit of refinancing. Because in the long run, you’ll end up having paid more money over the life of the new loan.”

Those who are planning to refinance should be prepared for stricter lending standards. Only a high credit score and a secure income will ensure premium rates. Also, homeowners should have sufficient equity in their homes or else have to put more money down.

Most banks today when you are refinancing require that you have at least 20 percent equity in your property. With property values having fallen over the course of the past few years, many people are no longer with the equity position that they had when they purchased the property.  There are a lot of people that bought with 10 percent down who may not have the 20 percent equity in order to be able to refinance.

So before spending the money to refinance, run the numbers.  Don’t let the excitement of lowering your payments blind you from the financial math.

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Underwater mortgages have become a very difficult problem for many homeowners who have seen their home’s value drop significantly over the past months. Homeowners are growing so frustrated with the situation that many are just walking away from their home in what is being termed a “strategic default”.

However, many homeowners have been asking about principal reductions for homes that have lost a substantial amount of value. Many homeowners across the nation have seen their house decrease in value from it’s purchase price and worry that they will be unable to either pay off their home loan or sell their house for a profit in the future.

Some lenders have been hesitant to use principal reductions when helping homeowners with an underwater mortgage, but there are some mortgage lenders who will help homeowners with this form mortgage aid. However, there are still many struggling homeowners that are angry they are not able to get a principal reduction on their home loan.

There are other assistance options available for individuals with an underwater mortgage, but not all lenders are using each of these assistance programs from the Making Home Affordable Program nor are all homeowners who are in need of some form of underwater mortgage assistance getting help.

Yet, homeowners with an underwater mortgage may be able to, for instance, short sell their home or take advantage of underwater refinancing opportunities from certain lenders. Basically, homeowners who have an underwater mortgage and are finding it difficult to make their home loan payment as a result may be able to get more help on their mortgage than homeowners who simply want a cheaper principal amount so that their home may be sold for profit in the future.

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Last week the LDS Church unveiled its design for the new Gilbert Temple

A detailed site plan went before the Gilbert Design Review Board in a study session on Thursday and could come back for approval in July.
The Temple will be 83,000 square feet and will use ivory-colored stone and concrete and feature leaded-glass windows. A 195-foot spire will rise from the center of the three-story structure, capped by a gold-plated statue of a trumpeting angel, a trademark symbol of Mormon temples.

Colorful gardens with water features and accent lighting around the temple are meant to encourage contemplation, meditation and rest, according to a report submitted to the board.

The 15-acre site near Greenfield and Pecos roads would have 658 parking spaces and room for a future meeting house, which would likely be built within two to four years, town planner Amy Temes said.

The meeting house will include a chapel for Sunday worship services, which are open to the general public. The temple itself will be closed Sundays. Only church members are admitted to the temple.

Temples are used for church ceremonies such as weddings, baptisms on behalf of deceased ancestors and instructional ceremonies.

Pre-construction work on the temple site begins this month, and the church plans to hold a formal groundbreaking ceremony after the design receives final approval. Church officials estimate it will take about two years to build the temple.

During a preliminary evaluation, the Design Review Board asked questions about potential parking and traffic-flow issues but voiced no major concerns over the temple design.

The next Design Review Board meeting is scheduled for July 15

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A shift in Arizona home-buying tactics is helping homebuilders.

Home buyers are getting frustrated with the bidding wars and delays in foreclosures and short sales. During the past few months, a growing number of people have opted to buy new homes or existing homes sold through a regular sale. This is good news for new Home Builders.

“We are competing with the resale market in the Valley,” said Steve Hilton, chairman of Scottsdale-based Meritage Homes. “People will pay a small premium for a new home now in prime locations.”

The median price of a metro Phoenix new home sold during April was $199,362, up from $188,000 a year earlier, according to the “Phoenix Housing Market Letter.”

Many builders ramped up home construction in anticipation of the federal homebuyer tax credit. The deadline for the credit was April 30. Buyers have until June 30 to close on home purchases signed by the deadline. That means sales spurred by the federal tax credit could boost new-home sales until July.

Josh McNeil is shopping for a new home in Gilbert or Queen Creek. He didn’t make the deadline for the federal tax credit but thinks he will find better deals on homes now.

“Prices have gone down some in a few places where I am looking,” he said. “I think the builders built homes for buyers they thought would move faster for the tax credit.”

New-home sales in metro Phoenix climbed slightly to 823 in April from 789 during the same month a year ago.

McNeil is planning to buy in the next six months and wants a new home because he has friends who have failed multiple times trying to buy foreclosures or short sales.

Cautious outlook

The increase in land purchases is one of several early signs of higher expectations for the new-home market.

Nationally, builder confidence is the highest it’s been since August 2007, according to the monthly National Association of Home Builders/Wells Fargo Housing Market Index.

Through April, new-home permits in the Phoenix area were up 90 percent from last year.

But to keep that increase in perspective, 2009 was the slowest year for home building since the early 1970s. For the first four months of this year, 2,964 new-home permits have been issued in metro Phoenix, compared with 1,561 for the same period in 2009. May figures aren’t yet available.

“I think Phoenix’s housing market will gradually get better. But I am not looking for it to get dramatically better anytime soon,” Hilton said. “Some builders are overpaying for land now because they are too optimistic.”

Land prices have climbed faster in metro Phoenix than in almost any other part of the country, according to a report from the national housing-research firm Zelman & Associates. California’s Inland Empire area has also seen big jumps in land prices

The forecast for metro Phoenix home building during the next few years is for small annual increases until at least 2012.

Housing analyst Brown expects 8,500 new homes to be built in metro Phoenix this year, up from 8,000 in 2009. But his forecast calls for 22,000 new permits in 2012.

Market watchers are waiting to see if new-home sales continue to climb later this summer, after the final deadline for the federal homebuyer tax credit. No one is expecting big monthly increases in metro Phoenix home building this year, but small gains could lay a foundation for the industry’s recovery

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Falling real-estate values are one consequence of the worst environmental disaster in U.S. history as oil keeps gushing from a BP well once pumped by the Deepwater Horizon rig. An April 20 explosion there killed 11 workers. Oil washing ashore will further harm property values in an area where Moody’s Economy.com estimates prices fell as much as 34 percent from the peak of the U.S. residential real estate market in 2006.
The median U.S. home price was $173,100 in April, down 25 percent from July 2006, according to the Chicago-based National Association of Realtors. Florida real estate is among the hardest hit markets, with one in every 184 households in the foreclosure pipeline, according to RealtyTrac Inc., an Irvine, California-based data company. Only Nevada and Arizona have higher rates, RealtyTrac said yesterday.
25,000 Barrels
BP’s well had been spewing 25,000 to 35,000 barrels of oil a day, according to estimates by U.S. government scientists released yesterday.
The spill may cost the London-based company $37 billion in cleanup and reimbursements for economic damage to the tourism and fishing industries, according to a June 2 report by Credit Suisse Group AG. The report didn’t include the effect on property values.
Costar, based in Bethesda, Maryland, made its forecast for property prices assuming a 10 percent loss based on previous disasters, such as oil spills, hurricanes and the 1979 Three Mile Island nuclear accident in Pennsylvania, Miller said. His estimate relied on recent sales data of property within 200 feet of the Gulf waterfront and spanning 600 miles from Venice, Louisiana, to Clearwater, Florida.
The analysis valued the property at about $3 million an acre, or $43 billion for the entire coastline measured, he said.
Louisiana Forecast
Costar’s loss estimate aligns with a projection for southern Louisiana and Mississippi property values by Arthur Sterbcow, an independent real estate broker and analyst in New Orleans. Sterbcow forecasts values in that area will fall 5 percent to 15 percent in the next 12 months.
“It could be 20 percent in some areas,” Sterbcow said in a telephone interview. “Every day I’ve had to revise my numbers negatively.”
One of the first real estate casualties will probably be mortgage payments by hotels and restaurants if tourists avoid the area during the peak summer season, said Don Epley, director of the center for Real Estate at the University of South Alabama in Mobile, Alabama.
Occupancy in Florida Gulf Coast motels increased 7.2 percent from May 1 through May 29 compared with a year earlier, according to Jan Freitag, vice president of global development at STR Global, a travel research company based in Nashville, Tennessee.
Beach Vacations
The increase may be attributed to visitors “frontloading their vacations to be at the beach while there still is a beach,” Freitag said June 9.
“The defaults will start happening in early fall,” Epley said. “You can directly attribute those to the oil spill.”
The disaster has led to the closing of about 78,300 square miles (203,000 square kilometers), or almost a third, of federal waters in the Gulf of Mexico to fishing, the National Oceanic and Atmospheric Administration reported June 7. A six-month moratorium on offshore drilling will shut 33 deepwater rigs in the Gulf, costing as many as 20,000 jobs by the end of next year, Louisiana Governor Bobby Jindal wrote in a June 2 letter to President Barack Obama.
“It would be the knockout punch the Great Recession didn’t deliver,” Jack McCabe, a real estate analyst in Delray Beach, Florida, said of the oil spill. “If oil hits the beaches, there’s no way to quantify the devastation.”
St. Joe Co., which owns 578,000 acres (234,000 hectares) in northwest Florida, including about 130 miles on the Gulf Coast, has seen its stock fall 34 percent since April 29, when Jindal declared a state of emergency. The company has built protective booms and taken aerial photos and soil samples as evidence in case it files damage claims with BP, Jacksonville, Florida-based St. Joe said in a June 8 statement.

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