Few economic reports were released last week due to the Labor Day Holiday. The Federal Reserve released its Beige Book Report, which documents anecdotes shared with the Fed by its regional business contacts. A job openings report, weekly jobless claims and Freddie Mac’s survey of mortgage rates was also released.
Fed’s Beige Book: Approaching Election Dampens Business Growth
According to the Federal Reserve’s survey of business contacts within its 12 districts, November’s election is causing business owners to take a “wait and see” position regarding expansion plans. Commercial real estate contacts in several Fed districts cited modest projections for sales and construction for the second half of 2016. The Bank of Canada supported Fed contacts’ view of modest growth; it characterized U.S. business growth as “less certain.”
Analysts review the Beige Book report for indications of how the Fed may adjust its monetary policy including whether or not to raise the target federal funds rate. The Beige Book report did not reveal any compelling evidence for the Fed to raise rates before year-end, but Fed Chair Janet Yellen said in a recent statement that economic conditions were strengthening and favored a rate hike before year-end.
November’s election will likely delay any rate hike until December. Fed policymakers have repeatedly said that a combination of economic trends, current readings and news reports contribute to decisions relating to interest rates and other monetary policy issues.
Job Openings Rise, New Jobless Claims Drop
July job openings rose from June’s reading of 5.60 million openings to 5.90 million openings to hit an all-time high. New jobless claims fell from 263,000 new claims to 259,000 new claims. The Labor Department also reported that hires increased from 5.17 million to 5.23 million in June. These readings are further indications of strengthening job markets and general economic growth.
Mortgage Rates Lower
Freddie Mac reported lower average mortgage rates last week; the average rate for a 30-year mortgage was two basis points lower at 3.44 percent; the average rate for a 15-year fixed rate mortgage was one basis point lower at 2.76 percent. The average rate for a 5/1 adjustable rate mortgage was two basis points lower at 2.81 percent. Discount points averaged 0.60, 0.50 and 0.40 percent respectively.
What’s Ahead
Next week’s scheduled economic reports include readings on retail sales, national inflation and consumer sentiment.
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Phoenix
AZ 85016
$475,000
2
Beds
2
Baths
1,319
SqFt
Status
Active
MLS #
6681747
Property Type
Apartment
Price Type
--
REDUCED & SELLER IS OFFERING A LEASE-PURCHASE OPTION ON THIS HOME! Contemporary Spacious Updated -TURN-KEY exceptional BILTMORE TERRACE at ARIZONA BILTMORE ESTATES controlled access gated & security patrolled -Enjoy Walking Paths 2 Pools+ 2 Spas, Clubhouse on the GOLF COURSE & LAKES Fitness Center ELEVATOR -Relaxing South Exposed Balcony for great natural light! CONVENIENCE: pedestrian access direct to BILTMORE PLAZA Restaurants+Safeway Grocery Stores! Spacious kitchen w plenty of cabinet+counter space & breakfast area. UPDATED baths w stone vanities, throughout LED Lighting+USB-charging plugs, carpeting Spacious master suite w dressing & conversation areas and double-sinks - desk! Inside full Laundry! Both Hot & Cold water included w HOA, on demand & unlimited!
9603 E Rocky Lake Drive
Sun Lakes, AZ 85248
$475,000
2
Beds
2
Baths
1,675
SqFt
Status
Active
MLS #
6683806
Property Type
Townhouse
Price Type
--
As you enter this corner unit single-level townhome, you will be greeted by a spacious living and dining area with plantation shutters and stunning upper stained glass windows. This leads to your beautiful kitchen with granite counters, cabinets with pull out shelves, a generous size pantry, and a dining area in the kitchen. There are tile floors throughout with the exception of the master bedroom and master closet, which is carpeted. Large master bedroom has French doors and master bath has a walk-in shower and dual sinks. The laundry room has added cabinets for additional storage, and a sink for convenience. Outside, relax on your covered patio overlooking the greenbelt. Swimming, tennis, golf, a restaurant and club house are just some of your community amenities. A must see!
3629 N 143rd Lane
Goodyear, AZ 85395
$475,000
4
Beds
2.5
Baths
2,111
SqFt
Status
Active
MLS #
6682662
Property Type
Single Family Residence
Price Type
--
Fabulous 4 Bedroom home in highly sought after neighborhood with ''A'' schools! This clean home has a great floor plan that offers lots of space and flexibility. The backyard features an expansive covered patio, extended cobblestone paver patio, and a view fence looking over the community park below. Inside there is a living room, family room and upstairs bonus room. BOSE speakers in LR/dining & patio. Living area features beautiful dark wood vinyl plank flooring, kitchen has matching GE appliances in dark stainless and includes the refrigerator. The home features ceiling fans, sunscreens, security system (owner doesnt use) and more. The garage has a sink and extra storage space. Come see this great home today &... Nice feature is none of the bedrooms share a common wall. Closets or bathrooms buffer all bedroom walls. Improvements made by the current owner includes: Dark vinyl wood plank flooring All door fixtures, handles and pins were replaced with oil rubbed bronze finish fixtures. Most of the house interior was repainted in 2016, with accent colors more recently. Built-in speakers on living room and on patio. Hunter Douglas dark wood blinds throughout Exterior was repainted in 2020. Extended Paver patio installed in 2020 and expanded in 2022 New Irrigation System for the grass in back yard Garbage Disposal replaced in April 2023 .
8782 W Laurel Lane
Peoria, AZ 85345
$475,000
3
Beds
2.5
Baths
2,037
SqFt
Status
Active
MLS #
6683709
Property Type
Single Family Residence
Price Type
--
PRIDE OF OWNERSHIP! This well cared for home is a RARE FIND. Starting with ALL NEW WINDOWS AND DOORS, including four sliding doors and sunscreens. NEW AC UNIT, and CUSTOM MODERN BLINDS. Ceiling fans with lights in every room. CARPET FREE. Upstairs has a HUGE LOFT for a second living room/office/or 4th Bedroom. SPACIOUS Master Suite, OVERSIZED CLOSET, Bathroom with separate TUB/SHOWER and TWO SINKS. Backyard has a COVERED PATIO, with a remote PATIO SUN SHADE, mature landscaping and beautiful GREEN GRASS. More than 50k of improvements. SOLAR PANELS with utility bills averaging $29/month. Located in a great, quiet neighborhood with walking distance to Cheyenne Elementary and close 101 freeway access. This one is a TRUE GEM.
10804 W Cottontail Lane
Peoria, AZ 85383
$475,000
3
Beds
2
Baths
1,889
SqFt
Status
Active
MLS #
6687334
Property Type
Single Family Residence
Price Type
--
Welcome home in the desirable Tierra Del Rio subdivision! This charming 3 bed, 2 bath residence boasts a den and a bonus room off the master bedroom, perfect for a home office or gym. Enjoy gatherings in the spacious eat-in kitchen with granite countertops, island and family room. Step outside to your private backyard featuring a covered patio, a built-in BBQ synthetic grass and cozy fire pit. With a 2-car garage and proximity to shopping, schools, TSMC factory, and freeway access, this home offers both functionality and convenience. Don't miss the chance to make this your forever home!
1923 E South Mountain Avenue
Phoenix, AZ 85042
$475,000
4
Beds
2
Baths
2,053
SqFt
Status
Active
MLS #
6691714
Property Type
Single Family Residence
Price Type
--
A rare Phoenix find! This four-bedroom two, two-bath home also offers extra living space with its fully converted garage. The pool is ready for summer and has also had recent maintenance completed. The pool has a new pump, filter, and blue pebble pool surface upgrade. A newer roof(2022), recently redone flooring, fresh paint throughout the home, and new landscaped gravel make this home a no-brainer! The spacious backyard has a newer irrigation system. The house has solar panels with a transferable loan to be owned. There is a large storage building and covered storage in the backyard; both roofs were done in 2022. Both bathrooms have been renovated. Homes is walking distance to the Mormon Trailhead for hikers. We look forward to you seeing it!
29248 N 122nd Lane
Peoria, AZ 85383
$475,000
4
Beds
2.5
Baths
2,706
SqFt
Status
Active
MLS #
6692658
Property Type
Single Family Residence
Price Type
--
Nestled in the mountains of North Peoria, this highly updated 4 bedroom home/2.5 bath with a rare 3 car garage is in the premiere community of Vistancia. While relaxing at home, enjoy the white-on-white kitchen, main floor den, 4 large bedrooms, plus a huge loft and a no maintenance backyard! This incredible community is not only a destination, but a lifestyle, featuring everything the active homeowner is seeking - 3 pools, water slides, volley ball, basketball and tennis, world class community center and miles of hiking/walking trails. - 2 additional private community pools and spas, just 5 houses down! - Discovery trail entrance 4 houses down - farmers market and food truck nights monthly - Activities every month - Activities every month (luaus, movies on the lawn, holiday decor contests, happy hours, crafts, learning seminars, etc.) - Frys, restaurants, and shopping at 5 north coming soon Our preferred lender is offering below market interest rates, making this home even more affordable. Look in the private remarks for more information.
2478 E Roma Avenue
Phoenix, AZ 85016
$475,000
2
Beds
2.5
Baths
1,122
SqFt
Status
Active
MLS #
6693001
Property Type
Townhouse
Price Type
--
Welcome to this charming property that appeals to the modern homeowner. Mesmerize your visitors with the stylish accent backsplash in the kitchen. The kitchen is further enhanced with efficient and eye-catching stainless steel appliances that make food preparation an enjoyable venture. This property features a generously spaced walk-in closet in the primary bedroom, offering ample storage space for all your outfits and accessories. Getting ready in the morning or winding down in the evening is made easier with double sinks in the primary bathroom. Enjoy the shared neighborhood amenities that offer another layer of enjoyment to residing in this vibrant community. Don't miss this once-in-a-lifetime opportunity to make this delightful property your own!
3740 E Timberline Road
Gilbert, AZ 85297
$475,000
4
Beds
2
Baths
1,749
SqFt
Status
Active
MLS #
6694147
Property Type
Single Family Residence
Price Type
--
HUGE PRICE DROP!! PRICED TO SELL!!! FRESH & CLEAN MOVE-IN READY 4 bdrm/2 bath in POWER RANCH! This is ready for you!! Freshly painted inside & out! New roof, new carpet, new light fixtures & ceiling fans. Plantation shutters through-out. Eat in kitchen w/stainless steel appliances & breakfast bar. Full Mstr bath w/separate shower/tub & dual sinks. WOW!! The Community Amenities abound!! Pools, splash pads, neighborhood parks, playgrounds, fishing lakes, soccer fields, tennis, volleyball & basketball courts. Over 26 miles of trails connecting each neighborhood with each other in Power Ranch. Walking distance to elementary school. Close to shopping, ASU Poly Tech campus and the Phoenix-Mesa Gateway Airport. WELCOME HOME!!
1744 E Los Alamos Street
Gilbert, AZ 85295
$475,000
3
Beds
2
Baths
1,124
SqFt
Status
Active
MLS #
6699262
Property Type
Single Family Residence
Price Type
--
Welcome to your slice of paradise in Gilbert! This charming single-story home offers 3 bedrooms and 2 bathrooms, meticulously remastered for modern comfort and style. Step inside and be greeted by a delightful open floor plan, adorned with luxurious Luxury vinyl plank flooring that adds both elegance and durability to the space. The kitchen is a chef's delight, boasting solid stone counters, crisp white shaker cabinets, and gleaming stainless steel appliances, creating a perfect blend of functionality and sophistication. Retreat to the spacious primary room, complete with a large en suite featuring exquisite fixtures, shaker cabinets, and a beautifully tiled stand-in shower. Plus, the walk-in closet is equipped with a fantastic closet system, offering ample storage and organization options. Step outside to your expansive backyard oasis, where lush mature landscaping and trees provide privacy and tranquility, creating the perfect setting for outdoor gatherings or simply relaxing under the Arizona sky.
2101 Leisure World --
Mesa, AZ 85206
$475,000
3
Beds
2
Baths
1,723
SqFt
Status
Active
MLS #
6697499
Property Type
Single Family Residence
Price Type
--
Please do not miss this beautiful Barcelona floor plan. It has been tastefully updated and has views of Coyote Run Golf Course from both the front patio and the back patio. The front courtyard is so welcoming to all visitors and once inside the home, the gorgeous rock fireplace and vaulted ceiling invites you in. The large kitchen has plenty of cabinets and counter space plus you have a large laundry room and incredible pantry. All 3 bedrooms are huge and the home has hard surface floors throughout for easy care. Do not miss this house!! All this in the Premiere Active Adult Community of Leisure World with 36 holes of private golf, new tennis complex, pickle ball, swimming pools, library, state of the art fitness center, theater, arts and crafts, billiard room, and much more!
2243 W Firethorn Way
Anthem, AZ 85086
$475,000
3
Beds
2
Baths
2,082
SqFt
Status
Active
MLS #
6620277
Property Type
Single Family Residence
Price Type
--
This is a steal! Welcome to the lowest priced/largest square footage home in the Anthem Country Club. Situated in the Guard-gated community of Anthem Golf & Country Club, you can enjoy Mountain Views from the Family Room, Kitchen, & Master Bedroom. Private Backyard with Covered Patio, Extended Saltillo Tile Area, Built-in Gas BBQ with Seating.
