Posted by Susy Thielen on December 12th, 2007 — in Housing News
By DENIS PAISTE
New Hampshire Union Leader Staff
Tuesday, Dec. 11, 2007
Manchester – Foreclosures on home loans, led by troubled subprime mortgages, will dog the state for another 24 to 30 months, according to a new report by the New Hampshire Housing Finance Authority.
An average of 300 new subprime loan foreclosures a month will continue through next fall, according to the study, principal author of which, Dan Smith, is a senior research analyst with the housing agency.
During the two-year period beginning April 2007, the study estimated 6,700 subprime loans will go into foreclosure.
“It’s likely to get a little worse before it starts getting a little better,” Dean J. Christon, NHHFA executive director, said yesterday.
However, the study to be released today, http://www.nhhfa.org/rl_subprime.cfm, found that New Hampshire’s foreclosure rate is slightly better than the average for New England, the U.S. and the other New England states except Vermont. Read the rest of this page »
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Posted by Susy Thielen on December 7th, 2007 — in Housing News
A Flagstaff Arizona example of how a promised workforce housing project morphed into a large lot housing development.
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By J. FERGUSON
Arizona Sun Staff Reporter
Flagstaff, AZ
Friday, December 07, 2007
Plans for the massive Villaggio Montana master-planned community that would have provided affordable, workforce housing for Flagstaff have been scrapped.
In its place is a much smaller, large-lot residential subdivision.
One of the principal land owners, Ross Wilson of the Phoenix-based First United Realty, has confirmed that the controversial project is dead. Originally, it called for 3,591 homes on 1,020 acres.
He said the decision was primarily due to the high cost of two highway interchanges for which Villaggio would have been partially responsible. One estimate put that figure at $170 million to build the two interchanges.
“It really prevented us from what we needed to do,” said Wilson. “In the end, it was unworkable.”
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