Retreats Arizona Living 9-03-2023

As mortgage rates soar, applications plummet

Homebuyers’ purchasing power diminished further in August as mortgage ratescontinuedtheirupwardmarch,averaging 7.2% over the past two weeks, the highest level since 2001, according to new data released by Freddie Mac.

Mortgage rates climbed to the highest levels in more than two decades the week before, averaging 7.09%. A year ago at this time, the 30-year FRM averaged 5.5%.

“Indications of ongoing economic strength will likely continue to keep upward pressure on rates in the short term,” said Sam Khater, Freddie Mac’s chief economist. “As rates remain high and supply of unsold homes woefully low, incoming data shows that existing homes sales continue to fall.”

Khater said a slight increase in new home availability should “provide modest relief to the unyielding housing inventory predicament.”

The Federal Reserve’s interest rate hikes to fight inflation have driven the yield on the 10-year treasury bond, a benchmark for pricing an average 30year loan, causing mortgage rates to climb, experts say.

The last time the 30-year fixed-rate mortgage exceeded 7% was November 2022.

Mortgage applications decreased 4% from one week earlier, and purchase activity fell to a 28-year low, according to datafromtheMortgageBankersAssociation for the week ending Aug.18.

“Applications for home purchase mortgages dropped to their lowest level since April 1995 as homebuyers withdrew from the market due to the elevated rate environment and the erosion of purchasing power,”said Joel Kan, MBA’s vice president and deputy chief economist. “Low housing supply is also keeping home prices high in many markets, adding to the affordability hurdles buyers are facing.”

Why are home sales falling?

Higher interest rates can add hundreds of dollars to a monthly mortgage payment.

More than 85% of current mortgage holdersarelockedintoamortgageinterest rate less than 5%, which makes these homeowners reluctant to trade in their homes for another at today’s high rates.

Sales of existing homes fell 2.2% from June to a seasonally adjusted annual rate of 4.07million in July, according to the National Association of Realtors. Year-over-year, sales were down by 17% (from 4.88million in July 2022).

Total housing inventory at the end of July was1.11million, down15% from one year ago. Unsold inventory sits at a 3.3month supply at the current sales pace, which is considered to indicate a seller’s market.

The median existing-home price for all housing types in July was $406,700, an increase of 1.9% from July 2022 ($399,000).

Sales of new homes going up

Sales of newly built single-family homes in July increased 4.4% to a 714,000 seasonally adjusted annual rate, according to newly released data by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. The pace of new home sales in July was up 31.5% from a year ago.

“New home sales were solid in July because of an ongoing housing deficit in the U.S. and a lack of resales stemming from many homeowners electing to stay put to preserve their low mortgage rates,” said Alicia Huey, chairman of the National Association of Home Builders

New single-family home inventory in

Average long-term mortgage rate falls a bit from 20-plus-year high

LOS ANGELES – The average long-term U.S. mortgage rate slipped after climbing for five consecutive weeks to a more than 20-year high, a modest relief for would-be homebuyers challenged by rising home prices and a thin inventory of homes on the market.

Mortgage buyer Freddie Mac said Thursday that the average rate on the benchmark 30-year home loan fell to 7.18% from 7.23% last week. A year ago, the rate averaged 5.66%.

The average rate is now the lowest it’s been in two weeks, but remains above 7%. High rates can add hundreds of dollars a month in costs for borrowers, limiting how much they can afford in a market already unaffordable to many Americans. They also discourage homeowners who locked in low rates two years ago from selling.

The average rate on 15-year fixed-rate mortgages, popular with those refinancing their homes, was 6.55%, unchanged from last week. A year ago, it averaged 4.98%, Freddie Mac said.

Mortgage rates climbed for much of August along with the 10-year Treasury yield, which is used by lenders to price rates on mortgages and other loans.

The yield, which last week neared its highest level since 2007, rose sharply as bond traders reacted to reports showing the U.S. economy remains remarkably resilient. That’s stoked worries that the Federal Reserve will conclude that it needs to keep interest rates higher for longer in order to crush inflation.

But this week, the 10-year Treasury yield has been falling following economic reports showing consumer confidence tumbled in August and job openings fell to the lowest level since March 2021. On Thursday, the government reported that its personal consumption and expenditures report, a measure of inflation closely tracked by the Feder-

July was 437,000, up 4.8% compared with a year ago. That represents a 7.3month supply at the current building pace. A six-month supply is considered balanced.

Right now, of the total home inventory, both new and resale homes, 31% of homes available for sale are newly built.

The median new home sale price in July was $436,700, down 9% compared with a year ago. Pricing is down because of builder incentives and a shift toward slightly smaller homes, according to the

20

al Reserve, remained low in July.

The central bank held rates steady at its last meeting and is expected to do the same in September.

“Recent volatility makes it difficult to forecast where rates will go next, but we should have a better gauge in September as the Federal Reserve determines their next stepsregardinginterestratehikes,”saidSamKhater,Freddie Mac’s chief economist.

High inflation drove the Federal Reserve to raise its benchmark interest rate 11 times since March 2022, lifting the fed funds rate to the highest level in 22 years. While mortgage rates don’t necessarily mirror the Fed’s rate increases, they tend to track the yield on the 10-year Treasury note. Investors’ expectations for future inflation, global demand for U.S. Treasurys and what the Fed does with interest rates can influence rates on home loans.

The average rate on a 30-year mortgage remains more than double what it was two years ago, when it was 2.87%.

builders association.

Although existing homes account for 85% of U.S. sales, it’s time for consumers to take a closer look at new home sales, according to Jeff Taylor, member of the Mortgage Bankers Association and Founder of Mphasis Digital Risk, which does due diligence on mortgages for the largest banks and lenders.

Taylor notes that builders are offering to buy down mortgage rates by as much as 1 to 1.5 points, which can save buyers thousands or even tens of thou-

sands of dollars, depending on the price of the house and the type of mortgage.

“Most of the large, national home builders have their own mortgage companies, so they have greater flexibility than traditional lenders,” Taylor said. “Of course, those mortgages − and the benefits that go with them − are designed for their own customers.”

Other builders are offering closing cost credits and upgrades, including adding in free rooms or even a swimming pool, he says.

VALLEY HOME VALUES

A pitcher for the MLB’s Philadelphia Phillies and the former owner of the Arizona Coyotes were among the buyers and sellers of metro Phoenix’s priciest home sales in mid-August.

$8,600,000

An LLC called 20914104 bought a 10,635-square-foot mansion in north Scottsdale’s Silverleaf community. The house with five bedrooms and six bathrooms has a full-size gym, a theater, a large bar, a walk-in wine cellar, sliding pocket doors, multiple chandeliers and a primary suite with two bathrooms and an office in its own wing. The Barroway Family L.P. led by former Arizona Coyotes owner Andrew Barroway was the seller. The hedge fund manager sold primary interest in the team in 2019 after owning it for five years. In March, he was suspended by the NHL after a felony arrest in Colorado. Joan Levinson of Realty ONE Group had the listing.

$8,000,000

MLB pitcher Taijuan Walker’s Emman Trust bought a 7,940-square-foot Paradise Valley home with seven bedrooms and 7 1 2 bathrooms. Currently with the Philadelphia Phillies, he pitched for the Arizona Diamondbacks between 2016 and 2020. Richard and Alisha McBee were the sellers. Richard is the president of Riverbed Technology Inc., a San Francisco software company.

$5,500,000

After selling a home in Paradise Valley, Richard and Alisha McBee purchased a 6,962-square-foot home in the Phoenix side of the Arcadia neighborhood. The home with five bedrooms and six bathrooms has views of Camelback Mountain and a primary suite with a sitting area and a large custom closet. The home also has two offices, marble

wing.

sold for

countertops throughout and a casita. Haley and Dustin Brooks sold it.

$4,100,000

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dome ceiling, a home theater with a wet bar, a primary suite with a sitting room, an office suite, a workout room and a wine room. The Cassavant Family Trust sold it.

Drs. Amardeep and Gurvinder Sodhi bought an 8,769-square-foot Paradise Valley mansion with four bedrooms and 5 1⁄2 bathrooms. The house with a circular driveway has a foyer with an 18-foot

$3,940,000

north Scottsdale house with five bedrooms and six bathrooms has a full-size gym, a theater, a large bar, a walk-in wine cellar, sliding pocket doors, multiple chandeliers and a primary suite with two bathrooms and an office ADDRESS: 2206 South Ellsworth Road, Mesa DIRECTIONS: U.S. 60 to Exit 191 for Ellsworth Road. South on Ellsworth for one mile. Monte Vista Village Resort is on the west side of the road

TOURS: Tours available 9AM–4PM Mon.–Fri.; by appointment Sat. & Sun. Call 855-360-3681 to schedule your tour today!

(Closed Monday Sept. 4.)

THE GOOD LIFE AT MONTE VISTA VILLAGE RESORT!

Scottsdale’s Mirabel golf community. It has four bedrooms, 4 1 2 bathrooms, giant pocket doors, a large pool, an outdoor kitchen and a large casita. The Weis Trust sold it. Reach the reporter at catherine.reagor@arizonarepublic.com or 602-4448040. Follow her on X, formerly Twitter: @CatherineReagor. Tours available during Ofce Hours 9AM–4PM Mon.–Fri. Saturday/Sunday By Appointment 855-360-3681

Mortgage rates a bargain compared to 1981’s

Gary Sandler Guest columnist

On Aug. 24, Freddie Mac announced that the interest rate on the 30-year fixed-rate mortgage had risen to 7.23%. That’s the highest rate charged to borrowers since 2001.

While that number is staggeringly higher than the 2.73% offered when rates hit their all-time low in February 2021, it is a bargain when compared to the 18.5% borrowers were paying in October 1981.

Just as the Federal Reserve has been steadily increasing the cost of money to reduce the inflation that not long ago peaked at 9%, they applied the same strategy to combat the14% inflation rate they were facing at the time.

Although the nationwide median price of a home in Q-3 of 1981 was just $70,400, the challenges faced by buyers, sellers, lenders and Realtors were even more daunting than they are today.

Some borrowers with the means, qualifications and desire to purchase did obtain 18.5% mortgages. Imagine being a homebuyer who borrowed $70,000 at that rate. Your monthly principal and interest payment would have been $1,084. Care to calculate the portion that went to pay the interest? The answer is $1,079, leaving a principal reduction of only $5. Not all buyers were willing or able to afford the prevailing rates, however, so they purchased utilizing a bit of creative financing.

At the time, due on sale clauses were unenforceable. A due on sale clause allows the lender to call due the entire loan balance if the borrower transfers title to the property without paying off the mortgage. Between 1979 and 1981,

courts determined that the clauses were enforceable but only against mortgages that were originated after the dates of the courts’ determinations, which meant that loans originated prior to the decisions could be assumed without fear of the loan being called due.

Both buyers and sellers took advantage of the opportunity. For example, let’s say a buyer offered to purchase a home for $100,000. Let’s also say the current owner owed $60,000 on his mortgage. A common scenario would find the buyer giving the seller a $10,000 down payment, taking out a second mortgage of $30,000 at19% or 20%, and assuming the seller’s $60,000 mortgage was at 7% or 8%. If the blended rate on both loans did not exceed10-12%, everyone would hurry up and sign.

Buyers would then send a letter to the former owner’s lender, informing them that they were the new owner and instructing them to send a new payment

book in their name.

Today’s higher rates are zapping the purchasing power of everyone who finances a home, forcing them to purchase in lower price ranges.

Take, for example, the buyer who could qualify for a $350,000 mortgage when the rate was 2.73%. His or her monthly principal and interest payment would have been $1,425. At the 7.23 rate, that same $1,475 payment will only support a mortgage of $216,600, a loss of $133,400 in buying power. And, by the way, today’s P&I payment on that $350,000 loan at 7.23% would be $2,383.

In order for that same buyer to qualify for the $908 difference in the payment ($2,383 vs. $1,425), he or she would have to earn an additional $3,000 per month.

See you at closing!

Gary Sandler is a Realtor in Las Cruces, New Mexico.

Rising cost of living sounds sour note in Music City

NASHVILLE, Tenn. – Hailing from a small Alabama town, Jill Bridges always wanted to raise a family in the big city.

So when Bridges and her boyfriend, Chad Matthews, moved to Nashville in May 2019, they settled in Germantown, one of the city’s oldest neighborhoods, full of quaint charm, Victorian architecture and a Mecca for foodies.

Nashville

offered them the best of both worlds – bustling city life as well as the tranquility and peacefulness of country living. They’re fond of the outdoors, and Nashville attracted them due to its proximity to Franklin, Leiper’s Fork and other areas. Music City also offered work-life balance. For Matthews, the owner of a boat rental company, it provided access to nearby lakes.

Bridges began working at a small financial firm in Franklin. Six months later, she was promoted to a role with Caterpillar Financial. Life was good. Within a few months, though, they reached a financial point where they had to re-evaluate their adventurous “yes” attitude just to afford living in the city.

“It definitely came to a point where conversations were like, ‘OK, maybe we shouldn’t go out this weekend or go to this restaurant on Saturday night because we really just need to save money and pay for rent,’”said Bridges, now 26.

Sixteen months after arriving in Music City, the couple left Nashville, relocating 30 miles northeast to Gallatin, where they now pay $2,000 a month for a small, yet elegant three-bedroom, two-bath unit – roughly half the price they paid for a similarly-sized Germantown space ($3,800). Although not exactlyregardedasafoodlover’sparadise, Gallatin offered what Nashville couldn’t: a home with office space, a yard for their 100-pound black Labrador, Bleu, and most of all, affordability.

This case is a reflection of what’s occurring across Nashville – the high cost of living is pushing people outside the city limits to surrounding areas. According to the Greater Nashville Area Realtor’s Association, Nashville’s median home price in July reflects a value of $478,945. That’s a 56% increase from $307,000 since July 2018.

Larry Lipman, the owner and CEO of RE/MAX Homes & Estates Lipman Group, said many residents are relocat-

A huge loss in the homebuilding industry

BY PAULA HUBBS COHEN

If you drive past a construction site, you’re bound to see a bevy of tradespeople hard at work on your new home. Tall cranes lif trusses onto roofops and crews of crafspeople put up drywall, nail down roof tiles and pour concrete foundations. What you won’t see are the gold-standard marketing professionals who research advertising strategies, create consumer-centric online and printed information, conduct sales training, direct focus groups and develop rubrics related to design, merchandising and so much more.

Sue Goodrich, Vice President of Sales and Marketing at Cachet Homes, was one of the best of these homebuilding marketing heroes, earning a wealth of accolades from colleagues, clients and industry partners. Sue recently lost a years-long battle with metastatic breast cancer creating a massive hole in the hearts of her family, friends and associates not only at Cachet, but throughout the homebuilding and real estate development industry.

Known as a compassionate friend and dedicated colleague, Sue was funny and spirited but also exuded a calm and reassuring demeanor that inspired confdence and trust. Tose closest to her described her as “deep in character and generous in spirit” and “someone who would stick to her principles regardless of the cost.” Tese qualities and more helped Sue keep Cachet Homes on the proverbial map during recessions, interest-rate hikes and summertime sales lulls. One colleague said that she would “always go the extra mile to ensure that what is honorable and right is what happens — no ifs, ands or buts.”

Matt Cody agrees. Cody is the founder and president of Cachet Homes and considers it a privilege to have worked alongside Sue for more than 24 years. “I suspect I spent more than 10,000 hours interacting directly with her,” he said.

“We experienced the highs and lows so familiar to all of us who run a business, but more importantly, we celebrated a litany of life events, from raising children to losing parents and welcoming grandbabies. I came to know Sue well, including her approach to relationships, which was both genuine and heartfelt.”

Cody describes Sue as a good judge of character with a great eye for detail. “She was incredibly talented and her work ethic was second-to-none,” he said, adding that she wasn’t addicted to her work, “she simply wanted the team to succeed.”

Just sayin’

Even today, it seems Sue’s infuence is all around, as Cody explains with a story that begins with a griefstricken young boy who likes to fsh and ends with a nod to Sue Goodrich.

“When I was 10 years old, my Grandpa died. Not too long afer his passing, I went fshing with my uncle on the St. Croix River. We were catching bass lef and right and I vividly remember my uncle stating that Grandpa was under the water hooking fsh on the line. I knew it wasn’t true, but it was a heartwarming thought.”

Cody continues: “Fast forward to today. Sue and I despised July when it came to sales — it’s hot, school’s out and buyers are generally sparse. Well, recently we enjoyed a furry of sales activity, truly out of character for the season. It’s fun to think that Sue may have given us one last sales boost, putting fsh on the line, so to speak — just like Grandpa did at the old fshing hole.”

A long list of loved ones

Sue is survived by Tim, her husband of 37 years; son TJ; daughter Jenni; son-in-law Michael; and cherished grandchildren, Cassi and Carson. She also leaves behind her mother Joan, sister Lisa and an incredibly long list of friends.

ing to the outskirts of Nashville – suburban dwellings such as Madison and Hermitage (10 miles from Nashville), as well as places farther out such as Fairview, Mt. Juliet, Kingston Springs and Lebanon (30 miles from Nashville).

The most affordable place in Middle Tennessee? Perry County, according to data obtained from Niche.com. A twobedroom, one bath, 800-square-footunit in Linden is as low as $603.

There is a drawback to saving on rent in Linden: Expect a one-way commute of at least an hour and a half to downtown Nashville, not counting traffic and construction.

Why is Nashville expensive to some, cheap to others?

Experts said the reasons for Nashville’s increased cost of living are plentiful.

Nashville’s music and hospitality industries continue to thrive; companies relocate here to take advantage of decent corporate taxes; more conservative politics; new employees are lured from out of state with the enticement of no personal income state taxes; and the area enjoys some of the lowest property

tax rates in the U.S.

Also, let’s not forget: While Nashville is expensive to live in, it’s still more affordable than metropolises, said Bishoy Mikhail, the vice president of research with the Nashville Area Chamber of Commerce.

Migration to U.S. cities during the COVID-19 pandemic made a pricey situation costlier as remote and hybrid jobs gained popularity. “People were coming here from all parts of the country, places that were more expensive,” Lipman said. “They helped induce inflation.”

“Home buyers from more expensive metro areas like Los Angeles, Chicago and New York City found Nashville to have desirable options that increase their standard of living,”said Kevin Wilson, the president-elect of the Greater Nashville Realtors. “However, interest in the region has been on an upward trend well before 2020.”

Who is to blame? The Golden State?

The young and wealthy?

According to a recent study from movebuddha.com, Tennessee was among the top 10 destinations nationwide for departing Californians in 2023. About 3.62% of Californians’ moving interest this year is directed toward Tennessee.

Freeways can connect homebuilders to homebuyers

Communities are often developed close to freeways

BY DEBRA GELBART

Homebuilders prefer to establish communities that are near freeways, said Jackson Moll, chief executive ofcer of the Home Builders Association of Central Arizona.

“But not necessarily adjacent to them,” he added, because there are drawbacks to being located next-door to a freeway, such as added costs for sound-walls and sound attenuation in homes, “both of which translate into higher home-prices.”

However, being near freeways “ofen means you’re close to employment centers, dining and entertainment — all of which are desirable for homebuyers.”

Moll explained that homebuilders decide where to locate new communities in much the same way that homebuyers decide where to buy homes: “It’s location, location, location.” For most buyers, he said, that means proximity to employment, a high-quality school in the neighborhood and access to services. “Tis translates into available land that is near freeways,” he said.

Freeway names, numbers and nicknames

Here’s some of the scoop on how our busy, busy roadways are numbered and named.

The Loops: Te “Loop” freeways that

wrap around multiple parts of the Valley have been given repetitive numbering for simplifcation (e.g., State Routes 101, 202 and 303). However, because their distance is so extensive, names are also used for various sections of each freeway. Terefore, depending on which section of Loop 202 you’re traveling on, you might be cruising along the Red Mountain Freeway, the Santan Freeway or the Congressman Ed Pastor Freeway, which is also known as the South Mountain Freeway.

Freeways: Our freeways are all numbered and many also have a name. Names are also ofen used for specifc sections of freeways (e.g., the West Valley portion of Loop 101 is known as the Agua Fria Freeway; the Southeast Valley portion of Loop 101 is referred to as the Price Freeway). All state/interstate highways have numbers and may or may not have names for all or part(s) of their route, explained Steve Elliott, a spokesman for the Arizona Department of Transportation. Te American Association of State Highway and Transportation Ofcials recommends that east–west highways primarily have even numbers (think I-10 and U.S. 60), while north–south highways have odd numbers (e.g., I-17 and State Route 51).

Sue Goodrich of Cachet Homes was a friend and colleague to many in the industry

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CARS

Crossovers: Mazda CX-50 vs. Honda CR-V

The Honda CR-V has consistently been one of the most popular small crossover SUVs on sale in America. It’s also coming off a full 2023 redesign in which it received more rear legroom, an improved hybrid powertrain option and updated technology features. It’s an intriguing choice and highly recommended by Edmunds’ experts. But it’s not the only one.

The Mazda CX-50 is a new competitor that boasts distinctive styling, a classy interior design and a strong turbocharged engine option.

Which is the better buy? Edmunds compares them to find a winner.

Fuel economy and power

The Mazda CX-50 comes standard with a four-cylinder engine and allwheel drive. EPA estimates it will get 27 mpg in combined city/highway driving, which is a bit below average for a small SUV. The CX-50’s optional turbocharged engine is even lower at 25 mpg combined. Meanwhile, the base CR-V with all-wheel drive gets an EPA estimateofupto30mpg.ThehybridCR-Vis evenmore efficient at37mpgcombined.

Mazda makes up for the lower economy figures with a bit more punch. Its base engine produces 187 horsepower and 186 lb-ft of torque. The CR-V’s base

engine makes 190 horsepower and 179 lb-ft of torque. Both SUVs offer excellent performance in their respective ways. Honda provides better fuel economy, but Mazda’s available turbocharging and standard all-wheel drive make it the quicker of the two SUVs.

Winner: tie

Technology and interior space

The Mazda CX-50 comes standard with an 8.8-inch center display screen. This is bigger than the CR-V’s standard 7-inch touchscreen, though upscale trims of the CR-V get an upgraded 9inch touchscreen. We like both of these interfaces, but some drivers might find the CR-V’s system easier to use because it’s purely touchscreen-based. The CX-50’s screen requires you to interface with its menus and buttons by way of a

rotary control knob unless you’re using Apple CarPlay or Android Auto

Each SUV offers plenty of standard driver assistance features. However, Honda’s blind-spot warning system is optional, whereas Mazda makes it standard on every trim.

The Honda CR-V’s main advantage is cargo capacity. The rear holds 39.3 cubic feet compared to the Mazda’s 31.4 cubic feet. Stow the CR-V’s second row and that number grows to 76.5 cubic feet. While the technology you favor comes down to preference, there is a clear-cut winner in the cargo category.

Winner: Honda CR-V

Comfort and driving

The CX-50’s interior is nicer than the Honda’s with more premium materials and more comfortable front seats. This makes it a more relaxing place to spend

time. Heated and ventilated seats, in addition to heated rear seats, are available, and road noise is minimal. The CX-50 is also fun to drive, featuring sharp handling. But a trade-off is necessary in the form of a slightly firmer ride.

The softer CR-V eats up most road imperfections. They will be felt, but the CR-V returns to its smooth ride quickly. Hard acceleration in the CR-V also feels more stressed than in the CX-50, and the Honda’s hybrid powertrain can be a little noisy. Thankfully, the cabin is otherwise quiet.

Winner: Mazda CX-50

Pricing and value

Honda’s reputation for solid build quality is bolstered by the CR-V. Honda makes use of hard plastics in the interior, though they are placed strategically Pricing for the CR-V starts at $30,795 –including the destination fee – for the base LX trim and rises to $40,795 for the top Sport Touring Hybrid.

Mazda charges more for the CX-50. The base 2.5 S checks in at $31,675 and the top Turbo Premium Plus is an eyeopening $45,125.

Winner: tie

Edmundssays: Our two SUV contenders are closely matched, and each takes a different approach. If you want a comfortable ride and lots of storage space, the Honda is the obvious choice.

TR-3, TR-250 etc

port (CAPER)

andsubpartBofthefederalregulations relativetocitizenparticipationfor CommunityPlanningandDevelopment Programsandapplicablewaiversmade availabletothoserequirementsthrough theCoronavirusAid,Relief,andEconomicSecurityAct(CARESAct),a 15-daypubliccommentperiodregardingtheCity’sdraftConsolidatedAnnual PerformanceEvaluationReport(CAPER)willbeginonMonday,September 4,2023andendonTuesday,September 19, 2023. TheU.S.DepartmentofHousingand UrbanDevelopment(HUD)requires theCityofMesatosubmitanannual reportdescribingitsperformanceusing federalandotherresourcestomeetprioritiesandobjectivessetforintheCity’s2020-2024ConsolidatedPlanand 2022-2023AnnualActionPlan.ThisreportprovidesareviewofactivitiescarriedoutundertheCommunityDevelopmentBlockGrant(CDBG),HOMEInvestmentPartnerships(HOME),and EmergencySolutionsGrant(ESG)programstoaddresstheneedsoflowand moderateincome,homeless,elderly, anddisabledresidentsinthecommunity during the 2022-2023 fiscal year. AnelectroniccopyoftheCAPERwill alsobeavailableforreviewatthesame timeandmaybefoundontheCity’s Community Development website at: https://www.mesaaz.gov/residents/com munity-development/plans-amend ments-reports CommentsregardingtheCity’sdraft CAPERmaybesubmittedbythegeneralpublic.Commentsshouldbesubmittedbymailorhanddeliveryto:The CityofMesa,HousingandCommunity DevelopmentDivision,Attn:Michelle Albanese,Housing&CommunityDevelopmentDirector,200S.CenterStreet, Bldg.1–MailStop9870,P.O.Box1466, Mesa,AZ85210-1466;or,bye-mailtoCo mmunityRevitalization@mesaaz.gov. Allcommentsmustbereceivednolater than11:59pmonTuesday,September 19, 2023, to be considered. TheCityofMesaiscommittedtomakingitsprogramsandservicesaccessible.Foraccommodations,suchas braille,largeprint,ortranslation, pleasecontactMarcyMagallanez-Snow attheCityofMesa(480)644-3661orma rcella.magallanez-snow@mesaaz.gov, orAZRelay7-1-1forthosewhoaredeaf or hard of hearing. Sinecesitainformaciónenespañolpor

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CHAPMAN SCOTTSDALE HYUNDAI

3600 N. 89th St.

480-949-7600 Scottsdale H-5

EARNHARDT HYUNDAI

101 & I-10, Avondale Auto Mall

623-388-5800

Avondale C-4

EARNHARDT HYUNDAI NORTH

SCOTTSDALE

8445 E. Frank Lloyd Wright Blvd

480-922-5200 Scottsdale H-6

RODEO HYUNDAI

12925 N. Autoshow Avenue

623-214-4100

Surprise A-6

SAN TAN HYUNDAI

3252 S. Auto Way

480-384-8000 Gilbert J-1

INFINITI

COULTER INFINITI

6225 E. Test Dr.

480-396-1500 Mesa K-3

INFINITI OF CAMELBACK 1250 E. Camelback Rd 602-772-4197 Phoenix D-7

INFINITI OF PEORIA 9167 W. Bell Rd.

INFINITI OF SCOTTSDALE

FLW

JEEP

COURTESY CJDR 6130 E Auto Park Dr 623-231-2228

MAZDA CHAPMAN MAZDA 999 West Bell Road

602-344-9413 Phoenix F-7

MERCEDES/BENZ

MERCEDES BENZ OF ARROWHEAD

9260 W Bell Rd

623-583-7200 • Peoria

www.arrowheadmb.com D-7

MERCEDES-BENZ OF GILBERT

3455 S. Gilbert Rd 480-407-5800 Gilbert J-2

MERCEDES BENZ OF SCOTTSDALE

4725 N. Scottsdale Rd 480-409-0409 Scottsdale H-5

MITSUBISHI BIG TWO MITSUBISHI

6222 E. Auto Park Dr. 480-218-2200

Superstition Springs K-3

NISSAN ABC NISSAN 1300 E. Camelback Rd.

602-264-2332 Phoenix F-5

MIDWAY NISSAN 2209 West Bell Rd.

PORSCHE PORSCHE CHANDLER 1010 S. Gilbert Rd

SUPERSTITION SPRINGS LEXUS

E. Test Drive 480-324-8900

Mesa K-3

LINCOLN

CAMELBACK LINCOLN MERCURY 1330 E. Camelback Rd. 602-264-1851

Phoenix

SANDERSON LINCOLN

2121 West Bell Rd

602-375-7500 F-7

CHAPMAN RAM 3800 N.

Come meet and play with them to see if it’s a fit for you and or your family! $300 269491-6375

IMPERIAL SHIH TZU’S, HIGH QUALITY- Imperial Shih Tzu M/F, UTD on all their shots, deworming, and vet ckd from 8weeks - 1 1/2 years old.

$800-$2000 602-367-4271

Kerry Blue Terrier Puppies, “We are family, I got all my sisters with me....” These 6 gorgeous girls were born July 19. What’s a Kerry Blue Terrier?

It’s the national dog of Ireland but in the US it’s been mostly found in the show ring. Fortunately people have finally realized they are sweet, smart wonderful family dogs. Whether you are watching TV in your RV or apartment, or are hiking, they just want to be with their people. Medium-size, hypoallergenic, nonshedding dogs they have soft jet black curls that gradually shift to blue gray by their second birthday. These girls will be ready to go home the week of September 11 and will be up-to-date on their vaccinations and microchipped. Please call/text

Question: My spouse and I are firsttime homebuyers in our late 20s. We signed a contract to purchase a home in Chandler. The close of escrow is scheduled in two weeks. Our apartment lease ends in two weeks. The seller’s real estate agent just told us that the seller will not be able to move out in two weeks and needs a 10-day extension of the close of escrow. Our landlord says, however, that another tenant is moving into our apartment in two weeks. Therefore, our landlord won’t extend our lease for even one day. What can we do?

When buying a home, what if a seller wants to delay closing? Real Estate Law Christopher A. Combs Guest columnist If the seller does not move out at the time of closing, a three-day cure period notice for possession of the home should be sent to the seller. GETTY IMAGES Wooddale Village 623-933-1313

should immediately notify the seller’s real estate agent that the requested 10day extension of the close of escrow is denied. The seller has already broken one promise to move out on a specific date, so why should you believe the seller’s second promise to move out10 days later? Further, what if the seller does not move out10 days later? If the seller does not move out at the time of closing, under the purchase contract, a three-day cure period notice for possession of the home should be sent to the seller. If the seller still hasn’t moved out in three days, a specific performance lawsuit against the seller should be filed because you now have the right to possession of the home. At an accelerated court hearing in 30 to 60 days, the judge should order the title and possession of the house to you, plus any damages such as additional rent and storage exContact real estate attorney Christopher A. Combs at azrep@combslawgroup.com.

Wooddale Village Retirement Community Stay healthy and active swimming with your friends! Wooddale Village is a beautiful resort-style retirement community, located in Sun City ofering the fnest in services, amenities and healthy lifestyle. Call Us Today for Lunch & A Tour! AR-GCI0997736-02

18616 North 99th Avenue, Sun City (Just North of Union Hills) www.wooddalevillage.com SUN CITY Visit us on: