AZ Real Estate 03-20-16

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R E A C H U S || R A N D Y C O R D O VA , R A N D Y. C O R D O VA @ A R I Z O N A R E P U B L I C . C O M || T H I N G S T O D O . A Z C E N T R A L . C O M

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of the renter

CATHERINE REAGOR REAL ESTATE

Experts blame aftermath of mortgage meltdown for spread from big cities to suburbs JENNIFER PELTZ | ASSOCIATED PRESS

NEW YORK - In the American imagination, suburbs are places to buy a house and put down roots. But a growing percentage of suburbanites rent, according to a new study. About 29 percent of metropolitan-area suburbanites were renters in 2014, up from 23 percent in 2006, according to a report being released this week by New York University’s Furman Center real estate think tank and the bank Capital One. The finances of home ownership since the mortgage meltdown might be a lead reason for the change, but the cost of renting also is rising in most of the biggest metropolitan areas, the study found. Adding to data showing a national rise in renters in the past decade, the report hones in on the metropolitan areas encompassing the nation’s 11 most populous cities: Atlanta, Boston, Chicago, Dallas, Houston, Los Angeles, Miami, New York, Philadelphia, San Francisco and Washington. For a national benchmark, the researchers also looked at all metropolitan areas encompassing a city of at least 50,000 people. “It’s the extensiveness of the affordability problem that is notable,” said Laura Bailey, Capital One’s managing vice president of community development. See RISE, Page 3R

Experts attribute a surge in renters partly to the foreclosures, financial struggles, stagnant incomes and tighter credit that came after the mortgage meltdown. JEFF CHIU/AP

Street Scout info wrong? Get recheck Online tools make is easy for homeowners to regularly check out their property's value. If your value is up, it can make your day. A drop in value can make you feel a bit poorer. The best home valuation tool has the most accurate data. Last week, the Arizona Republic/azcentral launched Street Scout, a real estate and neighborhood website that includes a valuation tool called The Scouting Report. We have partnered with The Information Market to scout out the best real estate data and information to provide homeowners the most accurate valuations. TIM tracks and corrects metro Phoenix home sales information daily. If a $0 in a price or a number in an address is left off a property record, the firm researches and fixes it. Unfortunately, there’s some real estate data that we can’t correct. But homeowners can. And the corrections make their valuations more accurate and potentially help schools. We have received hundreds of emails from Valley homeowners about the site. Thank you for those and please keep them coming. Most of the emails so far are from homeowners asking us to correct the square footage listed for their houses. About 25 people asked to add their swimming pool to their home’s Scouting Report. Another 20 told us they have bigger garages or a guest house that’s not included in their home’s property details. We anticipated these emails. And so did the Maricopa County Assessor, which is the source for property records on more than 1.2 million houses. It tries to keep up with every addition, new pool or other property expansion, but there are a lot to track. We can’t change government property records to update a home’s square footage or other key physical details. But homeowners can, and the assessor wants to make it easier for them. “Street Scout is a great tool for people to check their property values,” Maricopa County Assessor Paul Petersen told me. “We want to work with it to help people correct errors on their property assessments.” Here’s how: » Go mcassessor.maricopa.gov and See SCOUT, Page 3R

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VIEW-RICH NEW-BUILD IN MOUNTAIN SHADOWS MLS# EAST. Filled with a wealth of natural light, this ultra-special new- Bedrooms build home enjoys dramatic Camelback Mountain and Mummy Bath Mountain views. Sumptuous living room with floor-to-ceiling view Pool window. Stylish dining room with wall-width sheer glass sliding doors. Posh entertainer’s kitchen. Plush master retreat with sunSq. Ft. kissed boudoir, luxurious bath, dressing closet lined with glassZIP Code fronted built-ins. Lovely patios with incredible mountain views. Guard-gated community with pool and clubhouse. Architecture by Online Pics Price Mike Higgins; built by Russ Mason of Catalina Homes; interiors by Nancy Kitchell. Owner is a licensed realtor in Arizona. Visit tourfactory.com/1519711. See inside for details, directions.

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