This year could bring significant changes from 2009 for those seeking home loans. Over the last year, home prices fell to 2003 and earlier levels in many parts of the country. In addition, home loan rates declined to the lowest levels on record and this combination led to the highest home affordability levels ever recorded. Here’s a recap of what happened in 2009 and what you need to know for the year ahead.

Would You Like a Sweetener with that Rate?

Interest rates throughout 2009 were artificially low. That’s because in late 2008, the Federal Reserve put into place a program for purchasing Mortgage Backed Securities with the intention of lowering mortgage rates. They were successful with reported rates by Freddie Mac falling below 5.00% several times in 2009.

Without this program mortgage rates would have been at least 1.00% higher, and potentially even higher than that. Did you know that a change of 1% in a home loan rate impacts the amount someone can borrow by roughly 10%? For example, if rates are in the low 5.00% range today and they shoot up to the low 6.00% range, $250,000 home buyers may become $225,000 home buyers.

Look for rates to return to 2008 and previous levels as the Fed ends the program on March 31, 2010. While rates will not immediately increase to 6.00% or higher, know that without additional intervention, rising rates are inevitable. Expect that under worst case scenarios, rates could dance around the 7.00% range.

Show Me Your Docs

Contrary to what you may see or hear in the media, money is widely available for people who want to finance their homes. There is one caveat, though. People need to be able to demonstrate that they qualify for the loan amount they are pursuing and that they have been willing to repay debt they have accepted in the past.

To obtain financing today, a borrower needs to supply the lender with all documentation pertaining to their income, liquid assets and potentially items related to their credit reporting. The best preparation path to follow is to gather most recent paystubs for 30 days of earnings, two years W-2s with complete tax returns and three months statements, all pages, for any liquid assets used for qualifying.

The free wheeling days of borrowing whatever people thought they could repay are gone. While some exceptions may be granted for strong compensating factors, total debt to income level will be capped at 45%.

If you haven’t checked out your credit reports recently, now is a good time to do so if you plan on seeking financing in the next 12 months. You can pull up your reports for free at AnnualCreditReport.com. Examine your reports for any inaccuracies and work to get them corrected prior to seeking financing. You can also seek assistance from your mortgage professional.

Have We Hit a Bottom in Housing?

If you simply look at the data that is reported, one could surmise that the bottom in U.S. home prices was hit in 2009. One nationally respected index for home price reporting, the S&P/Case-Shiller Home Price Indices, indicates that home prices turned for the better around mid-year in 2009.

While all markets are different and some may continue to show signs of weakness, most communities have demonstrated strength and should continue to do so. However, some potential headwinds do exist for the second and third quarter of 2010, following the expressed expiration dates of several stimulus programs: The Mortgage Backed Securities purchase program and home buyer tax credits, both of which are directed at the housing and the mortgage markets.

Foreclosures and short sales will also continue to influence many of the hardest hit markets as unemployment and resetting adjustable rate mortgages weigh on distressed homeowners.

Dates to Remember

Two dates lie on the horizon that will impact interest rates and potentially home prices. The first program scheduled to end is the Federal Reserve’s program for purchasing Mortgage Backed Securities. Announced in November of 2008, the Fed began purchasing $1.25 trillion in mortgage bonds in 2009 which will culminate at the end of March. As the intention and result of this program was to lower rates, mortgage rates will likely begin to rise after the program concludes.

In addition, April 30, 2010 is the last day to enter into a home purchase contract and still potentially qualify for a federal income tax credit of up to $8,000 for first-time home buyers and up to $6,500 for repeat home buyers. The credit can be claimed only on contracts that close by June 30, 2010.

Act Now…Not Later

While no one knows for certain what the future holds, one thing does appear clear. Home loan rates and home prices both will be higher in the future. If you or anyone you know is looking to purchase or refinance a home, waiting could be costly!

No, it’s not all minimum-wage grunt work.The industry with the most jobs — as of February — was the education and health services sector with 625,000 open positions. That was followed by professional/business services with 471,000 open positions. Rounding out the top three were government jobs with 392,000 openings, according to the Labor Department.

That means nurses and accountants are still in demand.

But, there’s a problem according to the latest issue of BusinessWeek. First, people can’t sell their homes to move to the cities that have a large number of these kinds of jobs. Second, many job seekers “thrown out of shrinking sectors such as construction, finance, and retail lack the skills and training for openings in growing fields including education, accounting, health care, and government.”

The magazine continues:

As bad as it is now, the mismatch will create bigger problems when the economy begins to expand again. First, the unemployment rate is likely to remain distressingly high because many people who want jobs will lack the appropriate qualifications. Second, inflation could pick up sooner than expected if employers are forced into bidding wars to recruit the few people who are qualified for the work. Third, if unemployment stays high it will put additional political pressure on Congress and the Obama Administration to push through fixes that could make matters worse in the long run, such as insulating workers from the cost of long-term unemployment to the point where they lose their appetite for work.

Singapore-based shipper NOL Group said it will relocate its regional headquarters for the Americas to an office building in northeast Phoenix.

The parent of shipping giant APL earlier announced it would relocate its regional headquarters from Oakland, with the move expected to be completed by Sept. 30.

NOL expects to employ 300 to 400 people at the MAX at Kierland building, 16220 N. Scottsdale Rd., when fully staffed. About one-half of those jobs will be filled by employees relocating from Oakland and other offices, with the rest hired locally. The company will occupy 1 1/2 floors.

APL is the world’s seventh-largest container-shipping company. NOL is parent to that firm and to APL Logistics, employing roughly 10,000 people worldwide. Workers at the Phoenix site will coordinate shipping, terminal and logistics activities throughout the Western Hemisphere, including marine, rail and truck transport.

NOL Group picks Phoenix area for new Americas headquarters

Transportation and logistics leader plans to move in second half of 2009
Oakland, January 7, 2009 – Global container transportation and logistics group Neptune Orient Lines (NOL) said today it will relocate its Americas regional headquarters to the greater Phoenix, Arizona, area during the second half of 2009.

The headquarters shift is part of NOL’s global strategy to place its cost structure on a more sustainable footing in the face of the current economic downturn, while continuing to provide the highest standards of service to its customers.

NOL said the move from its current headquarters in Oakland, California, to Arizona should be completed during the third quarter of the year.

“We’re excited to announce that Arizona will be the new home for our regional headquarters,” said NOL’s Regional President for the Americas, John Bowe. “The greater Phoenix area will be a cost-effective base of operations for us and we’re going to a state that is well-known for its support and encouragement of business.”

Bowe added that cost was not the only factor in the decision to relocate the regional headquarters. “Arizona will be a very convenient location from which to manage our operations throughout the Americas,” he said. “And the civic and business community has been very welcoming. We’re looking forward to making Arizona our home.”

The Americas regional headquarters coordinates NOL’s shipping, terminals and logistics activities across North, Central and South America. It manages everything from marine operations to intermodal transport of containers by rail and truck.

While the regional headquarters office is moving, the company stressed that its shipping line – APL – will continue to call regularly at its West Coast marine terminals in Oakland, Seattle and Los Angeles. APL’s global services also include vessel calls at ports up and down the U.S. East Coast as well as in Central and South America.

The relocation to Arizona is one of a series of cost-saving measures NOL has announced over recent months as global containerized trade conditions have continued to decline. Other initiatives undertaken by the group include:

Reducing capacity in its major ocean trade lanes;
Idling vessels; and
Restructuring its Logistics business.

Relocation is the latest of those measures to be implemented. It is a necessary step for the future, Bowe said, to establish an effective long-term cost structure for the group’s Americas headquarters.

“We have always benefited from the hard work of our Oakland management and staff,” Bowe said. “We are confident that the move to our new location will be accomplished with the same professionalism and care for our customers’ business as has been the case during our years in Oakland.”

Media Inquiries:
Mike Zampa
Telephone: (1) 510 272 7380
Email: michael_zampa@apl.com

Shipping leader APL finds home in Phoenix, moving by 3Q 2009

Building on Scottsdale border to be new Americas headquarters for parent company NOL Group
Phoenix, Ariz, 20 May 2009: NOL Group, parent company of global shipping leader APL, today identified an office building in Phoenix, Arizona as the new home for its regional headquarters in the Americas.

Singapore-based NOL said it will occupy one and a half floors of the 6-story MAX at Kierland building, located at 16220 North Scottsdale Road, on the border between Phoenix and neighboring Scottsdale. The company expects to relocate from its current regional headquarters in Oakland, California by the end of the third quarter.

NOL Group is the parent company of APL, the world’s seventh-largest container shipping company, and supply chain services provider APL Logistics. The company employs approximately 10,000 people worldwide including 4,000 in North, Central and South America.
“We’ve searched long and hard ever since we announced our intention to relocate in the Phoenix metropolitan area last January,” said John Bowe, President of the Americas for NOL Group and APL. “I’m pleased to say that we’ve found a new home that will meet our business objectives as well as the personal needs of our employees and their families.”

Between 300 and 400 people will be employed at the new headquarters when it’s fully staffed. About half of those jobs will be filled locally. The rest will go to employees relocating from Oakland and other offices.

“We are excited that APL has chosen Phoenix as their Americas headquarters and that they plan to add jobs in Phoenix,” said Mayor Phil Gordon. “Our city offers the best of both worlds: a thriving economy and well-educated workforce — a perfect fit for APL.”
Councilwoman Peggy Neely added: “The selection of northeast Phoenix by APL for their Americas headquarters is a huge win for the district, the city and the local job market, especially in the current economic climate. APL is a proven leader in moving and managing containerized trade and their commitment to the community and the environment will be a tremendous asset to Phoenix.”

The regional headquarters in Phoenix will coordinate the company’s shipping, terminals and logistics activities throughout the Americas. That includes everything from marine operations to intermodal transport of containers by rail and truck.

“The relocation of APL to Phoenix is a nod toward this region’s economic development strategies internationally and in California,” said Barry Broome, President and CEO of the Greater Phoenix Economic Council. “Attracting this shipping industry leader adds value to our region’s transportation and logistics hub through its global brand and quality jobs.”
Media Enquiries:
Mike Zampa
Telephone: (1) 510 272 7380
michael_zampa@apl.com

About NOL
Neptune Orient Lines (NOL) is a Singapore-based global container shipping, terminals and logistics company. Its container shipping arm, APL, provides world-class container shipping services and intermodal operations supported by leading-edge IT and e-commerce. Its Terminals unit has one of the world’s leading container terminal networks, with key gateway facilities in Asia and North America. Its logistics business, APL Logistics, provides international, end-to-end logistics services and solutions, employing the latest IT and data connectivity for maximum supply chain visibility and control. NOL Web site: www.nol.com.sg

Organization: Stirling Energy Systems Inc. Location: 4800 N. Scottsdale Road, Suite 5500, Scottsdale.

Background: SES makes the SunCatcher solar dish, which uses a mirror technology to harness the sun’s heat and generate electricity. The company touts its system’s minimal water usage compared with the water used in thermal-energy-generating technology.
Opportunities: There are 10 positions open in the Phoenix area, and the company hopes to add 30 by year’s end. Open positions range from engineering to manufacturing, supply-chain management, information technology and administration.

“Renewable energy, particularly solar, is definitely a hot industry,” spokeswoman Janette Coates said. “We’ve gone from a technology that’s been tested and has undergone lots of research and development . . . and now that technology is ready to be commercialized and go into large-scale production.”

How to apply: Go to http://stirlingenergy.com/people.htm. Applicants can sign up for alerts when new positions open up.

The scoop: Candidates need to be able to thrive in a “fast-paced environment,” Coates said. “Even though the company has been around for years now, in essence, we’re in another kind of entrepreneurial startup mode.”

Applicants should make sure to match their skills with the job description. They should research SES and show how the position could fit into their career aspirations.
Industry stats: While solar power currently comprises a tiny fraction of overall energy use, the sector is projected to continue to grow and provide more high-quality career opportunities.

That’s especially true after February’s passage of the American Reinvestment and Recovery Act. The Solar Energy Industries Association in Washington estimates the stimulus funds will create 110,000 solar-related jobs this year and next.

The state has lost 183,100 jobs since March 2008 — 135,000 of those coming from the Phoenix area. The financial sector lost 1,300 jobs statewide from February to March, while administrative and support positions fell by 5,200 and the construction industry lost 3,300.

Businesses often target support and back-office staff first in layoffs and furloughs. Phoenix-area employers have cut 30,700 support and administrative workers since March 2008, according to ADOC.

Heavy construction companies, which are poised to gain from the $787 billion stimulus spending plan, added 200 jobs in Arizona during March. Retailers added 3,700 jobs and food services gained 1,600 positions during the month as Cactus League spring training baseball helped boost service and tourism businesses during March.

The state’s economy continues to face challenges with distressed consumers, restrained lending, housing troubles and rising credit card interest rates.

Walmart, Arizona’s largest employer, plans to hire 1,300 people in Arizona this year to staff new and expanded stores and distribution facilities.
The company is hiring for a number of positions, including store management, pharmacists, human resource managers, customer service associates, cashiers and sales associates, among others.
While its growth has slowed, Walmart plans to open about 150 stores nationwide over the next year, including about a dozen in Arizona. The company is currently converting one of Phoenix Neighborhood Markets into a Latin market prototype
Walmart operates 111 stores in Arizona, among its Supercenter, Neighborhood Market, Sam’s Club, Walmart and Marketside concepts. It employs about 32,000 full- and part-time workers and ranks as the state’s largest private employer.
The 1,300 Arizona jobs are part of 22,000 people the Arkansas retailer plans to hire this year across the country.
“During this difficult economic time, we’re proud to be able to create quality jobs for thousands of Americans this year,” Walmart Vice Chairman said Eduardo Castro-Wright said.
Pay and benefits are competitive, Castro-Wright said. For more information on job openings at Walmart, contact: walmartstores.com/Careers/.

Business growth in the Greater Scottsdale Airpark area will bring another 13,000 jobs by 2020, most of them in professional, technical and financial services occupations, according to an updated economic study. The study also cited the need to redevelop older portions of the Airpark and recommended a shift toward more mixed-use developments to help keep the area competitive with other emerging job centers around the Valley. The study by Gruen Gruen + Associates updates a similar report from 1999. Despite the current recession, job growth will resume and will average roughly 2 percent per year, increasing the total number of jobs from about 42,500 in 2007 to 55,000 in 2020, according to the report. The full report and an abbreviated summary can be found at http://www.scottsdaleaz.gov/economics.asp

California-based SolFocus has expanded one of its global manufacturing sites to east Mesa and plans to quadruple its workforce by adding 150 jobs by the end of the year, officials said.
The facility, which opened two years ago near Greenfield Road and Loop 202, manufactures concentrated photovoltaic systems that use mirror optics to focus concentrated sunlight on solar cells to generate electricity
Last year the company deployed twin solar power systems on two sites in Castilla-La Mancha, Spain. The two sites generate about five megawatts of electricity for the country’s power grid.
The company is also working on a 10-megawatt system in Greece and a number of other projects that will produce 10 to 15 megawatts. A 10-megawatt system would meet the residential needs of a city of 40,000 and keep 27,000 tons of carbon dioxide from being released into the atmosphere, company officials say.
The Mesa facility with its new line of manufacturing equipment will produce about 2 million mirrors annually, which will be used in creating 30 megawatts of solar-power generation.
By 2010, the company’s goal is to produce enough equipment at the Mesa plant to generate 85 megawatts of power.
“Government bodies, utilities and large-scale commercial operations are quickly recognizing that CPV can deliver three times the efficiency of traditional solar systems with lower land use,” said Mark Crowley, president and chief executive officer of SolFocus. “With more than $150 billion of stimulus money available for clean-energy projects worldwide, competition for available product supply will be tight, so the time is to act now.”
Already Mesa has stepped up to establish itself as a solar-friendly business city.
The city has allowed SolFocus to use a water treatment facility to test some of its future products, which is saving the city about $200 a month on its electric bill.
“I think any time you have a successful business in an industry, whether it’s the microchip industry or the solar industry, certainly other (businesses) will look to see what experiences that company has. If they can come here and establish an opportunity, others will see this as a place to do business,” said Mesa Mayor Scott Smith.
Family connections also helped lure the company to come to Mesa two years ago. Jason Ellsworth, the company’s vice president and general manager of the glasswork facility, has deep roots in Mesa. His great grandfather was an early settler of Mesa and has a road named after him.
“I think the importance Jason brought is the knowledge that Arizona and Mesa is great place to do business,” Smith said.
“One of the challenges we have is selling the benefits we have besides great weather,” he added.
“The 30 megawatts of product enabled by this factory will allow us to meet the rising demand for (concentrated photovoltaic) technology,” said Mark Crowley, president and CEO of SolFocus. “Government bodies, utilities and large-scale commercial operations are quickly recognizing that CPV can deliver three times the efficiency of traditional solar systems with lower land use. With more than $150 billion of stimulus money available for clean energy projects worldwide, competition for available product supply will be tight, so the time to act is now.”
CPV technology is a form of solar power generation that uses mirrors to focus the sun’s energy onto highly efficient solar panels. Where a home-based photovoltaic system may be 10 percent to 15 percent efficient, a concentrated photovoltaic system may be 25 percent efficient.
The economic impact of SolFocus will likely be felt Valley-wide. The company relies heavily on local labor and suppliers, which represents about 50 to 60 percent of its total expenses.
Ellsworth said the company uses local contractors and builders for custom equipment for quick turnarounds.
SolFocus, Inc.510 Logue Avenue
Mountain View, CA 94043
Phone: +1.650.623.7100
Fax: +1.650.623.7101

http://www.solfocus.com/en/index.php

Arizona’s largest water park is scheduled to open in mid-June in north Phoenix with thrilling water rides and yes, shade.

Wet ‘n’ Wild Phoenix will feature 30 slides on more than 35 acres in north Phoenix.

Wet ‘n’ Wild Phoenix, owned by the Village Roadshow, a Melbourne, Australia-based business, pumped $30 million into 30 slides on 35 acres. Among the 11 individual rides is a gravity-defying water coaster called Maximum Velocity.

Though the water park opens during an economic downturn, it will hire 300 seasonal workers that include lifeguards. Park officials said Tuesday they already hired some former city of Phoenix lifeguards who were let go because eight pools closed for remodeling.

Village Roadshow Theme Parks has a job fair from 7 a.m. to 3 p.m. Saturday at Christ Church of the Valley’s Youth Building, 7007 W. Happy Valley Road in Peoria. The company is looking to fill 150 jobs, which include security, emergency medical technicians and guest and retail workers.

Although the economy is struggling, Wet ‘n’ Wild officials say they are banking on customers who plan to stay in the Valley for their summer vacations during the first season.

“We are transforming the amusement and water park landscape in the Southwest and creating the ultimate entertainment destination for families with the opening of Wet ‘n’ Wild Phoenix,” said Scott Cooper, manager of Wet ‘n’ Wild Phoenix. “The park will feature some of the world’s most incredible slides and will offer an experience unlike anything Valley residents have seen before.”

Palm tree shade structures will keep customers cool. And for a cost, the park features 18 custom-made cabanas that can be rented and include everything from private lounge chairs and ceiling fans to television and wait staff.

Village Roadshow Limited is recognized as one the largest and most diverse entertainment companies in the world. The company’s flagship water park, Wet ‘n’ Wild Water World, is located on the Gold Coast in Australia and attracts more than 1 million each year, according to the village’s press release.

Wet ‘n’ Wild Water World set the bar for other water parks, said Tim Carroll, Village Roadshow Limited’s chief marketing officer.

“With the combination of Phoenix’s great weather and our first-of-their-kind attractions that are unrivaled by anything in the Valley, we are set to duplicate the resounding success of the Australian park with our new Phoenix location,” Carroll said.

Maricopa County approved a 25-year lease with the Village Roadshow in October when the county’s lease with its previous tenant expired. The contract also allows the large business to develop 21 more acres in the future.
Water rides

• Maximum Velocity, a dueling H20 coaster, allows guests to race in tubes down two side-by-side slide tracks. The gravity-defying water coasters blast riders uphill on jetted water and over 830 feet drops and curves.

• Desert Palms Playground is an interactive ride with nine slides and more.

• Monsoon Bay is a wave pool ride with 4-foot high swells in tube or body surf for an ocean experience. The bay also features a Dive ‘n’ Movie events throughout the summer.

• Phoenix Flyers allows you to create an experience with a choice of three slides and drops down a four-story tower.

• Desert Racers takes guests headfirst on a racing mat into an enclosed tube, and then loops downhill. This 240-foot raceway launches riders from 42 feet high and down the slides at speeds of more than 20 feet-per-second.

• Tornado starts at 38 feet high in the air through a 160-foot tunnel before plummeting into a large body of water.

• Cactus Cooleris a place to relax on a tube as it floats through water.
• Serpentine Complex is two coiling slides and one super bowl. The drops and twists of the more than 320-foot slides aren’t for the faint of heart.

• Raging River is a family raft that winds over 600 feet of the river canyon walls, around sharp turns and over steep drops.

• Mammoth Falls features waterfall drops of 57 feet before the raft goes vertical, shoots up a wall, then falls back before arriving at the calm waters below.

• Soak’em Sprayground is an interactive children’s playground filled with water activities.

Source: Wet ‘n’ Wild Phoenix
Location

• 4243 W. Pinnacle Peak Road, at the Adobe Dam Recreational area on the border of Phoenix and Glendale
Source: Wet ‘n’ Wild Phoenix
Admission

• Ages 12-59, $34.99 plus tax.
• Ages 3-11, $26.99 plus tax.
• Ages 60-plus, $26.99 plus tax.
• Ages 2 and younger, free
• Parking: $5
• Early bird season passes, $59.99 plus tax.
• After park opening season passes are $69.99 per person or $64.99 when you buy four or more passes.
• Information: www.phoenixwetnwild.com or call 623-201-2000
Hours and operating schedule

• It opens mid-June through Nov. 1. It opens at 10 a.m. and closing time will vary throughout the season.