U.S. home prices were up 0.1 percent in the second quarter of 2007, compared with the first three months, while Arizona prices fell 0.29 percent during the same period, a report released Thursday showed.Overall, Arizona ranked 39th in the country in terms of price appreciation, according to the Office of Federal Housing Enterprise Oversight.The top states for price growth were Utah (15.3 percent), Wyoming (12.8 percent), Washington (9.1 percent), Montana (9.1 percent) and New Mexico (8.8 percent).Those with the biggest price declines were Nevada (-1.5 percent), Michigan (-1.4 percent), California (-1.4 percent), Massachusetts (-1.0 percent) and Rhode Island (-1.0 percent).Nationwide, prices were up 3.2 percent nationwide year-over-year. In Arizona, prices were up 2.2 percent for the period and 90.8 percent over a five-year span.

The troubled subprime mortgage market, along with growing household and corporate debt, ranked as the top short-term threat to the U.S. economy in a recent survey by the National Association for Business Economics.The mortgage concerns displaced terrorism and the Middle East, which topped the survey’s list in March, as the largest immediate danger to the economy.Some 258 association members were surveyed for the study, which was conducted from July 24 to Aug. 14. Some 20 percent listed the Middle East as their top concern in August, down from 35 percent in March. Meanwhile, 32 percent listed the subprime meltdown and debt as their largest worries.Also, 29 percent of respondents called the boom a "serious national bubble," compared with 14 percent in August 2005. The percentage citing "easier credit standards" as the top one or two reasons for the boom climbed to 64 percent from 34 percent in 2005. And 42 percent said they expect home prices to be flat over the next five years, while 41 percent project that prices will rise and 16 percent expect them to fall.

Sales of existing homes across the country slipped less than half a percent last month, as the beleaguered real estate market continued to face tightened lending standards and wary buyers.Sales fell 0.2 percent to a seasonally adjusted annual rate of 5.75 million units in July. That’s also 9 percent below July 2007 numbers.The national median home price was $228,900, down 0.6 percent from July 2006.

Nationwide, sales of new homes last month bucked the current downward trend, actually rising 2.8 percent from June.Analysts projected that sales would continue to slide in July, but the slight increase has given some hope that the housing market might be seeing initial signs of recovery.July sales were at a seasonally adjusted annual rate of 870,000, according to a U.S. Census Bureau report released this week. However, that’s still 10.2 percent below the July 2006 estimate of 969,000.The median sale price of a new house last month was $239,500.

Some 5,873 Arizona foreclosure filings — including default notices, auction sale notices and bank repossessions — were reported last month. That’s a 2.8 percent jump from June and a 189 percent spike from July 2006, according to national research firm RealtyTrac.Arizona ranked No. 8 on the company’s monthly foreclosure list with one filing for every 433 households. Nationwide, there were 179,599 filings in July, up 9 percent from June and up 93 percent from the same month a year ago. That’s a rate of one filing for every 693 households.Nevada topped the list for the seventh month in a row with one foreclosure filing for every 199 households — more than three times the national average. The top 10 also included Georgia (No. 2), Michigan (No. 3), California (No. 4), Colorado (No. 5), Ohio (No. 6), Florida (No. 7), Massachusetts (No. 9) and Indiana (No. 10).Here is the July data for Maricopa, Pima and Pinal counties.

Nationwide, building permits for homes in July were down 2.8 percent from June and down 22.6 percent from the same month last year, according to the U.S. Census Bureau.Meanwhile, not surprisingly, builder confidence continued to erode this month, as nervous potential home buyers continued to sit on the sidelines and tightened lending standards prevented others from qualifying for financing.The National Association of Home Builders/Wells Fargo Housing Market Index, which measures builder confidence, declined 2 points this month to 22. That’s the lowest level since January 1991. The index measures builder perceptions of home sales and expectations for the next six months.

Some 97 out of 149 metropolitan areas across the country showed year-over-year price gains, despit sliding home sales. Unfortunately, the Valley wasn’t one of them.In the second quarter 2007, the Valley’s median existing home price hit $264,800, down 2.7 percent from the same period last year, according to a study released Wednesday by the National Association of Realtors. However, the median was still well above the $169,400 seen in 2004.Salt Lake City, Utah saw the largest price gain from a year ago with the median rising 21.9 percent to $233,100.

When it comes to foreclosure woes, there are worse places to be than the Valley. Stockton, Calif. topped research firm RealtyTrac’s list of the top 100 metropolitan areas suffering from foreclosures with one foreclosure filing for every 27 households in the first six months of this year. That’s compared with one for every 74 households in Phoenix region, which ranked. No. 22 in the report released Tuesday.A rash of foreclosures in recent months has left vacant homes scattered throughout the Valley, especially in outlying areas, such as Queen Creek. And local experts say the troubles are likely to get worse before improving, as a rising number of homeowners fall into default. The Valley had 21,378 foreclosure filings on 11,596 properties in the first half of 2007. That’s a 139 percent spike from the same period last year.Here are the top 10 cities on RealtyTrac’s list:Stockton, Calif. (No. 1); Detroit, Mich. (No.2) ; Las Vegas, Nev. (No.3); Riverside/San Bernardino, Calif. (No.4); Sacramento, Calif. (No.5); Denver, Colo. (No.6); Miami, Fla. (No.7); Bakersfield, Calif. (No.8); Memphis, Tenn. (No.9); and Cleveland, Ohio (No.10).

The Valley’s condominium and town home market is still enjoying some popularity with seasonal visitors and young couples looking for affordable housing. But it hasn’t been enough to prevent sales from falling significantly in recent months.Condo and town home sales have consistently eroded since the spring, falling to 980 sales in July from 1,350 in March, according to Arizona State University’s Realty Studies department. That’s also down from 1,125 sales in July 2006.The slump in sales has also had a slight impact on the median price for a condo/town home, which slid to $181,000 in July from $181,250 in June.

Mortgage industry troubles are expected to dampen existing-home sales in the short term, though a modest upswing is projected for the end of the year, the National Association of Realtors reported Wednesday.The trade group is forecasting that existing-home sales will total 6.04 million this year and 6.38 million in 2008. Both numbers fall below the 6.48 million recorded in 2006. New-home sales are also down. Some 852,000 units were sold in 2007, and 848,000 sales are projected for next year. That’s below the 1.05 million sold in 2006.Still, association senior economist Lawrence Yun said he expects more buyer demand and cutbacks in new construction to draw down inventory levels, ultimately leading to future price appreciation."With the population growing, the demand for homes isn’t going away — it’s just being delayed," Yun said.The median home price is expected to drop 1.2 percent in 2007 to $219,300 before climbing 2 percent next year to $223,600.