News Ticker

COVID-19 News Round-up for April 28

Credit: AZ Big Media

Policy & Stimulus News 

Congress OKs New $484B Stimulus, Relief Package 

The House approved a nearly half-trillion-dollar emergency bill that provides more funds for struggling hospitals and will rescue a small business loan program that was quickly depleted by companies impacted by the coronavirus pandemic. The measure, which passed 388-5, will now head to President Donald Trump for his signature. (Source: AZCentral) 

ADOT Seeks $37M in Rural Transit Relief Funds 

To help rural transit providers that have seen drops in ridership and revenues due to the current public health situation, the Arizona Department of Transportation has submitted a grant application to make $35.7M in emergency federal funding available for operating expenses and other pressing needs. (Source: Arizona Department of Transportation) 

Ducey: Reopening Will be Gradual 

Governor Doug Ducey announced an executive order that would allow the resumption of elective surgeries at Arizona hospitals and health care facilities starting on May 1st. Ducey characterized the order as a first step toward an incremental reopening of the state’s economy. (Source: Phoenix Business Journal) 

Chambers Alliance Advises Governor on Reopening 

The East Valley Chambers of Commerce Alliance forwarded a memo to Arizona Governor Doug Ducey in response to his request suggestions on guidelines of what the landscape will look like as the economy re-opens. The suggestions were vetted through eight East Valley chambers of commerce representing more than 5,000 members. (Source: Independent Newsmedia) 

Economic News 

Crisis Slows Homebuyer Demand 

Nervous about potential pay cuts, furloughs and unemployment, homebuyers are hitting the pause button when it comes to buying a new home. Demand for homes has plummeted with the stay-in-place mandate in effect, said Jim Belfiore, founder of Belfiore Real Estate Consulting. At the same time, home prices have risen during the past 30 days, he said. (Source: Phoenix Business Journal) 

Crisis Wreaks Havoc on CRE Metrics 

The COVID-19 crisis’ rapidly changing policies and procedures — and industry and consumer reactions to them — are making real-time assessment and metrics analysis difficult across the commercial real estate landscape. (Source: Independent Newsmedia) 

Tucson Housing Impacts Mirror Phoenix 

The Tucson housing market is experiencing the same dynamics of Phoenix and other cities with COVID-19 putting the brakes on healthy sales numbers. New home sales figures for the Tucson metropolitan area from mid-January to mid-March were up 10 percent compared to a year ago, according to Belfiore Real Estate Consulting. (Source: Rose Law Group Reporter) 

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