The Dow Jones industrial average slipped 40.39 points, or 0.3%, to 15,636.55. Standard & Poor’s 500 index fell 3.18 points, or 0.2%, to 1,722.34. The NASDAQ composite index rose 5.74 points, or 0.2%, to 3,789.38.

The rebound in the U.S. Dollar knocked the Canadian Loonie out, the $1 Canadian coin, fell 0.4 percentage point to $1.0265 CDN per U.S. dollar at 5 p.m. in Toronto on Thursday, after earlier touching $1.0182 CDN, the strongest since June 19. In other words, one loonie buys 97.41 U.S. cents. The currency’s 200-day moving average was $1.0212 CDN.

US 30-year mortgage rate dipped to 4.50%
Average U.S. rates on fixed mortgages declined this week amid signs the economic recovery slowing. Mortgage buyer Freddie Mac said Thursday that the average rate on the 30-year loan fell to 4.50% from 4.57% last week. The average on the 15-year fixed mortgage dipped to 3.54% from 3.59% last week.

Measure of US economy’s health up 0.7%
The Conference Board said Thursday that its index of leading indicators increased 0.7% in August from July. That followed a 0.5% gain in July from June. The index is designed to signal economic conditions over the next three to six months. A gauge of the U.S. economy’s future health posted a solid gain in August, signaling stronger growth in coming months. Factories also grew busier in the Mid-Atlantic region this month, underscoring recent signs of gathering economic momentum that’s likely to keep traders speculating about the timing of the Fed taper and all of us debating it.

US home sales hit 6 1/2-year high although apprehensively
The National Association of Realtors said Thursday that U.S. home resales surged in August to a 6-1/2-year high. U.S. home sales rose last month to the highest level since February 2007, as buyers rushed to close deals before mortgage rates rose. Yet the gain could represent a temporary peak warns N.A.R., if higher rates slow sales in coming months. Sales of previously occupied homes rose 1.7% to a seasonally adjusted annual rate of 5.48 million in August, a level consistent with a healthy market.

US unemployment benefit applications rose to 309,000 maybe
The US Labor Department reported Thursday that the number of people seeking unemployment benefits rose 15,000 last week to a seasonally adjusted 309,000. But the data was distorted for the second straight week by reporting delays. The Labor Department says the less volatile four-week average fell 7,000 to 314,750, the lowest in six years. Applications plummeted two weeks ago when California and Nevada were unable to report all their data because of computer upgrades being done in both states.

Whale of a deal for JPMorgan to admit fault and pay $920 million in trading loss
JPMorgan Chase & Co. will pay $920 million total fine for trading losses of $6 billion that shook the financial world last year. But perhaps the bigger shock is a few words rarely uttered in settlements with U.S. regulators: The nation’s largest bank admitted “wrongdoing” revolving around failure of oversight to more than $6 billion. Last month two traders were charged with covering up the losses. The U.K. trader who placed the bad bets, became known as the “London Whale” because of his large “whale-size” trades.

US current account deficit drops to $98.9 billion
The US Commerce Department reported Thursday that the U.S. current account trade deficit narrowed in the April-June quarter to the lowest level in nearly three years. The imbalance fell to $98.9 billion in the second quarter, a drop of 5.7% from the first quarter deficit of $104.9 billion. The spring deficit was the lowest since a $93.8 billion imbalance in the third quarter of 2009, a period when the Great Recession had cut into demand for foreign goods.

Last but not least, Here’s the truth: The government won’t really shut down
Here’s the truth about a government “shutdown” ask anyone, I’ve checked with many sources. The government doesn’t just shut down. So the world won’t end if a dysfunctional Washington can’t find a way to pass a funding bill before the new budget year begins on Oct. 1. Social Security checks will still go out. Troops will remain at their posts. Doctors and hospitals will get their Medicare and Medicaid reimbursements. In fact, virtually every essential government agency, like the FBI, the Border Patrol and the Coast Guard, will remain open. Furloughed federal workers probably would get paid, eventually. TSA officers would continue to man airport checkpoints. But lurking around the corner is far bigger danger: Sometime in late October or early November the government could run out of cash. The U.S. government would be unable to pay all of its bills in full and on time for the first time in history, if it couldn’t borrow more money.

The following sales were compiled from public records of closings in August for the Central, Northeast, Eastern and South submarkets. They have not been confirmed and are published for informational purposes only. These smaller multifamily sales represent an aggregate of $2.25 million for 54-units in 13 transactions in the month of August, 2013.

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[mepr-show rules=”58038″]EAST SUBMARKET
11-Units at 947 N Alvernon Way, Tucson, AZ 85711 sold for $325,000 ($29,545 per unit). The seller was Robert & June Logan of the Logan Family Trust, the buyer was AJAR Investing, LLC (Alan & JoAnne Simmons). The 5,930 sq. ft. building (built 1947) is on a .77 acre lot. Al Gould and Peter Canacakos of Long Realty represented the seller and Robert Grant of Keller Williams represented the buyer.

CENTRAL SUBMARKET
A duplex at 3314-3316 E Presidio Road, Tucson, AZ 85716 sold for $88,000 ($44,000 per unit). The seller, Tucson Acquisition and Development Corporation (Jeffrey Utsch) of Tucson sold to Roxy Properties of Los Angeles (Michael Morris). The 1,560 sq. ft building (built 1979) has two two-bedroom units is on a .15 acre lot. The seller is a licensed real estate broker.

Tucson Acquisition and Development also sold 10-units at 427-441 E Delano, Tucson AZ 85705 for $178,000 to Delano Investments of Tucson (Brett Josephson). The 6,042 sq. ft. in nine buildings (built 1976) is on a .66 acre lot.

A duplex at 1702 E 10th Street and 40 N Warren Street, Tucson, AZ 85719 sold for $169,800 ($84,900 per unit). The seller was the Peggy A Hughes Trust of Tucson and the investor, Jaylon Reynolds of Tucson. The 1,448 sq. ft. building (built 1946) on a .17 acre lot. The two units were each one-bedroom and rented at time of sale, with no vacancies since 1999. Teresa Robison of Long Realty represented the seller and Danny Roth of Keller William of Southern Arizona represented the buyer.

A duplex at 534 E 2nd Street in Tucson, AZ 85705 sold for $285,000 ($142,500 per unit). Seller was William and Roberta Weiss of Tucson and the investor is Jeffrey Scott Willson of Tucson. The 1,825 sq. ft. building (built 1914) has two two-bedroom units and is on a .24 acre lot.

3-units at 110 W 21st Street, Tucson, AZ 85701 sold for $282,500 ($94,167 per unit). The seller was Raima Chaimers of Tucson and the buyer, Linda Benyak of Tucson. The 3-units are in three separate casitas (built 1929-1943) and total 1,734 sq. ft. on a .14 acre lot.

A duplex at 1150 & 1152 E Haven Lane, Tucson, AZ 85719 sold for $111,886 ($55,943 per unit). The seller was Cherry Lane Properties (Mary Wilson) of Tucson and the buyer, Grizzly Properties (Eric Freeman). The 2,120 sq. ft. building (built 1973) sits on a .21 acre lot.

A duplex at 3202 E Lee Street, Tucson, AZ 85716 sold for $105,000 ($52,500 per unit). The seller was Austin Horan of Tucson and the buyer Billie Kay Gearin of Tucson. The 1,394 sq. ft. building (built 1952) is on a .18 acre lot. The two units were two-bedrooms. Dave Eazer of Keller Williams of Southern Arizona was the listing agent and Peggy Gay of Long Realty represented the buyer.

4-units at 205 W Laguna Street, Tucson, AZ 85705 sold for $141,730 ($35,433 per unit). The seller was Wildcat Equities, LLC of Tucson (Brandon Matheson) and the buyer. Terek Khaled of Staten Island, NY. The four units were one-bedrooms in two buildings totaling 1,643 sq. ft. on a .25 acre lot. The property prior sale was on 1/24/2013 in “as is” condition for $49,900. Lou Parrish of Keller Williams of Southern Arizona represented the seller and Lisa Larkin of Re/Max Trends represented the buyer.

4-units at 3735-3745 E Fairmount Street, Tucson, AZ 85716 sold for $150,000 ($37,500 per unit). The sale was an estate sale, heirs of the Estate of Jon Kouba and the buyer Gary and Susan Sharp of Oro Valley. The 2,373 sq. ft. in three buildings was effectively built in 1959 on a .41 acre lot.

NORTHEAST SUBMARKET
4-units at 4159 E Desert Place, Tucson, AZ 85712 sold for $165,000 ($41,250 per unit). The seller was Lee Thorn of Tucson and the buyer Rio Flores of Tucson (William Wissler, et al). The 3,072 sq. ft. building (built 1972) is on a .28 acre lot. James Robertson of Realty Executives Tucson Elite represented the buyer and the seller in the transaction.

4-units at 1623-1629 N Santa Rosa Ave, Tucson, AZ 85712 sold for $300,000 ($75,000 per unit). The seller was Gordon and Sonia Vernon Revocable Trust and the buyer, BWI Anklam, LLC of Tucson (James Baker). The 4,590 sq. ft. building (built 1968) is on a .33 acre lot.

SOUTH SUBMARKET
A duplex at 4325 S 7th Avenue, Tucson, AZ 85714 sold for $37,500 ($18,750 per unit) in an online auction sale. The seller was lender, Nationstar Mortgage, LLC of Lewisville, TX and the buyer Juan Alvarez of Tucson. The 1,386 sq. ft. building (built 1952) was vacant when it sold and is on a .11 acre lot. Bridgett Baldwin of Prudential Arizona Properties represented the seller and Auction. Com represented the buyer.

4-units sold at 113-119 E Aviation Dr, Tucson, AZ 85714 for $60,000 ($15,000 per unit). The seller was Francisco & Artemisa Lopez of Tucson and the buyer Gilbert & Mary Robles. The two duplexes total 2,076 sq. ft. (built 1950) on a .30 acre lot.
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(947 N Alvernon Way Sale date: 8/9/2013. Escrow time 30 days, market time 60 days. Down Payment was $117,982 and loan assumption of existing loan. GSI was $63,708 plus other income of $500. Adjusted gross income totaled $64,208. Total operating expense was $36,400. Property sold with an NOI of $27,808 and an 8.56% cap rate. Unit mix was 7 studios ($450 rent), 3 one-bedrooms ($475 rent), and 1 two-bedroom ($795 rent).)

(3314-3316 E Presidio Road Sale date: 8/7/2013. Documents show the transaction was all-cash. APN: 111-05-142H and 427-441 E Delano Sale date: 8/6/2013. Documents showed zero down and buyer assumed existing loan. APN: 107-11-0260)

(1702 E 10th Street and 40 N Warren Street Sale date: 8/29/2013. Escrow time was 30 days. Down payment was $33,960 financed conventionally. Property sold with a GSI of $14,400 and operating expenses of $7,354. Property sold at an 4.15% cap rate and an NOI of $7,046.)

(534 E 2nd Street Sale date: 8/7/2013. Down payment: $140,000. APN: 117-03-0190)

(110 W 21st Street, Sale date: 8/21/2013. All cash deal. APN: 117-09-0640)

(1150 & 1152 E Haven Lane Sale date: 8/14/2013. Unable to determine down payment, documents show zero down. APN: 113-04-042K)

(3202 E Lee Street Sale date was 8/8/2013. Escrow time was 75 days. The GSI was $12,000 and a $600 vacancy loss reported. Total operating expenses were $5,632. Property sold with a 5.49% cap rate and a $5,768 NOI.)

(205 W Laguna Street Sale date: 8/22/2013. Down payment was $35,433, balance financed conventionally. GSI was $22,020, expenses of $1,127 were reported, property sold with an NOI of $20,893 and a 14.74 cap rate. APN: 107-12-1920. R-3 zoning.)

(4159 E Desert Place Sale date: 8/19/2013. Escrow time was about 30 days. All cash deal. GSI was $27,312 with $2,731 vacancy loss reported. Total operating expenses of $9,221. Property sold with an NOI of $15,360 and a 9.31% cap rate. APN: 110-07-3320. R-2 zoning)

(1623-1629 N Santa Rosa Ave Sale date: 8/23/2013. Zero shown down, conventional financing. APN: 121-11-1950)

(4325 S 7th Avenue Sale date: 8/16/2013. All cash deal. APN: 120-07-459A)

(113-119 E Aviation Dr Sale date: 8/19/2013. All cash deal. APN: 120-06-3340)

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Occidental Fire & Casualty Company of North Carolina, a wholly owned subsidiary of IAT-Re Group, an insurance holding company has leased space at Canyon Village in Scottsdale. The company signed a 7-year lease for 18,100-square-feet in Building B at Canyon Village, 18867 N Thompson Peak Pkwy in Scottsdale. The new lease offers IAT an upgraded facility opportunity to grow compared with their previous space.

Occidental Fire & Casualty Company specializes in providing personal automobile insurance to customers through a variety of networks.

Mike McQuaid and Chris Krewson, principals with Lee & Associates in Phoenix represented IAT in the transaction. McQuaid has represented IAT for over 15-years in the Phoenix market. Brad Anderson, Mike Strittmatter and Bryan Taute of CBRE in Phoenix represented the lessor DMB Associates.

Developed and owned by DMB, The Canyon Village property is comprised of four buildings situated on 5.6 acres at the northeast corner of Union Hills Dr. and Thompson Peak Pkwy. The property features mixed-use amenities such as retail and restaurants and an adjacent park. Building B selected by Occidental Fire & Casualty features 29,139- square feet and was built in 2008.

Lee & Associates’ McQuaid and Crewson can be reached at (602) 956-7777.  The CBRE team of Anderson, Strittmatter and Taute can be contacted (602) 735-5558.