Page 6 July 2014 By Jonathan T. Hasebe In an effort to address the growing issue of student loan debt, on June 9, 2014, President Obama signed an executive order expanding a federal program to allow an estimated five million more borrowers to take advantage of a repayment program which caps payment of a borrower’s student loans at ten percent of their income. The figures for student loan debt continue to grow more shocking every year. Of the 20 million Americans that attend college every year, nearly 70 percent take out private or federal loans to help cover those costs. According to the Federal Reserve Board of New York, there are approximately 40 million Americans that have outstanding student loans totaling more than $1 trillion in outstanding student loan debt. On average, a Class of 2014 graduate has $33,000 in student loan debt, which is more than double the amount borrowers had to pay back 20 years ago, even after adjusting for inflation. Student loan debt not only has a profound impact on the daily lives and spending habits of borrowers but on the nation’s economy as a whole. In a recent survey by the American Student Alliance, 29 percent of respondents indicated that they are putting off marriage as a result of student loans. Sixty-three percent responded that student loan debt affected their ability to make large purchases, such as a car. Seventy-three percent stated they are delaying saving for retirement or other investments in order to pay down their debt. Seventy-five percent indicated that the debt has affected their decision or ability to purchase a home. The main change in the June executive order signed by President Obama is that it allows borrowers of federal student loans who began borrowing before 2007 or stopped borrowing before 2011 to President Obama expands student loan repayment cap their repayments at 10 percent of their monthly discretionary income. The cap itself is nothing new—it was originally instituted in the Health Care and Education Reconciliation Act of 2010. However, prior to the President’s June 9 Executive Order (which will go into effect in 2015) only certain borrowers of federal student loans could take advantage of the program. For the purpose of this cap, discretionary income is determined by subtracting 150 percent of the poverty level from an individual’s total income. In 2014, the poverty level for a single person is $11,670. So, the payments for a graduate living alone would be capped at 10 percent of any income above $17,505. While the expansion of the repayment program may be helpful in providing relief to some borrowers, questions remain about the systemic issues surrounding the student loan debt problem. Most importantly, the repayment plan does not address the rising cost of college tuition in this country which continues to outstrip inflation. Further, by capping repayment amounts, borrowers will be paying less on a monthly basis, but could be paying more over the long-term. Additionally, how will the cost of the program expansion be funded? Finally, will action be taken by Congress to address the ability of borrowers to refinance private loans into federal student loans? Jonathan Hasebe is an associate at Gallagher & Kennedy. He practices in the areas of both general commercial litigation and transactional law. For more information about Mr. Hasebe, please visit www.gknet. com/attorneys/jonathanhasebe. Comprehensive Remodeling & Handyman Services 480.699.5835 www.valleyviewsp.com Improve Your Living Space... LICENSED CONTRACTOR • FAMILY OWNED • CREDIT CARDS ACCEPTED  QUALITY  INTEGRITY  SERVICE  Follow us on What’s Happening, Arcadia? Downtown Dinner & Hollywood Costume Tour Pizza People Pub 1326 N. Central Ave. July 2 – 6 p.m. – 8 p.m. After tasting your way through Pizza People Pub’s menu, you will head to the Phoenix Art Museum for a special tour of the Hollywood Costume Exhibit, showing over 100 costumes from Hollywood films over the past century. localfirstaz.com/independents-week/ events.php Independents Week Pub Crawl Phoenix Public Market Cafe 14 E. Pierce St. July 3 – 8 p.m. Join in the spirit with spirits and celebrate Arizona’s “independents” with a pub crawl of Phoenix’s Roosevelt Row on July 3rd. Participating bars are Short Leash Hot Dogs, Carly’s Bistro, FilmBar, Bliss/ReBar and D’Local. Each bar will have a $4 drink special and attendees will be assigned challenges for prizes. localfirstaz.com/independents-week/ events.php Light Up the Sky Celebration Maryvale Baseball Park 3600 N. 51st Ave. July 3 – 6:30 p.m.-9:30 p.m. Families are welcome to Maryvale Baseball Park to celebrate the Fourth with their community. There will be games for kids, events and a fireworks finale. phoenix.gov/parks/index.html Arcadia 4th of July Parade 60th Street and Calle Tuberia July 4 – 8 a.m.-9 a.m. Join Arcadia in celebration of the 4th as it puts on its annual parade once again. Rain or shine, the community plans to honor its country, troops, community and families! arcadiaparade.com/parade_info/ about.htm Fabulous Phoenix Fourth Steele Indian School Park 300 E. Indian School Rd. July 4 – 6 p.m.-9 p.m. The Phoenix Parks and Recreation Department hosts fun events for families and friends to celebrate Independence Day. phoenix.gov/parks/fabphx4.html Build a Bug House The Home Depot 3609 E. Thomas Rd. July 5 – 9 a.m. – 12 p.m. Come learn how to build bug house at The Home Depot’s monthly, first Saturday kids’ workshop for children ages 5 – 12. The children keep their craft, receive a certificate of achievement, a workshop apron, and a commemorative pin, while supplies last. Pre-register online. workshops.homedepot.com/ workshops/kids-workshops For The People Presents American Made Biltmore Fashion Park 2502 E. Camelback Rd. July 6–July 15 Meet Local Artists July 6 – 12 p.m.-2 p.m. Celebrate craftsmanship and creativity while enjoying designs from local and national artists. shopbiltmore.com/events Friday Night Movies Madison Improvement Club 3802 E. Indian School Rd. July 11 – 7:30 p.m. – 9:30 p.m. A six-week Friday night movie series begins July 11, starting with Ferris Bueller. themadisonphoenix.com Night Golf Palo Verde Golf Course 6215 N. 15th Ave. July 12 – 7 p.m.-9:30 p.m. Golfers can show off their skills on glow stick-lined courses. Sign up for a private event or a fundraiser. phoenix.gov/recreation/rec/ facilities/golf/golfcourses/ paloverde9 Scottsdale Civil War Round Table Civic Center Library Scottsdale July 15 – 6:40 p.m. Join the Round Table to listen to Civil War experts from around the country, as they speak about battlefield preservation and other topics. downtownscottsdale.com/events Home and Garden Show University of Phoenix Stadium 1 Cardinals Dr., Glendale July 18 – 20 The largest locally produced home show, is returning to the valley. maricopacountyhomeshows.com Winter in July Phoenix Zoo 455 N. Galvin Parkway July 19 – 7 a.m.-11 a.m. Kids of all ages can cool off with the animals at the Phoenix Zoo with water play, large snow piles and frozen treats. phoenixzoo.org/event-items/4th-zoo-ly Teacher’s Preview Day Musical Instrument Museum July 19, 27 – 12 p.m.-3 p.m. Free for Arizona K-12 educators, administrators, principals, registered student teachers and homeschool educators. Enjoy refreshments, a live musical performance, gallery tours and school tour presentations. mim.org/exhibits/all-events J U L Y 2 0 1 4 E V E N T S Continued on page 46

2014 Tavan School District Sales Results (1/1/2014- 5/31/2014) Active Homes - 82 Homes Homes Sold - 82 Homes Average Sale Price - $440,143 Average Sold $ Per SF - $205 Average Days On Market - 72 days • There is currently 4 months of home inventory (based on 2013 sales results) • 2014 home sales have decreased 8% this year. (based on 2013 sales results) • Home prices have increased 8% this year. (based on 2013 sales results) • $ Per Square Foot prices have increased 7% this year. (based on 2013 sales results) • Homes are taking 8% more time to sell this year. (based on 2013 sales results) 2013 Tavan School District Year End Sales Results Homes Sold - 217 Homes Average Sale Price - $403,875 Average Sold $ Per SF - $189 Average Days On Market -66 Days 2012 Tavan School District Year End Sales Results Homes Sold - 207 Homes Average Sale Price - $326,316 Average Sold $ Per SF - $158 Average Days On Market -66 Days 2011 Tavan School District Year End Sales Results Homes Sold - 203 Homes Average Sale Price - $265,505 Average Sold $ Per SF - $128 Average Days On Market -102 Days 2010 Tavan School District Year End Sales Results Homes Sold - 145 Homes Average Sale Price - $294,278 Average Sold $ Per SF - $142 Average Days On Market -140 Days Arcadia Real Estate Stats 2014 Hopi School District Sales Results (1/1/2014- 5/31/2014) Active Homes - 177 homes Homes Sold - 91 homes Average Sale Price - $898,866 Average Sold $ Per SF - $277 Average Days On Market - 107 days • There is currently 7 months of home inventory (based on 2013 sales results) • 2014 home sales have decreased 28% this year. (based on 2013 sales results) • Home prices have increased 5% this year. (based on 2013 sales results) • $ Per Square Foot prices have increased 5% this year. (based on 2013 sales results) • Homes are taking 17% more time to sell this year. (based on 2013 sales results) 2013 Hopi School District Year End Sales Results Homes Sold - 305 Homes Average Sale Price - $845,430 Average Sold $ Per SF - $262 Average Days On Market -88 Days 2012 Hopi School District Year End Sales Results Homes Sold - 282 Homes Average Sale Price - $777,607 Average Sold $ Per SF - $235 Average Days On Market -102 Days 2011 Hopi School District Year End Sales Results Homes Sold - 238 Homes Average Sale Price - $635,344 Average Sold $ Per SF - $197 Average Days On Market -124 Days 2010 Hopi School District Year End Sales Results Homes Sold - 202 Homes Average Sale Price - $670,142 Average Sold $ Per SF - $200 Average Days On Market -156 Days If you are buying or selling a home in Arcadia, call Tommy! 4426 E. Clarendon • $430,000 3 bedroom / 2 bath • 1,833 square feet Arcadia Ranch 3122 N 40th Street • $210,000 3 bedroom / 1 bathroom • 1,212 square feet 13,471 sf subdividable lot visit Tommy Atkinson .com Free MLS Access • Complete list of ALL Hopi properties for sale • Complete List of ALL Tavan properties for sale • Complete list of ALL Arcadia foreclosures 5625 E Exeter • $2,200,000 5 bedroom / 5 bathroom • 5,400 square feet Charming Exeter Ranch 6243 E Monterosa • $1,995,000 6 bedroom / 4 bath • 4,593 square feet Charming Arcadia Ranch 6333 E Lafayette • $995,000 4 bedroom / 4 bath • 3,827 square feet Charming Lafayette Ranch I have several buyers looking for houses in Arcadia. If you don’t want to list your house but would consider selling, please call me. Call today about my fl exible commission plan geared to Save You Money! 5219 N Kasba Circle • $2,200,000 6 bedroom / 6 bathroom • 6,550 square feet Casa Blanca Estates Charming Lafayette Ranch Charming Lafayette Ranch Charming Lafayette Ranch Charming Lafayette Ranch PENDING 2536 N 57th street • $499,000 3 bedroom / 2 bath • 1,491 square feet 17,712 square foot lot