Goodyear annexing land south of Estrellas for Madeira development, an article from The Arizona Republic, reports that Goodyear is annexing 2,052 acres south of the Estrella Mountains.  The Goodyear City Council recently approved the annexation and is expected to become official in January.  Plans for the project, called Madeira, include two elementary schools, a public safety facility, an aquatics center and a community center.  Some of the land planned to be used for Madeira is already in Goodyear.  Total acreage for Madeira will be 2,363 acres. 
http://www.azcentral.com/community/swvalley/articles/1213swv-annex1214.html
 
 
Mortgage applications rise, an article from CNNMoney.com, reports that according to the Mortgage Bankers Association's weekly application survey, mortgage application volume increased 2.5% for the week ending December 7.  The MBA's weekly application index rose from 791.8 the previous week to 811.8.  Purchase volume grew 1.7%, while refinance volume increased 4.3%.  The survey covers about 50% of all residential retail mortgage originations each week and provides a picture of mortgage lending activity among mortgage bankers, commercial banks and thrifts.
http://money.cnn.com/2007/12/12/real_estate/bc.apfn.mortgage.applications.ap/index.htm?postversion=2007121208
 
Mortgage-Relief Legislation Advances In Congress, an article from RealEstateJournal.com, reports that a piece of housing legislation that would give bankruptcy-court judges more flexibility to alter the terms of certain mortgages has been agreed upon by several House Judiciary Committee members.  Rep. Brad Miller, one of the creators of the bill, said the full House of Representatives won't vote on it until next year.  Under the agreement, this bankruptcy-law change would expire seven years after the bill is enacted, and would give bankruptcy judges only the authority to alter the terms of subprime and nontraditional mortgage products originated between 2000 and 2007.  Another bill in the works is one that would let the Housing and Urban Development Department's Federal Housing Administration help more struggling borrowers. 
http://www.realestatejournal.com/buysell/mortgages/20071213-efrati.html