Arizona Real Estate News

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Leadership changes taking place at Banner Health2/14/2012 5:48 PM
A little game of executive musical chairs has broken out at Banner Health, the state’s largest health system. A new position has been created for Pam Nenaber, who has been serving as CEO of Banner Gateway/Banner MD Anderson Cancer Center. She now is chief operating officer of Banner Medical Group. As a result of her new position, Todd Werner, who became CEO at Banner Desert Medical Center in Mesa nearly four years ago, will take her place as CEO at Banner Gateway Medical Center/Banner MD Anderson Cancer Center in Gilbert...
Associated Builders and Contractors event set for Phoenix2/14/2012 5:32 PM
The annual convention of the Associated Builders and Contractors Inc., scheduled for next week, is expected to draw several hundred people from across the country to hear national speakers, including Fox News Channel’s Neil Cavuto and Pulitzer Prize-winning columnist Charles Krauthammer. Other keynote speakers are mobile and wireless thought leader Tomi Ahonen and economists Barry Asmus and Anirban Basu. ABC has about 100 member companies in Arizona and dozens of them are expected to attend, according to local Executive Director Mark Minter...
Slideshow: Arizona celebrates 100 years2/14/2012 3:58 PM
Celebrations took place across the state today to mark Arizona's Centennial. Phoenix Business Journal Photo Editor Jim Poulin was at the state Capitol today to capture the action. The slideshow of photos to the right will give you a glimpse of the festivities surrounding Arizona's 100th birthday on Feb. 14, 2012. It also includes images of Centennial-themed beautification projects that have been made in Phoenix over the past year. To see the 12 events that helped shape business in Arizona over the past 100 years, click here...
Bemis resigning from ARMLS to join Zillow2/14/2012 3:54 PM
Bob Bemis, CEO of the Arizona Regional Multiple Listing Service, has resigned to join Zillow Inc. in Seattle. He will become vice president of partner relations for the Internet real estate marketplace. “I’m always up for a challenge,” Bemis said. The opportunity to work for Zillow took root when Bemis met Zillow CEO Spencer Rascoff at the National Association of Realtors conference last fall. The conversation continued at an Inman News conference in New York in January. Bemis, a seasoned veteran with several multiple listing services across the country, will build relationships between the online powerhouse and the traditional real estate community...
Parchment raises $6M to expand education credential storage business2/14/2012 3:46 PM
Parchment Inc. has secured $6 million in venture capital funding to help double its employee base and expand its business of providing electronic transfer of records and educational transcripts between students and the colleges to which they are applying. The Scottsdale-based business received the money from Salmon River Capital LLC; Novak Biddle Venture Partners; Michael Chasen, president and CEO of Blackboard Inc.; and previous investors. A breakdown of each group’s investment was not released...
Slideshow: 12 events that shaped Arizona Business 2/14/2012 2:57 PM
So many factors have affected the business direction in Arizona during the past 100 years, it’s truly hard to narrow down a list. Fortunately, we at the Phoenix Business Journal spent much of the past year compiling such lists for four special sections in anticipation of the state’s centennial — because, after all, you only turn 100 once. So here’s a look at some of the events that helped shape the state. In fact several of these date back before statehood. For the slideshow of events, click the image above...
Obama budget includes $20M for Mesa light rail extension2/14/2012 2:12 PM
President Barack Obama’s proposed budget for fiscal year 2013 includes an additional $20 million to build the 3.1-mile light rail extension in downtown Mesa. “This project is positively progressing through the federal funding pipeline,” said Metro CEO Steve Banta. “This is no small accomplishment considering the economy, and it indicates that we have a very strong project in Mesa. We appreciate the continued support of our partners at the FTA.” The Federal Transit Administration has already funded $35...
Unicorn Media working to easily deliver content to mobile2/14/2012 1:33 PM
Arizona is full of cool startups, and I am going to write about them all, in no particular order, and without judgment. The ones you will read about here are not necessarily the “hot” ones or the funded ones. They are the ones that start and grow in Arizona because of the excellence of their concepts, their business models, or their founders. For instance, I bet you have never heard about Unicorn Media. It has been operating in “stealth mode” for a couple of years, seeded by its founder, Bill Rinehart, who used to be CEO of Limelight (NASDAQ: LLNW), another Arizona company that operated under the radar for years until it raised some money from Goldman Sachs and finally went public...
BlackRock, Fidelity investing in ON Semiconductor, Insight Enterprises2/14/2012 1:06 PM
BlackRock and Fidelity are upping their interest in two Arizona companies, On Semiconductor and Insight Enterprises, albeit through different means. In filings submitted to the U.S. Securities and Exchange Commission, ON Semiconductor (Nasdaq: ONNN) reported that New York-based investment firm BlackRock Inc. had upped its ownership of ON stock to 6.36 percent of all outstanding shares. Fidelity Management & Research Co., a subsidiary of FMR LLC, also upped its ownership of ON stock from about 12...
Arizona birthday wishes to Mr. Carrier2/14/2012 12:59 PM
Today is Arizona’s 100th birthday, and we’ve heard plenty on who the most important historical figures have been in Arizona’s history over the last century and pre-statehood. Names like Barry Goldwater, Sandra Day O’Connor, Wyatt Earp, Geronimo, Dell Webb, William Rehnquist and Frank Lloyd Wright come to mind. But contemporary Arizona probably wouldn’t be what is today without Willis Haviland Carrier. Carrier was an upstate New Yorker who is credited with inventing modern air conditioning...

 Real Estate and Growth - CatherineReagor's Blog - azcentral.com

Ariz. legislation to help underwater homeowners re-introduced2/14/2012 1:04 PM
Legislation to launch a program allowing Arizona homeowners, underwater on their mortgages reduce their interest rates and monthly payments, has been re-introduced.
Formerly known as Senate Bill 1039, the new legislation is SB 1451. It’s ardently backed by Sen. Michelle Reagan, R-Scottsdale, and passed the Senate’s Committee on Banking and Insurance earlier this week.
Reagan’s program stalled last year in the Arizona Housing Commerce Committee. Then the senator said she wasn’t giving up because “too many Arizona homeowners are doing the right thing and paying their mortgage when they owe so much more than their house is worth.”
The new bill creates the Arizona ...

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Home prices climb in Phoenix2/10/2012 11:18 AM
Metro Phoenix’s median existing home price climbed again in January to $121,500, according to the Information Market.
 The region’s home values ended the year on a high note when the median climbed to $120,000 after falling to $112,000 last August.
The recent increases come after a triple dip for the region's home values. But many housing market analysts are confident metro Phoenix is past the market's bottom and should keep slowly improving.
I'll keep tracking the numbers... ...

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Arizona to get $1.6 billion from natl. lender settlement, $10 million from BofA lawsuit2/9/2012 10:51 AM
Arizona will receive $1.6 billion of the $26 billion settlement over bad foreclosure practices that government officials reached with the nation’s biggest lenders today.
Separately, the state will receive $10 million from Bank of America to settle its  lawsuit over alleged mortgage fraud the Arizona Attorney General filed against the lender in December 2010. The settlement of that lawsuit, reached late last night, had to happen for Arizona to participate in the national settlement. BofA is also part of the nationwide settlement.
The $26 million deal is the largest industry settlement since the multistate tobacco deal reached in 1998.
The money will ...

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Deal with AZ Attorney General and B of A could be worked out by Thursday2/8/2012 3:30 PM
Attorney General Tom Horne expects to settle the state's mortgage-fraud lawsuit with Bank of America this week, paving the way for Arizona to join more than 40 other states in a proposed $25 billion settlement with the nation's biggest lenders.
The national deal would settle allegations of bad foreclosure practices by the banks that cost thousands of borrowers their homes.
"We expect to settle with BofA in the next day or two so we can then join the national settlement," Horne said. ...

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Phoenix foreclosure fall2/2/2012 1:12 PM
New data shows the number Phoenix-area homes taken back by lenders fell to its lowest level in January since early 2008.
Last month, there were 2,263 foreclosures, or trustee sales, in the region, according to the Information Market. Pre-foreclosures, also known as notice of trustee sales, fell to 2,932, the lowest level since the summer of 2007.

  ...

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Obama announces more details on refinancing for underwater homeowners2/1/2012 12:48 PM
The much-anticipated details of a sweeping plan to help nearly 15 million Americans  underwater on their mortgages refinance to lower rates were announced this morning by President Barack Obama during a speech in Falls Church, Virg.
The plan, first mentioned in one of the president’s speech last October, would be broadened to include not only homeowners with Fannie Mae and Freddie Mac mortgagesd, but also 3.5 million homeowners with privately-held home loans.
However, for the plan to apply to borrowers with privately held mortgages, Congresss would have to approve new legislation proposed by the president today.
Many metro Phoenix homeowners have already started to ...

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Can Obama's plan to help homeowners with private mortgages work? 1/25/2012 2:29 PM
In President Barack Obama’s State of the Union last night, he vowed to keep the “American dream” alive.
His plan includes legislation that would extend the expanded HARP refinancing program to homeowners with private loans.
 Currently only underwater homeowners with mortgages backed by government-owned Fannie and Freddie Mac are eligible. To qualify, it doesn’t matter how much homeowners are underwater, but they can’t have missed more than one payment.
In Arizona, where nearly 50 percent of homeowners are underwater, I have received calls and emails from several people with private mortgages upset they don’t qualify for the government’s refinancing plan.
The federal government ...

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Some investors eligible for HARP 2 refinancing1/23/2012 12:11 PM
 Fannie Mae and Freddie Mac are changing the rules in a way doing something that could make metro Phoenix’s many home investors very happy.
The new program that allows homeowners with mortgages held by those government-owned mortgage giants to refinance, no matter how underwater they are, now will include investors. When the expanded Home Affordable Refinancing Program, or HARP, was  announced in October, investors weren’t going to be to be included.
But then federal officials realized that many people who don’t live in a home they own are accidental investors. They can’t sell because they owe much more on their mortgage than their house is ...

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December best month of 2011 for new home sales in Phoenix1/20/2012 10:38 AM
New-home sales across the Phoenix area in 2011 hit their highest level at the end of the year, according to the “Phoenix Housing Market Letter.”
In December 855, new homes sold. That’s nearly double the monthly rate in Phoenix for most of 2011. It could be that the supply of foreclosure- and resale homes is at a seven-year low, or the near-record low interest rates.
RL Brown and Greg Burger, publishers of the report, are presenting their 2012 forecast at a web conference on Wednesday Jan. 25. Recent new-home sales numbers and the big drop in foreclosure homes for sale could mean a ...

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Commercial market dealing with foreclosure issues1/18/2012 1:52 PM
Problems similar to those that played out lenders, servicers and borrowers in housing market during its foreclosure crisis, are now issues for the commercial real estate market.
Earlier this week at a Arizona Commercial Mortgage Lenders Association meeting, much of the discussion was about difficulties of buying office buildings, hotels, warehouses, apartments and shopping centers in foreclosure.
Like homeowners have experienced with lenders, investors and commercial real estate brokers are dealing problems finding the right person to negotiate a deal with or even the right servicing firm to find out information on the property.
During the past few years, many metro Phoenix homeowners ...

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