Arizona Real Estate News

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JPMorgan Chase settlement pegged at $110M in overdraft case2/7/2012 3:53 PM
JPMorgan Chase & Co. filed a motion for a preliminary agreement to settle an overdraft fee class action lawsuit brought in Miami federal court for $110 million. The agreement still must be approved by U.S. District Judge James Lawrence King. He is reviewed a consolidated complaint involving dozens of banks that were accused to processing the largest transactions first, instead of recording them in chronological order, to maximum overdraft fees to depositors. JPMorgan Chase (NYSE: JPM) is the second largest bank in Arizona in terms of deposits with more than %14...
Arizona Commerce Authority ‘challenge’ draws 300 applications2/7/2012 3:38 PM
The Arizona Commerce Authority is getting more interest in its Innovation Challenge, as the contest has drawn more than 300 applications, roughly triple what was submitted during the first one held last year. The ACA announced the new contest in January, with plans to run a version twice a year and putting $3 million into the hands of local startups. The first contest this year will dole out about $1.5 million to companies. The ACA hopes to fund between six and 15 companies with money ranging from $100,000 to $250,000 for each venture...
Phoenix ranks near bottom for post-recession private-sector job growth2/7/2012 3:07 PM
The Phoenix metro area ranks No. 96 out of the nation’s top 100 in terms of private-sector employment levels during the past five years as the city is still mired in job losses piled up during the Great Recession. The analysis by Bizjournals.com On Numbers of U.S. Bureau of Labor Statistics found only 13 of the top 100 U.S. metro areas had regained the jobs they lost. The analysis looked at job levels starting in 2006, a year before the recession started and the high point for many of the regions' job numbers...
Renewable energy a $2B industry in Arizona; employment impacts 16K2/7/2012 2:23 PM
Solar industry job figures have always been tough to find, but a new study released Tuesday by Elliott D. Pollack and Co. pegs the state’s nascent industry as providing about $2 billion to the economy and touching about 16,000 jobs. The study, to be discussed at the Renewable Economic Summit and Conference developed by the Pinal Partnership and Arizona Forward, found the industry has two segments: the operating companies, such as manufacturers and installers; and the construction side. Getting a feel for how many jobs are in the sector is difficult because the construction jobs tend to wax and wane as new projects are built, said Rick Merritt, president of Pollack and Co...
Elevated McDowell Road park gets discussion2/7/2012 1:33 PM
Public relations guru Jason Rose and Scottsdale architect Doug Sydnor are promoting an idea to create an elevated park along the McDowell Road corridor in Scottsdale. Details of the potential plan will be unveiled at a town hall meeting Wednesday at SkySong, 1475 N. Scottsdale Road, Suite 200. The presentation starts at 6 p.m. Rose hatched the idea after a visit to New York City where he experienced the High-Line Trail, an elevated park that runs through Chelsea. The McDowell Road park, as proposed, would run from Papago Park on the west to Indian Bend Wash on the east...
Top of the Phoenix lists: Law Firms2/7/2012 1:29 PM
This week’s edition of the Phoenix Business Journal, due out Friday, is ranking the Phoenix area’s largest law firms by number of attorneys practicing in Maricopa County. Fifth on the list was Lewis and Roca LLP, a downtown Phoenix firm with 98 attorneys practicing locally. Fourth on the list, with 99 attorneys, was another downtown Phoenix firm, Quarles & Brady LLP. The sneak peek at the rest of the top five continues on Wednesday, Feb. 8. The law firms list, along with the list of management consultants, is available to subscribers...
YouFit Health Clubs continue expansion with Chandler location2/7/2012 12:44 PM
Pompano Beach, Fla.-based YouFit Health Club is expanding in the Valley. Founder Rick Berks has opened two facilities in the Valley and plans to open another six to eight across the region this year, including one in Chandler next month. Each facility costs about $1 million. Half of those costs come from fitness equipment, which is financed short term, he said. The other half is financed from his “personal funds.” Berks founded Planet Fitness in 1993 and sold it to a New Hampshire group in 2002...
Herberger Foundation gives $100,000 to abate youth violence2/7/2012 11:33 AM
A nonprofit aimed at helping youth avoid violence has received a $100,000 grant from the the Herberger Family Foundation and Judd and Billie Jo Herberger. Robert Miley, founder and executive director of Release The Fear, said the grant will carry the program to more youngsters. “This just opens up so many possibilities. The thing that makes me feel really small inside is that we will be able to deliver more programs to these children that desperately need it,” Miley said. The group was founded 16 years ago with a mission to counter the effects of violence and provide youngsters ways to effectively communicate emotions of fear and anger...
Raytheon receives $39.6M Navy missile contract2/7/2012 11:26 AM
Raytheon was awarded a $39.6 million contract from the U.S. Navy for this year to produce a version of an air-to-air missile carried aboard fighter aircraft. The contract, to be carried out at Raytheon (NYSE: RTN) in Tucson, is for the AIM-9X Block II missile and is a modification of a contract announced at the end of January. The missile, known as the Sidewinder, is equipped on the F/A-18 Hornet, the F-15 Eagle and the F-16 Fighting Falcon, such as those that train at Luke Air Force Base in Glendale...
SanTan Ford, Spinato's win Ahwatukee Chamber awards2/7/2012 11:23 AM
The Ahwatukee Chamber of Commerce recognized businesses and individuals who contribute to the business and local community as part of its annual 2011 Chamber Day of Champion Awards. More than 150 business leaders and elected officials, including Phoenix Mayor Greg Stanton, attended the Friday morning breakfast at the Arizona Grand Resort in Phoenix. The recipients included: • 2011 Business of the Year: SanTan Ford • 2011 New Business of the Year: Spinato’s Pizzeria • 2011 Volunteer of the Year: Darla Salem • 2011 Educational Mentor of the Year: Stephen Heiser, Mountain Pointe High School • 2011 Spirit of Ahwatukee Award: Martha Neese, Von Hanson’s Meats and Spirits Those selected are members of the chamber, were nominated by other chamber members and were then evaluated in each category by a panel of judges...

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

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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Gilbert man indicted for housing investment scheme1/12/2012 2:01 PM
Arizona prosecutors have cracked down on another scheme that takes advantage of homeowners facing foreclosure.
Gerald Lee Kelly, 47, of Gilbert has been indicted by a federal grand jury in Phoenix for wire and mail fraud, money laundering and structuring financial transactions to avoid federal bank requirements.
 
The indictment alleges that in 2006 and 2007, Kelly operated a business called Cornerstone Financial Holdings, LLC (“Cornerstone”), and through that entity defrauded investors by promising an 18-25% return on their investment.  The indictment charges that Kelly told victims that their investments would fund short-term, high-interest loans to distressed homeowners and that they would be ...

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New real estate expert at ASU1/6/2012 1:03 PM
Arizona State University has a new real estate analyst, but he’s no newcomer to metro Phoenix’s housing market.
Mike Orr, publisher of The Cromford Report, the daily online real-estate market analysis for metro Phoenix, has joined the W.P. Carey School of Business. The Oxford University-educated mathematician from England will provide real estate analysis for the university and continue his own real estate report. His new ASU title is director of the Center for Real Estate Theory and Practice.
Jay Butler, ASU’s longtime real estate analyst, retired last summer.
Orr moved to metro Phoenix from Silicon Valley during the housing boom after a 30-year ...

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When will expanded federal refinancing program be launched......12/23/2011 1:37 PM
This week, more questions and concerns about metro Phoenix’s housing market.
Question: Concerning HARP. Last I read, it was on hold awaiting more information. Have you heard anything lately about when final details will be release to the public? - AZBoomer1947
Answer: There’s still no word on the federal government’s expanded HARP, Housing Affordable Refinancing ProgramI have received dozens more emails since I last wrote about the program, which is supposed to let many of the state’s homeowners refinance, no matter how underwater they are on their mortgages.
In November, U.S. Department of Housing and Urban Development Secretary Shaun Donovan said the expanded ...

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Phoenix pet foundation for animals left in foreclosure homes12/19/2011 3:25 PM
A few years ago, Phoenix mortgage broker Jodi Polanski began hearing heart wrenching stories from real estate agents about pets abandoned in foreclosure homes. The agents would call the lender or property management firm taking care of the house, but little was being done to help save the cats and dogs left behind. Some agents couldn’t even get in the properties if they heard a pet barking or meowing because they didn’t have keys if the house hadn’t yet been listed for sale.
Polanski, who already did some volunteer work with pet rescue groups, took action. She formed the non-profit Lost ...

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