Saturday, March 26, 2011

Scottsdale condo prices increase in January

Prices were up slightly for Scottsdale condominiums in January, but existing-home prices fell 8 percent from a year ago, according to the latest monthly report from Arizona State University Realty Studies.

- Valley's priciest home sales for 2011 | Photos

Foreclosures were down for homes and condos and traditional home sales were up 20 percent.


The Valley's overall median price was $131,660 for homes and $85,000 for condominiums and townhouses.

January 2011

Home sales: 460 (up 12 percent)

Price: $341,195 (down 8.3 percent)

Traditional sales: 325 (up 20 percent)

Price: $370,000 (down 12 percent)

Foreclosures: 135 (down 3.6 percent)

Price: $286,080 (down 0.8 percent)

Condo sales: 270 (no change)

Price: $146,825 (up 1.3 percent)

Traditional sales: 180 (up 2.86 percent)

Price: $146,750 (up 1.2 percent)

Foreclosures: 90 (down 5.3 percent)

Price: $149,770 (up 3.3 percent)

January 2010

Home sales: 410

Price: $372,000

Traditional sales: 270

Price: $420,000

Foreclosures: 140

Price: $288,500

Condo sales: 270

Price: $144,970

Traditional sales: 175

Price: $144,975

Foreclosures: 95

Median: $144,985

by Peter Corbett The Arizona Republic Feb. 22, 2011 09:21 AM




Scottsdale condo prices increase in January

Scottsdale condo prices increase in January

Prices were up slightly for Scottsdale condominiums in January, but existing-home prices fell 8 percent from a year ago, according to the latest monthly report from Arizona State University Realty Studies.

- Valley's priciest home sales for 2011 | Photos

Foreclosures were down for homes and condos and traditional home sales were up 20 percent.


The Valley's overall median price was $131,660 for homes and $85,000 for condominiums and townhouses.

January 2011

Home sales: 460 (up 12 percent)

Price: $341,195 (down 8.3 percent)

Traditional sales: 325 (up 20 percent)

Price: $370,000 (down 12 percent)

Foreclosures: 135 (down 3.6 percent)

Price: $286,080 (down 0.8 percent)

Condo sales: 270 (no change)

Price: $146,825 (up 1.3 percent)

Traditional sales: 180 (up 2.86 percent)

Price: $146,750 (up 1.2 percent)

Foreclosures: 90 (down 5.3 percent)

Price: $149,770 (up 3.3 percent)

January 2010

Home sales: 410

Price: $372,000

Traditional sales: 270

Price: $420,000

Foreclosures: 140

Price: $288,500

Condo sales: 270

Price: $144,970

Traditional sales: 175

Price: $144,975

Foreclosures: 95

Median: $144,985

by Peter Corbett The Arizona Republic Feb. 22, 2011 09:21 AM





Scottsdale condo prices increase in January

Scottsdale condo prices increase in January

Prices were up slightly for Scottsdale condominiums in January, but existing-home prices fell 8 percent from a year ago, according to the latest monthly report from Arizona State University Realty Studies.

- Valley's priciest home sales for 2011 | Photos

Foreclosures were down for homes and condos and traditional home sales were up 20 percent.


The Valley's overall median price was $131,660 for homes and $85,000 for condominiums and townhouses.

January 2011

Home sales: 460 (up 12 percent)

Price: $341,195 (down 8.3 percent)

Traditional sales: 325 (up 20 percent)

Price: $370,000 (down 12 percent)

Foreclosures: 135 (down 3.6 percent)

Price: $286,080 (down 0.8 percent)

Condo sales: 270 (no change)

Price: $146,825 (up 1.3 percent)

Traditional sales: 180 (up 2.86 percent)

Price: $146,750 (up 1.2 percent)

Foreclosures: 90 (down 5.3 percent)

Price: $149,770 (up 3.3 percent)

January 2010

Home sales: 410

Price: $372,000

Traditional sales: 270

Price: $420,000

Foreclosures: 140

Price: $288,500

Condo sales: 270

Price: $144,970

Traditional sales: 175

Price: $144,975

Foreclosures: 95

Median: $144,985

by Peter Corbett The Arizona Republic Feb. 22, 2011 09:21 AM





Scottsdale condo prices increase in January

Scottsdale condo prices increase in January

Prices were up slightly for Scottsdale condominiums in January, but existing-home prices fell 8 percent from a year ago, according to the latest monthly report from Arizona State University Realty Studies.

- Valley's priciest home sales for 2011 | Photos

Foreclosures were down for homes and condos and traditional home sales were up 20 percent.


The Valley's overall median price was $131,660 for homes and $85,000 for condominiums and townhouses.

January 2011

Home sales: 460 (up 12 percent)

Price: $341,195 (down 8.3 percent)

Traditional sales: 325 (up 20 percent)

Price: $370,000 (down 12 percent)

Foreclosures: 135 (down 3.6 percent)

Price: $286,080 (down 0.8 percent)

Condo sales: 270 (no change)

Price: $146,825 (up 1.3 percent)

Traditional sales: 180 (up 2.86 percent)

Price: $146,750 (up 1.2 percent)

Foreclosures: 90 (down 5.3 percent)

Price: $149,770 (up 3.3 percent)

January 2010

Home sales: 410

Price: $372,000

Traditional sales: 270

Price: $420,000

Foreclosures: 140

Price: $288,500

Condo sales: 270

Price: $144,970

Traditional sales: 175

Price: $144,975

Foreclosures: 95

Median: $144,985

by Peter Corbett The Arizona Republic Feb. 22, 2011 09:21 AM





Scottsdale condo prices increase in January

Scottsdale condo prices increase in January

Prices were up slightly for Scottsdale condominiums in January, but existing-home prices fell 8 percent from a year ago, according to the latest monthly report from Arizona State University Realty Studies.

- Valley's priciest home sales for 2011 | Photos

Foreclosures were down for homes and condos and traditional home sales were up 20 percent.


The Valley's overall median price was $131,660 for homes and $85,000 for condominiums and townhouses.

January 2011

Home sales: 460 (up 12 percent)

Price: $341,195 (down 8.3 percent)

Traditional sales: 325 (up 20 percent)

Price: $370,000 (down 12 percent)

Foreclosures: 135 (down 3.6 percent)

Price: $286,080 (down 0.8 percent)

Condo sales: 270 (no change)

Price: $146,825 (up 1.3 percent)

Traditional sales: 180 (up 2.86 percent)

Price: $146,750 (up 1.2 percent)

Foreclosures: 90 (down 5.3 percent)

Price: $149,770 (up 3.3 percent)

January 2010

Home sales: 410

Price: $372,000

Traditional sales: 270

Price: $420,000

Foreclosures: 140

Price: $288,500

Condo sales: 270

Price: $144,970

Traditional sales: 175

Price: $144,975

Foreclosures: 95

Median: $144,985

by Peter Corbett The Arizona Republic Feb. 22, 2011 09:21 AM





Scottsdale condo prices increase in January

Scottsdale condo prices increase in January

Prices were up slightly for Scottsdale condominiums in January, but existing-home prices fell 8 percent from a year ago, according to the latest monthly report from Arizona State University Realty Studies.

- Valley's priciest home sales for 2011 | Photos

Foreclosures were down for homes and condos and traditional home sales were up 20 percent.


The Valley's overall median price was $131,660 for homes and $85,000 for condominiums and townhouses.

January 2011

Home sales: 460 (up 12 percent)

Price: $341,195 (down 8.3 percent)

Traditional sales: 325 (up 20 percent)

Price: $370,000 (down 12 percent)

Foreclosures: 135 (down 3.6 percent)

Price: $286,080 (down 0.8 percent)

Condo sales: 270 (no change)

Price: $146,825 (up 1.3 percent)

Traditional sales: 180 (up 2.86 percent)

Price: $146,750 (up 1.2 percent)

Foreclosures: 90 (down 5.3 percent)

Price: $149,770 (up 3.3 percent)

January 2010

Home sales: 410

Price: $372,000

Traditional sales: 270

Price: $420,000

Foreclosures: 140

Price: $288,500

Condo sales: 270

Price: $144,970

Traditional sales: 175

Price: $144,975

Foreclosures: 95

Median: $144,985

by Peter Corbett The Arizona Republic Feb. 22, 2011 09:21 AM





Scottsdale condo prices increase in January

Scottsdale condo prices increase in January

Prices were up slightly for Scottsdale condominiums in January, but existing-home prices fell 8 percent from a year ago, according to the latest monthly report from Arizona State University Realty Studies.

- Valley's priciest home sales for 2011 | Photos

Foreclosures were down for homes and condos and traditional home sales were up 20 percent.


The Valley's overall median price was $131,660 for homes and $85,000 for condominiums and townhouses.

January 2011

Home sales: 460 (up 12 percent)

Price: $341,195 (down 8.3 percent)

Traditional sales: 325 (up 20 percent)

Price: $370,000 (down 12 percent)

Foreclosures: 135 (down 3.6 percent)

Price: $286,080 (down 0.8 percent)

Condo sales: 270 (no change)

Price: $146,825 (up 1.3 percent)

Traditional sales: 180 (up 2.86 percent)

Price: $146,750 (up 1.2 percent)

Foreclosures: 90 (down 5.3 percent)

Price: $149,770 (up 3.3 percent)

January 2010

Home sales: 410

Price: $372,000

Traditional sales: 270

Price: $420,000

Foreclosures: 140

Price: $288,500

Condo sales: 270

Price: $144,970

Traditional sales: 175

Price: $144,975

Foreclosures: 95

Median: $144,985

by Peter Corbett The Arizona Republic Feb. 22, 2011 09:21 AM





Scottsdale condo prices increase in January

Scottsdale condo prices increase in January

Prices were up slightly for Scottsdale condominiums in January, but existing-home prices fell 8 percent from a year ago, according to the latest monthly report from Arizona State University Realty Studies.

- Valley's priciest home sales for 2011 | Photos

Foreclosures were down for homes and condos and traditional home sales were up 20 percent.


The Valley's overall median price was $131,660 for homes and $85,000 for condominiums and townhouses.

January 2011

Home sales: 460 (up 12 percent)

Price: $341,195 (down 8.3 percent)

Traditional sales: 325 (up 20 percent)

Price: $370,000 (down 12 percent)

Foreclosures: 135 (down 3.6 percent)

Price: $286,080 (down 0.8 percent)

Condo sales: 270 (no change)

Price: $146,825 (up 1.3 percent)

Traditional sales: 180 (up 2.86 percent)

Price: $146,750 (up 1.2 percent)

Foreclosures: 90 (down 5.3 percent)

Price: $149,770 (up 3.3 percent)

January 2010

Home sales: 410

Price: $372,000

Traditional sales: 270

Price: $420,000

Foreclosures: 140

Price: $288,500

Condo sales: 270

Price: $144,970

Traditional sales: 175

Price: $144,975

Foreclosures: 95

Median: $144,985

by Peter Corbett The Arizona Republic Feb. 22, 2011 09:21 AM





Scottsdale condo prices increase in January

Housing market's struggles lead to fewer agents

Arizona's struggling housing market, still in recovery mode, has seen a continuing exodus of real-estate professionals.
Not surprisingly, the number of licensed agents and brokers statewide has declined almost 22 percent since 2007, just after the Valley's housing market peaked.
There are roughly 51,000 agents and brokers, according to the latest figures from the Arizona Department of Real Estate.

That is down from more than 65,000 in 2007.
On the flip side, the number of inactive license holders is 19,468, an increase of 48 percent since 2007.
The department does not categorize the license holders by city or county.
The Scottsdale Area Association of Realtors has about 8,000 members and 350 affiliate members.
The state's figures show that there is a 3-to-1 ratio of real-estate agents to brokers, with 38,044 agents and 13,040 brokers.
The number of active real-estate companies in Arizona is 8,748, which is up less than 1 percent from 2007.
The National Association of Realtors reported 1 million members in February, down 5.67 percent from earlier. Its membership in Arizona last month was 39,743, down 3.82 percent from 2010.
Agents fled as market cooled

A lot of people jumped into selling real estate in the mid-2000s, lured by the lucrative commissions on houses that were selling in days, if not hours, well above the listing prices.
But when sales flattened out and agents had to hustle to sell homes, many decided not to pay their $150 to $200 license renewal fees.
Scottsdale agent Rick Amos of Realty Executives said he has noticed there are fewer agents but "what makes up for less competition is more hassles with short sales and more phone calls and explanations to clients."
Those agents that are still at it are more seasoned, he said.
"It helps when you have an experienced person on both sides of the transaction," Amos said.
Exodus of agents worse in past

David MacIntyre, Arizona Best Real Estate owner-broker, said he is surprised there was not an even greater loss of agents.
In previous boom-to-bust cycles nearly half the agents would leave the business, said MacIntyre, who has been in Arizona real estate for 41 years.
His Scottsdale real-estate company still has 115 agents.
And while the luxury market in Scottsdale has been challenged, MacIntyre said he sees it recovering this year.
He sent a dozen of his agents to the Luxury Portfolio Summit in Las Vegas this month to learn about emerging opportunities in high-end real estate.
"The million-dollar buyers are coming back," MacIntyre said, adding that they are paying cash for exceptional values in the Valley.

by Peter Corbett The Arizona Republic Mar. 26, 2011 06:39 AM





Housing market's struggles lead to fewer agents

Housing market's struggles lead to fewer agents

Arizona's struggling housing market, still in recovery mode, has seen a continuing exodus of real-estate professionals.
Not surprisingly, the number of licensed agents and brokers statewide has declined almost 22 percent since 2007, just after the Valley's housing market peaked.
There are roughly 51,000 agents and brokers, according to the latest figures from the Arizona Department of Real Estate.

That is down from more than 65,000 in 2007.
On the flip side, the number of inactive license holders is 19,468, an increase of 48 percent since 2007.
The department does not categorize the license holders by city or county.
The Scottsdale Area Association of Realtors has about 8,000 members and 350 affiliate members.
The state's figures show that there is a 3-to-1 ratio of real-estate agents to brokers, with 38,044 agents and 13,040 brokers.
The number of active real-estate companies in Arizona is 8,748, which is up less than 1 percent from 2007.
The National Association of Realtors reported 1 million members in February, down 5.67 percent from earlier. Its membership in Arizona last month was 39,743, down 3.82 percent from 2010.
Agents fled as market cooled

A lot of people jumped into selling real estate in the mid-2000s, lured by the lucrative commissions on houses that were selling in days, if not hours, well above the listing prices.
But when sales flattened out and agents had to hustle to sell homes, many decided not to pay their $150 to $200 license renewal fees.
Scottsdale agent Rick Amos of Realty Executives said he has noticed there are fewer agents but "what makes up for less competition is more hassles with short sales and more phone calls and explanations to clients."
Those agents that are still at it are more seasoned, he said.
"It helps when you have an experienced person on both sides of the transaction," Amos said.
Exodus of agents worse in past

David MacIntyre, Arizona Best Real Estate owner-broker, said he is surprised there was not an even greater loss of agents.
In previous boom-to-bust cycles nearly half the agents would leave the business, said MacIntyre, who has been in Arizona real estate for 41 years.
His Scottsdale real-estate company still has 115 agents.
And while the luxury market in Scottsdale has been challenged, MacIntyre said he sees it recovering this year.
He sent a dozen of his agents to the Luxury Portfolio Summit in Las Vegas this month to learn about emerging opportunities in high-end real estate.
"The million-dollar buyers are coming back," MacIntyre said, adding that they are paying cash for exceptional values in the Valley.

by Peter Corbett The Arizona Republic Mar. 26, 2011 06:39 AM





Housing market's struggles lead to fewer agents

Housing market's struggles lead to fewer agents

Arizona's struggling housing market, still in recovery mode, has seen a continuing exodus of real-estate professionals.
Not surprisingly, the number of licensed agents and brokers statewide has declined almost 22 percent since 2007, just after the Valley's housing market peaked.
There are roughly 51,000 agents and brokers, according to the latest figures from the Arizona Department of Real Estate.

That is down from more than 65,000 in 2007.
On the flip side, the number of inactive license holders is 19,468, an increase of 48 percent since 2007.
The department does not categorize the license holders by city or county.
The Scottsdale Area Association of Realtors has about 8,000 members and 350 affiliate members.
The state's figures show that there is a 3-to-1 ratio of real-estate agents to brokers, with 38,044 agents and 13,040 brokers.
The number of active real-estate companies in Arizona is 8,748, which is up less than 1 percent from 2007.
The National Association of Realtors reported 1 million members in February, down 5.67 percent from earlier. Its membership in Arizona last month was 39,743, down 3.82 percent from 2010.
Agents fled as market cooled

A lot of people jumped into selling real estate in the mid-2000s, lured by the lucrative commissions on houses that were selling in days, if not hours, well above the listing prices.
But when sales flattened out and agents had to hustle to sell homes, many decided not to pay their $150 to $200 license renewal fees.
Scottsdale agent Rick Amos of Realty Executives said he has noticed there are fewer agents but "what makes up for less competition is more hassles with short sales and more phone calls and explanations to clients."
Those agents that are still at it are more seasoned, he said.
"It helps when you have an experienced person on both sides of the transaction," Amos said.
Exodus of agents worse in past

David MacIntyre, Arizona Best Real Estate owner-broker, said he is surprised there was not an even greater loss of agents.
In previous boom-to-bust cycles nearly half the agents would leave the business, said MacIntyre, who has been in Arizona real estate for 41 years.
His Scottsdale real-estate company still has 115 agents.
And while the luxury market in Scottsdale has been challenged, MacIntyre said he sees it recovering this year.
He sent a dozen of his agents to the Luxury Portfolio Summit in Las Vegas this month to learn about emerging opportunities in high-end real estate.
"The million-dollar buyers are coming back," MacIntyre said, adding that they are paying cash for exceptional values in the Valley.

by Peter Corbett The Arizona Republic Mar. 26, 2011 06:39 AM





Housing market's struggles lead to fewer agents

Housing market's struggles lead to fewer agents

Arizona's struggling housing market, still in recovery mode, has seen a continuing exodus of real-estate professionals.
Not surprisingly, the number of licensed agents and brokers statewide has declined almost 22 percent since 2007, just after the Valley's housing market peaked.
There are roughly 51,000 agents and brokers, according to the latest figures from the Arizona Department of Real Estate.

That is down from more than 65,000 in 2007.
On the flip side, the number of inactive license holders is 19,468, an increase of 48 percent since 2007.
The department does not categorize the license holders by city or county.
The Scottsdale Area Association of Realtors has about 8,000 members and 350 affiliate members.
The state's figures show that there is a 3-to-1 ratio of real-estate agents to brokers, with 38,044 agents and 13,040 brokers.
The number of active real-estate companies in Arizona is 8,748, which is up less than 1 percent from 2007.
The National Association of Realtors reported 1 million members in February, down 5.67 percent from earlier. Its membership in Arizona last month was 39,743, down 3.82 percent from 2010.
Agents fled as market cooled

A lot of people jumped into selling real estate in the mid-2000s, lured by the lucrative commissions on houses that were selling in days, if not hours, well above the listing prices.
But when sales flattened out and agents had to hustle to sell homes, many decided not to pay their $150 to $200 license renewal fees.
Scottsdale agent Rick Amos of Realty Executives said he has noticed there are fewer agents but "what makes up for less competition is more hassles with short sales and more phone calls and explanations to clients."
Those agents that are still at it are more seasoned, he said.
"It helps when you have an experienced person on both sides of the transaction," Amos said.
Exodus of agents worse in past

David MacIntyre, Arizona Best Real Estate owner-broker, said he is surprised there was not an even greater loss of agents.
In previous boom-to-bust cycles nearly half the agents would leave the business, said MacIntyre, who has been in Arizona real estate for 41 years.
His Scottsdale real-estate company still has 115 agents.
And while the luxury market in Scottsdale has been challenged, MacIntyre said he sees it recovering this year.
He sent a dozen of his agents to the Luxury Portfolio Summit in Las Vegas this month to learn about emerging opportunities in high-end real estate.
"The million-dollar buyers are coming back," MacIntyre said, adding that they are paying cash for exceptional values in the Valley.

by Peter Corbett The Arizona Republic Mar. 26, 2011 06:39 AM





Housing market's struggles lead to fewer agents

Housing market's struggles lead to fewer agents

Arizona's struggling housing market, still in recovery mode, has seen a continuing exodus of real-estate professionals.
Not surprisingly, the number of licensed agents and brokers statewide has declined almost 22 percent since 2007, just after the Valley's housing market peaked.
There are roughly 51,000 agents and brokers, according to the latest figures from the Arizona Department of Real Estate.

That is down from more than 65,000 in 2007.
On the flip side, the number of inactive license holders is 19,468, an increase of 48 percent since 2007.
The department does not categorize the license holders by city or county.
The Scottsdale Area Association of Realtors has about 8,000 members and 350 affiliate members.
The state's figures show that there is a 3-to-1 ratio of real-estate agents to brokers, with 38,044 agents and 13,040 brokers.
The number of active real-estate companies in Arizona is 8,748, which is up less than 1 percent from 2007.
The National Association of Realtors reported 1 million members in February, down 5.67 percent from earlier. Its membership in Arizona last month was 39,743, down 3.82 percent from 2010.
Agents fled as market cooled

A lot of people jumped into selling real estate in the mid-2000s, lured by the lucrative commissions on houses that were selling in days, if not hours, well above the listing prices.
But when sales flattened out and agents had to hustle to sell homes, many decided not to pay their $150 to $200 license renewal fees.
Scottsdale agent Rick Amos of Realty Executives said he has noticed there are fewer agents but "what makes up for less competition is more hassles with short sales and more phone calls and explanations to clients."
Those agents that are still at it are more seasoned, he said.
"It helps when you have an experienced person on both sides of the transaction," Amos said.
Exodus of agents worse in past

David MacIntyre, Arizona Best Real Estate owner-broker, said he is surprised there was not an even greater loss of agents.
In previous boom-to-bust cycles nearly half the agents would leave the business, said MacIntyre, who has been in Arizona real estate for 41 years.
His Scottsdale real-estate company still has 115 agents.
And while the luxury market in Scottsdale has been challenged, MacIntyre said he sees it recovering this year.
He sent a dozen of his agents to the Luxury Portfolio Summit in Las Vegas this month to learn about emerging opportunities in high-end real estate.
"The million-dollar buyers are coming back," MacIntyre said, adding that they are paying cash for exceptional values in the Valley.

by Peter Corbett The Arizona Republic Mar. 26, 2011 06:39 AM





Housing market's struggles lead to fewer agents

Housing market's struggles lead to fewer agents

Arizona's struggling housing market, still in recovery mode, has seen a continuing exodus of real-estate professionals.
Not surprisingly, the number of licensed agents and brokers statewide has declined almost 22 percent since 2007, just after the Valley's housing market peaked.
There are roughly 51,000 agents and brokers, according to the latest figures from the Arizona Department of Real Estate.

That is down from more than 65,000 in 2007.
On the flip side, the number of inactive license holders is 19,468, an increase of 48 percent since 2007.
The department does not categorize the license holders by city or county.
The Scottsdale Area Association of Realtors has about 8,000 members and 350 affiliate members.
The state's figures show that there is a 3-to-1 ratio of real-estate agents to brokers, with 38,044 agents and 13,040 brokers.
The number of active real-estate companies in Arizona is 8,748, which is up less than 1 percent from 2007.
The National Association of Realtors reported 1 million members in February, down 5.67 percent from earlier. Its membership in Arizona last month was 39,743, down 3.82 percent from 2010.
Agents fled as market cooled

A lot of people jumped into selling real estate in the mid-2000s, lured by the lucrative commissions on houses that were selling in days, if not hours, well above the listing prices.
But when sales flattened out and agents had to hustle to sell homes, many decided not to pay their $150 to $200 license renewal fees.
Scottsdale agent Rick Amos of Realty Executives said he has noticed there are fewer agents but "what makes up for less competition is more hassles with short sales and more phone calls and explanations to clients."
Those agents that are still at it are more seasoned, he said.
"It helps when you have an experienced person on both sides of the transaction," Amos said.
Exodus of agents worse in past

David MacIntyre, Arizona Best Real Estate owner-broker, said he is surprised there was not an even greater loss of agents.
In previous boom-to-bust cycles nearly half the agents would leave the business, said MacIntyre, who has been in Arizona real estate for 41 years.
His Scottsdale real-estate company still has 115 agents.
And while the luxury market in Scottsdale has been challenged, MacIntyre said he sees it recovering this year.
He sent a dozen of his agents to the Luxury Portfolio Summit in Las Vegas this month to learn about emerging opportunities in high-end real estate.
"The million-dollar buyers are coming back," MacIntyre said, adding that they are paying cash for exceptional values in the Valley.

by Peter Corbett The Arizona Republic Mar. 26, 2011 06:39 AM





Housing market's struggles lead to fewer agents

Housing market's struggles lead to fewer agents

Arizona's struggling housing market, still in recovery mode, has seen a continuing exodus of real-estate professionals.
Not surprisingly, the number of licensed agents and brokers statewide has declined almost 22 percent since 2007, just after the Valley's housing market peaked.
There are roughly 51,000 agents and brokers, according to the latest figures from the Arizona Department of Real Estate.

That is down from more than 65,000 in 2007.
On the flip side, the number of inactive license holders is 19,468, an increase of 48 percent since 2007.
The department does not categorize the license holders by city or county.
The Scottsdale Area Association of Realtors has about 8,000 members and 350 affiliate members.
The state's figures show that there is a 3-to-1 ratio of real-estate agents to brokers, with 38,044 agents and 13,040 brokers.
The number of active real-estate companies in Arizona is 8,748, which is up less than 1 percent from 2007.
The National Association of Realtors reported 1 million members in February, down 5.67 percent from earlier. Its membership in Arizona last month was 39,743, down 3.82 percent from 2010.
Agents fled as market cooled

A lot of people jumped into selling real estate in the mid-2000s, lured by the lucrative commissions on houses that were selling in days, if not hours, well above the listing prices.
But when sales flattened out and agents had to hustle to sell homes, many decided not to pay their $150 to $200 license renewal fees.
Scottsdale agent Rick Amos of Realty Executives said he has noticed there are fewer agents but "what makes up for less competition is more hassles with short sales and more phone calls and explanations to clients."
Those agents that are still at it are more seasoned, he said.
"It helps when you have an experienced person on both sides of the transaction," Amos said.
Exodus of agents worse in past

David MacIntyre, Arizona Best Real Estate owner-broker, said he is surprised there was not an even greater loss of agents.
In previous boom-to-bust cycles nearly half the agents would leave the business, said MacIntyre, who has been in Arizona real estate for 41 years.
His Scottsdale real-estate company still has 115 agents.
And while the luxury market in Scottsdale has been challenged, MacIntyre said he sees it recovering this year.
He sent a dozen of his agents to the Luxury Portfolio Summit in Las Vegas this month to learn about emerging opportunities in high-end real estate.
"The million-dollar buyers are coming back," MacIntyre said, adding that they are paying cash for exceptional values in the Valley.

by Peter Corbett The Arizona Republic Mar. 26, 2011 06:39 AM





Housing market's struggles lead to fewer agents

Housing market's struggles lead to fewer agents

Arizona's struggling housing market, still in recovery mode, has seen a continuing exodus of real-estate professionals.
Not surprisingly, the number of licensed agents and brokers statewide has declined almost 22 percent since 2007, just after the Valley's housing market peaked.
There are roughly 51,000 agents and brokers, according to the latest figures from the Arizona Department of Real Estate.

That is down from more than 65,000 in 2007.
On the flip side, the number of inactive license holders is 19,468, an increase of 48 percent since 2007.
The department does not categorize the license holders by city or county.
The Scottsdale Area Association of Realtors has about 8,000 members and 350 affiliate members.
The state's figures show that there is a 3-to-1 ratio of real-estate agents to brokers, with 38,044 agents and 13,040 brokers.
The number of active real-estate companies in Arizona is 8,748, which is up less than 1 percent from 2007.
The National Association of Realtors reported 1 million members in February, down 5.67 percent from earlier. Its membership in Arizona last month was 39,743, down 3.82 percent from 2010.
Agents fled as market cooled

A lot of people jumped into selling real estate in the mid-2000s, lured by the lucrative commissions on houses that were selling in days, if not hours, well above the listing prices.
But when sales flattened out and agents had to hustle to sell homes, many decided not to pay their $150 to $200 license renewal fees.
Scottsdale agent Rick Amos of Realty Executives said he has noticed there are fewer agents but "what makes up for less competition is more hassles with short sales and more phone calls and explanations to clients."
Those agents that are still at it are more seasoned, he said.
"It helps when you have an experienced person on both sides of the transaction," Amos said.
Exodus of agents worse in past

David MacIntyre, Arizona Best Real Estate owner-broker, said he is surprised there was not an even greater loss of agents.
In previous boom-to-bust cycles nearly half the agents would leave the business, said MacIntyre, who has been in Arizona real estate for 41 years.
His Scottsdale real-estate company still has 115 agents.
And while the luxury market in Scottsdale has been challenged, MacIntyre said he sees it recovering this year.
He sent a dozen of his agents to the Luxury Portfolio Summit in Las Vegas this month to learn about emerging opportunities in high-end real estate.
"The million-dollar buyers are coming back," MacIntyre said, adding that they are paying cash for exceptional values in the Valley.

by Peter Corbett The Arizona Republic Mar. 26, 2011 06:39 AM



Housing market's struggles lead to fewer agents

Bernanke: Overhaul will help small banks

WASHINGTON - Federal Reserve Chairman Ben Bernanke told a group of executives from smaller banks Wednesday that the financial overhaul will level the playing field for them with the industry's giants.

Bernanke said it would be important for the banks to adapt to the changing regulatory environment, in remarks to the annual convention in San Diego of small- and medium-sized banks. Bernanke acknowledged their concerns about the new law. But he said most of the requirements are aimed the country's biggest banks and not them.

Congress passed the regulatory law last year in an effort to prevent a repeat of the 2008 financial crisis. Small-bank executives have complained that it will cost them a lot of money to meet the new rules, even though they were not responsible for causing the financial crisis.


Bernanke said that the hundreds of community banks, those with assets less than $10 billion, would play a vital role in the nation's recovery because they are an important source of loans for small businesses.

"Although we are not yet where we would like to be, the good news is that many community banks have already been doing their part to meet the credit needs of their customers, notably including small business customers," Bernanke said in his speech to the Independent Community Bankers of America.

Bernanke said that it was fortunate that Congress had decided to preserve the Fed's regulatory connection to small banks. In one version of the measure, the Fed would have lost the power to regulate them. But the law maintains the Fed's powers and even broadened it to include thrift holding companies. The thrifts themselves will be regulated by the Office of the Comptroller of the Currency. Congress abolished the Office of Thrift Supervision, which was a weak regulator.

The Fed chairman said the broadened role for the central bank benefits everyone.

In response to an audience question, Bernanke said that the Fed understood that Congress wanted to shield smaller banking institutions from the impact of a new law that requires large banks to trim debit-card fees. At stake is the $16 billion each year that, according to the Fed, stores must pay banks and other credit card issuers when customers use the cards.

The Fed, which must implement a rule to put the new law into effect, understands that banks with assets of less than $10 billion should be protected from losing the fees they now receive, Bernanke said.

Bernanke previously had told lawmakers that the exemption for smaller banks might not work. The concern on the part of the small banks is that merchants might refuse to accept their cards because they carry a higher fee. Bernanke has said that problems in dealing with all the complexities of the new law may mean that the Fed is not able to complete the rule to implement the law by an April 21 deadline.

by Martin Crutsinger Associated Press Mar. 23, 2011 04:44 PM





Bernanke: Overhaul will help small banks

Bernanke: Overhaul will help small banks

WASHINGTON - Federal Reserve Chairman Ben Bernanke told a group of executives from smaller banks Wednesday that the financial overhaul will level the playing field for them with the industry's giants.

Bernanke said it would be important for the banks to adapt to the changing regulatory environment, in remarks to the annual convention in San Diego of small- and medium-sized banks. Bernanke acknowledged their concerns about the new law. But he said most of the requirements are aimed the country's biggest banks and not them.

Congress passed the regulatory law last year in an effort to prevent a repeat of the 2008 financial crisis. Small-bank executives have complained that it will cost them a lot of money to meet the new rules, even though they were not responsible for causing the financial crisis.


Bernanke said that the hundreds of community banks, those with assets less than $10 billion, would play a vital role in the nation's recovery because they are an important source of loans for small businesses.

"Although we are not yet where we would like to be, the good news is that many community banks have already been doing their part to meet the credit needs of their customers, notably including small business customers," Bernanke said in his speech to the Independent Community Bankers of America.

Bernanke said that it was fortunate that Congress had decided to preserve the Fed's regulatory connection to small banks. In one version of the measure, the Fed would have lost the power to regulate them. But the law maintains the Fed's powers and even broadened it to include thrift holding companies. The thrifts themselves will be regulated by the Office of the Comptroller of the Currency. Congress abolished the Office of Thrift Supervision, which was a weak regulator.

The Fed chairman said the broadened role for the central bank benefits everyone.

In response to an audience question, Bernanke said that the Fed understood that Congress wanted to shield smaller banking institutions from the impact of a new law that requires large banks to trim debit-card fees. At stake is the $16 billion each year that, according to the Fed, stores must pay banks and other credit card issuers when customers use the cards.

The Fed, which must implement a rule to put the new law into effect, understands that banks with assets of less than $10 billion should be protected from losing the fees they now receive, Bernanke said.

Bernanke previously had told lawmakers that the exemption for smaller banks might not work. The concern on the part of the small banks is that merchants might refuse to accept their cards because they carry a higher fee. Bernanke has said that problems in dealing with all the complexities of the new law may mean that the Fed is not able to complete the rule to implement the law by an April 21 deadline.

by Martin Crutsinger Associated Press Mar. 23, 2011 04:44 PM





Bernanke: Overhaul will help small banks

Bernanke: Overhaul will help small banks

WASHINGTON - Federal Reserve Chairman Ben Bernanke told a group of executives from smaller banks Wednesday that the financial overhaul will level the playing field for them with the industry's giants.

Bernanke said it would be important for the banks to adapt to the changing regulatory environment, in remarks to the annual convention in San Diego of small- and medium-sized banks. Bernanke acknowledged their concerns about the new law. But he said most of the requirements are aimed the country's biggest banks and not them.

Congress passed the regulatory law last year in an effort to prevent a repeat of the 2008 financial crisis. Small-bank executives have complained that it will cost them a lot of money to meet the new rules, even though they were not responsible for causing the financial crisis.


Bernanke said that the hundreds of community banks, those with assets less than $10 billion, would play a vital role in the nation's recovery because they are an important source of loans for small businesses.

"Although we are not yet where we would like to be, the good news is that many community banks have already been doing their part to meet the credit needs of their customers, notably including small business customers," Bernanke said in his speech to the Independent Community Bankers of America.

Bernanke said that it was fortunate that Congress had decided to preserve the Fed's regulatory connection to small banks. In one version of the measure, the Fed would have lost the power to regulate them. But the law maintains the Fed's powers and even broadened it to include thrift holding companies. The thrifts themselves will be regulated by the Office of the Comptroller of the Currency. Congress abolished the Office of Thrift Supervision, which was a weak regulator.

The Fed chairman said the broadened role for the central bank benefits everyone.

In response to an audience question, Bernanke said that the Fed understood that Congress wanted to shield smaller banking institutions from the impact of a new law that requires large banks to trim debit-card fees. At stake is the $16 billion each year that, according to the Fed, stores must pay banks and other credit card issuers when customers use the cards.

The Fed, which must implement a rule to put the new law into effect, understands that banks with assets of less than $10 billion should be protected from losing the fees they now receive, Bernanke said.

Bernanke previously had told lawmakers that the exemption for smaller banks might not work. The concern on the part of the small banks is that merchants might refuse to accept their cards because they carry a higher fee. Bernanke has said that problems in dealing with all the complexities of the new law may mean that the Fed is not able to complete the rule to implement the law by an April 21 deadline.

by Martin Crutsinger Associated Press Mar. 23, 2011 04:44 PM





Bernanke: Overhaul will help small banks

Bernanke: Overhaul will help small banks

WASHINGTON - Federal Reserve Chairman Ben Bernanke told a group of executives from smaller banks Wednesday that the financial overhaul will level the playing field for them with the industry's giants.

Bernanke said it would be important for the banks to adapt to the changing regulatory environment, in remarks to the annual convention in San Diego of small- and medium-sized banks. Bernanke acknowledged their concerns about the new law. But he said most of the requirements are aimed the country's biggest banks and not them.

Congress passed the regulatory law last year in an effort to prevent a repeat of the 2008 financial crisis. Small-bank executives have complained that it will cost them a lot of money to meet the new rules, even though they were not responsible for causing the financial crisis.


Bernanke said that the hundreds of community banks, those with assets less than $10 billion, would play a vital role in the nation's recovery because they are an important source of loans for small businesses.

"Although we are not yet where we would like to be, the good news is that many community banks have already been doing their part to meet the credit needs of their customers, notably including small business customers," Bernanke said in his speech to the Independent Community Bankers of America.

Bernanke said that it was fortunate that Congress had decided to preserve the Fed's regulatory connection to small banks. In one version of the measure, the Fed would have lost the power to regulate them. But the law maintains the Fed's powers and even broadened it to include thrift holding companies. The thrifts themselves will be regulated by the Office of the Comptroller of the Currency. Congress abolished the Office of Thrift Supervision, which was a weak regulator.

The Fed chairman said the broadened role for the central bank benefits everyone.

In response to an audience question, Bernanke said that the Fed understood that Congress wanted to shield smaller banking institutions from the impact of a new law that requires large banks to trim debit-card fees. At stake is the $16 billion each year that, according to the Fed, stores must pay banks and other credit card issuers when customers use the cards.

The Fed, which must implement a rule to put the new law into effect, understands that banks with assets of less than $10 billion should be protected from losing the fees they now receive, Bernanke said.

Bernanke previously had told lawmakers that the exemption for smaller banks might not work. The concern on the part of the small banks is that merchants might refuse to accept their cards because they carry a higher fee. Bernanke has said that problems in dealing with all the complexities of the new law may mean that the Fed is not able to complete the rule to implement the law by an April 21 deadline.

by Martin Crutsinger Associated Press Mar. 23, 2011 04:44 PM





Bernanke: Overhaul will help small banks

Bernanke: Overhaul will help small banks

WASHINGTON - Federal Reserve Chairman Ben Bernanke told a group of executives from smaller banks Wednesday that the financial overhaul will level the playing field for them with the industry's giants.

Bernanke said it would be important for the banks to adapt to the changing regulatory environment, in remarks to the annual convention in San Diego of small- and medium-sized banks. Bernanke acknowledged their concerns about the new law. But he said most of the requirements are aimed the country's biggest banks and not them.

Congress passed the regulatory law last year in an effort to prevent a repeat of the 2008 financial crisis. Small-bank executives have complained that it will cost them a lot of money to meet the new rules, even though they were not responsible for causing the financial crisis.


Bernanke said that the hundreds of community banks, those with assets less than $10 billion, would play a vital role in the nation's recovery because they are an important source of loans for small businesses.

"Although we are not yet where we would like to be, the good news is that many community banks have already been doing their part to meet the credit needs of their customers, notably including small business customers," Bernanke said in his speech to the Independent Community Bankers of America.

Bernanke said that it was fortunate that Congress had decided to preserve the Fed's regulatory connection to small banks. In one version of the measure, the Fed would have lost the power to regulate them. But the law maintains the Fed's powers and even broadened it to include thrift holding companies. The thrifts themselves will be regulated by the Office of the Comptroller of the Currency. Congress abolished the Office of Thrift Supervision, which was a weak regulator.

The Fed chairman said the broadened role for the central bank benefits everyone.

In response to an audience question, Bernanke said that the Fed understood that Congress wanted to shield smaller banking institutions from the impact of a new law that requires large banks to trim debit-card fees. At stake is the $16 billion each year that, according to the Fed, stores must pay banks and other credit card issuers when customers use the cards.

The Fed, which must implement a rule to put the new law into effect, understands that banks with assets of less than $10 billion should be protected from losing the fees they now receive, Bernanke said.

Bernanke previously had told lawmakers that the exemption for smaller banks might not work. The concern on the part of the small banks is that merchants might refuse to accept their cards because they carry a higher fee. Bernanke has said that problems in dealing with all the complexities of the new law may mean that the Fed is not able to complete the rule to implement the law by an April 21 deadline.

by Martin Crutsinger Associated Press Mar. 23, 2011 04:44 PM





Bernanke: Overhaul will help small banks

Bernanke: Overhaul will help small banks

WASHINGTON - Federal Reserve Chairman Ben Bernanke told a group of executives from smaller banks Wednesday that the financial overhaul will level the playing field for them with the industry's giants.

Bernanke said it would be important for the banks to adapt to the changing regulatory environment, in remarks to the annual convention in San Diego of small- and medium-sized banks. Bernanke acknowledged their concerns about the new law. But he said most of the requirements are aimed the country's biggest banks and not them.

Congress passed the regulatory law last year in an effort to prevent a repeat of the 2008 financial crisis. Small-bank executives have complained that it will cost them a lot of money to meet the new rules, even though they were not responsible for causing the financial crisis.


Bernanke said that the hundreds of community banks, those with assets less than $10 billion, would play a vital role in the nation's recovery because they are an important source of loans for small businesses.

"Although we are not yet where we would like to be, the good news is that many community banks have already been doing their part to meet the credit needs of their customers, notably including small business customers," Bernanke said in his speech to the Independent Community Bankers of America.

Bernanke said that it was fortunate that Congress had decided to preserve the Fed's regulatory connection to small banks. In one version of the measure, the Fed would have lost the power to regulate them. But the law maintains the Fed's powers and even broadened it to include thrift holding companies. The thrifts themselves will be regulated by the Office of the Comptroller of the Currency. Congress abolished the Office of Thrift Supervision, which was a weak regulator.

The Fed chairman said the broadened role for the central bank benefits everyone.

In response to an audience question, Bernanke said that the Fed understood that Congress wanted to shield smaller banking institutions from the impact of a new law that requires large banks to trim debit-card fees. At stake is the $16 billion each year that, according to the Fed, stores must pay banks and other credit card issuers when customers use the cards.

The Fed, which must implement a rule to put the new law into effect, understands that banks with assets of less than $10 billion should be protected from losing the fees they now receive, Bernanke said.

Bernanke previously had told lawmakers that the exemption for smaller banks might not work. The concern on the part of the small banks is that merchants might refuse to accept their cards because they carry a higher fee. Bernanke has said that problems in dealing with all the complexities of the new law may mean that the Fed is not able to complete the rule to implement the law by an April 21 deadline.

by Martin Crutsinger Associated Press Mar. 23, 2011 04:44 PM





Bernanke: Overhaul will help small banks

Bernanke: Overhaul will help small banks

WASHINGTON - Federal Reserve Chairman Ben Bernanke told a group of executives from smaller banks Wednesday that the financial overhaul will level the playing field for them with the industry's giants.

Bernanke said it would be important for the banks to adapt to the changing regulatory environment, in remarks to the annual convention in San Diego of small- and medium-sized banks. Bernanke acknowledged their concerns about the new law. But he said most of the requirements are aimed the country's biggest banks and not them.

Congress passed the regulatory law last year in an effort to prevent a repeat of the 2008 financial crisis. Small-bank executives have complained that it will cost them a lot of money to meet the new rules, even though they were not responsible for causing the financial crisis.


Bernanke said that the hundreds of community banks, those with assets less than $10 billion, would play a vital role in the nation's recovery because they are an important source of loans for small businesses.

"Although we are not yet where we would like to be, the good news is that many community banks have already been doing their part to meet the credit needs of their customers, notably including small business customers," Bernanke said in his speech to the Independent Community Bankers of America.

Bernanke said that it was fortunate that Congress had decided to preserve the Fed's regulatory connection to small banks. In one version of the measure, the Fed would have lost the power to regulate them. But the law maintains the Fed's powers and even broadened it to include thrift holding companies. The thrifts themselves will be regulated by the Office of the Comptroller of the Currency. Congress abolished the Office of Thrift Supervision, which was a weak regulator.

The Fed chairman said the broadened role for the central bank benefits everyone.

In response to an audience question, Bernanke said that the Fed understood that Congress wanted to shield smaller banking institutions from the impact of a new law that requires large banks to trim debit-card fees. At stake is the $16 billion each year that, according to the Fed, stores must pay banks and other credit card issuers when customers use the cards.

The Fed, which must implement a rule to put the new law into effect, understands that banks with assets of less than $10 billion should be protected from losing the fees they now receive, Bernanke said.

Bernanke previously had told lawmakers that the exemption for smaller banks might not work. The concern on the part of the small banks is that merchants might refuse to accept their cards because they carry a higher fee. Bernanke has said that problems in dealing with all the complexities of the new law may mean that the Fed is not able to complete the rule to implement the law by an April 21 deadline.

by Martin Crutsinger Associated Press Mar. 23, 2011 04:44 PM





Bernanke: Overhaul will help small banks

HUD home sale to ban investors

Organizers of a foreclosure-home auction scheduled for Saturday in Phoenix said their event will be unlike any previous home auction in Arizona for one simple reason: No investors are allowed.

BLB Resources, an asset-management firm based in Irvine, Calif., is tasked with disposing of all Arizona homes foreclosed on by the U.S. Department of Housing and Urban Development.

Saturday's auction, scheduled to begin at 1 p.m. at the JW Marriott Desert Ridge Resort & Spa at 5350 E. Marriott Drive in Phoenix, will feature 150 detached homes and condo units in Phoenix, Maricopa, Mesa, Glendale, Buckeye and other Valley communities.


BLB Outreach Manager Ray Warda said it will be the first HUD foreclosure auction his firm has held in Arizona. It also is something of an experiment, Warda said, and it will be unusual because the only eligible bidders are those seeking a home in which to live.

The owner-occupant auction is part of a pilot program BLB is testing in metro Phoenix. If it proves successful for HUD, the seller, there could be more auctions like it in the future. However, Warda said it also could end up being a one-time opportunity.

All the homes were foreclosed on by HUD because the previous owners defaulted on U.S. Federal Housing Administration-backed mortgages.

Requirements to qualify as a bidder include:

- A cashier's check for $1,000, made out to HUD, to be used as earnest money.

- Pre-qualification from a mortgage lender, or proof of adequate financial resources to buy the home outright.

- A valid Social Security number.

- A commitment to living in the property as the buyer's primary residence for at least 12 months.

The auction will be conducted by Phoenix-based auctioneers Hudson & Marshall.

Warda said each home will have an unpublished reserve price that the winning bidder must meet or exceed.

Although the reserve price generally is not disclosed, a number of informational Web sites focused on HUD homes indicate that HUD usually accepts offers at or slightly below a home's current appraised value.

For more on Saturday's auction, visit hudhouseauction.com.

by J. Craig Anderson The Arizona Republic Mar. 23, 2011 06:42 PM



HUD home sale to ban investors

HUD home sale to ban investors

Organizers of a foreclosure-home auction scheduled for Saturday in Phoenix said their event will be unlike any previous home auction in Arizona for one simple reason: No investors are allowed.

BLB Resources, an asset-management firm based in Irvine, Calif., is tasked with disposing of all Arizona homes foreclosed on by the U.S. Department of Housing and Urban Development.

Saturday's auction, scheduled to begin at 1 p.m. at the JW Marriott Desert Ridge Resort & Spa at 5350 E. Marriott Drive in Phoenix, will feature 150 detached homes and condo units in Phoenix, Maricopa, Mesa, Glendale, Buckeye and other Valley communities.


BLB Outreach Manager Ray Warda said it will be the first HUD foreclosure auction his firm has held in Arizona. It also is something of an experiment, Warda said, and it will be unusual because the only eligible bidders are those seeking a home in which to live.

The owner-occupant auction is part of a pilot program BLB is testing in metro Phoenix. If it proves successful for HUD, the seller, there could be more auctions like it in the future. However, Warda said it also could end up being a one-time opportunity.

All the homes were foreclosed on by HUD because the previous owners defaulted on U.S. Federal Housing Administration-backed mortgages.

Requirements to qualify as a bidder include:

- A cashier's check for $1,000, made out to HUD, to be used as earnest money.

- Pre-qualification from a mortgage lender, or proof of adequate financial resources to buy the home outright.

- A valid Social Security number.

- A commitment to living in the property as the buyer's primary residence for at least 12 months.

The auction will be conducted by Phoenix-based auctioneers Hudson & Marshall.

Warda said each home will have an unpublished reserve price that the winning bidder must meet or exceed.

Although the reserve price generally is not disclosed, a number of informational Web sites focused on HUD homes indicate that HUD usually accepts offers at or slightly below a home's current appraised value.

For more on Saturday's auction, visit hudhouseauction.com.

by J. Craig Anderson The Arizona Republic Mar. 23, 2011 06:42 PM




HUD home sale to ban investors

HUD home sale to ban investors

Organizers of a foreclosure-home auction scheduled for Saturday in Phoenix said their event will be unlike any previous home auction in Arizona for one simple reason: No investors are allowed.

BLB Resources, an asset-management firm based in Irvine, Calif., is tasked with disposing of all Arizona homes foreclosed on by the U.S. Department of Housing and Urban Development.

Saturday's auction, scheduled to begin at 1 p.m. at the JW Marriott Desert Ridge Resort & Spa at 5350 E. Marriott Drive in Phoenix, will feature 150 detached homes and condo units in Phoenix, Maricopa, Mesa, Glendale, Buckeye and other Valley communities.


BLB Outreach Manager Ray Warda said it will be the first HUD foreclosure auction his firm has held in Arizona. It also is something of an experiment, Warda said, and it will be unusual because the only eligible bidders are those seeking a home in which to live.

The owner-occupant auction is part of a pilot program BLB is testing in metro Phoenix. If it proves successful for HUD, the seller, there could be more auctions like it in the future. However, Warda said it also could end up being a one-time opportunity.

All the homes were foreclosed on by HUD because the previous owners defaulted on U.S. Federal Housing Administration-backed mortgages.

Requirements to qualify as a bidder include:

- A cashier's check for $1,000, made out to HUD, to be used as earnest money.

- Pre-qualification from a mortgage lender, or proof of adequate financial resources to buy the home outright.

- A valid Social Security number.

- A commitment to living in the property as the buyer's primary residence for at least 12 months.

The auction will be conducted by Phoenix-based auctioneers Hudson & Marshall.

Warda said each home will have an unpublished reserve price that the winning bidder must meet or exceed.

Although the reserve price generally is not disclosed, a number of informational Web sites focused on HUD homes indicate that HUD usually accepts offers at or slightly below a home's current appraised value.

For more on Saturday's auction, visit hudhouseauction.com.

by J. Craig Anderson The Arizona Republic Mar. 23, 2011 06:42 PM




HUD home sale to ban investors

HUD home sale to ban investors

Organizers of a foreclosure-home auction scheduled for Saturday in Phoenix said their event will be unlike any previous home auction in Arizona for one simple reason: No investors are allowed.

BLB Resources, an asset-management firm based in Irvine, Calif., is tasked with disposing of all Arizona homes foreclosed on by the U.S. Department of Housing and Urban Development.

Saturday's auction, scheduled to begin at 1 p.m. at the JW Marriott Desert Ridge Resort & Spa at 5350 E. Marriott Drive in Phoenix, will feature 150 detached homes and condo units in Phoenix, Maricopa, Mesa, Glendale, Buckeye and other Valley communities.


BLB Outreach Manager Ray Warda said it will be the first HUD foreclosure auction his firm has held in Arizona. It also is something of an experiment, Warda said, and it will be unusual because the only eligible bidders are those seeking a home in which to live.

The owner-occupant auction is part of a pilot program BLB is testing in metro Phoenix. If it proves successful for HUD, the seller, there could be more auctions like it in the future. However, Warda said it also could end up being a one-time opportunity.

All the homes were foreclosed on by HUD because the previous owners defaulted on U.S. Federal Housing Administration-backed mortgages.

Requirements to qualify as a bidder include:

- A cashier's check for $1,000, made out to HUD, to be used as earnest money.

- Pre-qualification from a mortgage lender, or proof of adequate financial resources to buy the home outright.

- A valid Social Security number.

- A commitment to living in the property as the buyer's primary residence for at least 12 months.

The auction will be conducted by Phoenix-based auctioneers Hudson & Marshall.

Warda said each home will have an unpublished reserve price that the winning bidder must meet or exceed.

Although the reserve price generally is not disclosed, a number of informational Web sites focused on HUD homes indicate that HUD usually accepts offers at or slightly below a home's current appraised value.

For more on Saturday's auction, visit hudhouseauction.com.

by J. Craig Anderson The Arizona Republic Mar. 23, 2011 06:42 PM




HUD home sale to ban investors

HUD home sale to ban investors

Organizers of a foreclosure-home auction scheduled for Saturday in Phoenix said their event will be unlike any previous home auction in Arizona for one simple reason: No investors are allowed.

BLB Resources, an asset-management firm based in Irvine, Calif., is tasked with disposing of all Arizona homes foreclosed on by the U.S. Department of Housing and Urban Development.

Saturday's auction, scheduled to begin at 1 p.m. at the JW Marriott Desert Ridge Resort & Spa at 5350 E. Marriott Drive in Phoenix, will feature 150 detached homes and condo units in Phoenix, Maricopa, Mesa, Glendale, Buckeye and other Valley communities.


BLB Outreach Manager Ray Warda said it will be the first HUD foreclosure auction his firm has held in Arizona. It also is something of an experiment, Warda said, and it will be unusual because the only eligible bidders are those seeking a home in which to live.

The owner-occupant auction is part of a pilot program BLB is testing in metro Phoenix. If it proves successful for HUD, the seller, there could be more auctions like it in the future. However, Warda said it also could end up being a one-time opportunity.

All the homes were foreclosed on by HUD because the previous owners defaulted on U.S. Federal Housing Administration-backed mortgages.

Requirements to qualify as a bidder include:

- A cashier's check for $1,000, made out to HUD, to be used as earnest money.

- Pre-qualification from a mortgage lender, or proof of adequate financial resources to buy the home outright.

- A valid Social Security number.

- A commitment to living in the property as the buyer's primary residence for at least 12 months.

The auction will be conducted by Phoenix-based auctioneers Hudson & Marshall.

Warda said each home will have an unpublished reserve price that the winning bidder must meet or exceed.

Although the reserve price generally is not disclosed, a number of informational Web sites focused on HUD homes indicate that HUD usually accepts offers at or slightly below a home's current appraised value.

For more on Saturday's auction, visit hudhouseauction.com.

by J. Craig Anderson The Arizona Republic Mar. 23, 2011 06:42 PM




HUD home sale to ban investors

HUD home sale to ban investors

Organizers of a foreclosure-home auction scheduled for Saturday in Phoenix said their event will be unlike any previous home auction in Arizona for one simple reason: No investors are allowed.

BLB Resources, an asset-management firm based in Irvine, Calif., is tasked with disposing of all Arizona homes foreclosed on by the U.S. Department of Housing and Urban Development.

Saturday's auction, scheduled to begin at 1 p.m. at the JW Marriott Desert Ridge Resort & Spa at 5350 E. Marriott Drive in Phoenix, will feature 150 detached homes and condo units in Phoenix, Maricopa, Mesa, Glendale, Buckeye and other Valley communities.


BLB Outreach Manager Ray Warda said it will be the first HUD foreclosure auction his firm has held in Arizona. It also is something of an experiment, Warda said, and it will be unusual because the only eligible bidders are those seeking a home in which to live.

The owner-occupant auction is part of a pilot program BLB is testing in metro Phoenix. If it proves successful for HUD, the seller, there could be more auctions like it in the future. However, Warda said it also could end up being a one-time opportunity.

All the homes were foreclosed on by HUD because the previous owners defaulted on U.S. Federal Housing Administration-backed mortgages.

Requirements to qualify as a bidder include:

- A cashier's check for $1,000, made out to HUD, to be used as earnest money.

- Pre-qualification from a mortgage lender, or proof of adequate financial resources to buy the home outright.

- A valid Social Security number.

- A commitment to living in the property as the buyer's primary residence for at least 12 months.

The auction will be conducted by Phoenix-based auctioneers Hudson & Marshall.

Warda said each home will have an unpublished reserve price that the winning bidder must meet or exceed.

Although the reserve price generally is not disclosed, a number of informational Web sites focused on HUD homes indicate that HUD usually accepts offers at or slightly below a home's current appraised value.

For more on Saturday's auction, visit hudhouseauction.com.

by J. Craig Anderson The Arizona Republic Mar. 23, 2011 06:42 PM




HUD home sale to ban investors

HUD home sale to ban investors

Organizers of a foreclosure-home auction scheduled for Saturday in Phoenix said their event will be unlike any previous home auction in Arizona for one simple reason: No investors are allowed.

BLB Resources, an asset-management firm based in Irvine, Calif., is tasked with disposing of all Arizona homes foreclosed on by the U.S. Department of Housing and Urban Development.

Saturday's auction, scheduled to begin at 1 p.m. at the JW Marriott Desert Ridge Resort & Spa at 5350 E. Marriott Drive in Phoenix, will feature 150 detached homes and condo units in Phoenix, Maricopa, Mesa, Glendale, Buckeye and other Valley communities.


BLB Outreach Manager Ray Warda said it will be the first HUD foreclosure auction his firm has held in Arizona. It also is something of an experiment, Warda said, and it will be unusual because the only eligible bidders are those seeking a home in which to live.

The owner-occupant auction is part of a pilot program BLB is testing in metro Phoenix. If it proves successful for HUD, the seller, there could be more auctions like it in the future. However, Warda said it also could end up being a one-time opportunity.

All the homes were foreclosed on by HUD because the previous owners defaulted on U.S. Federal Housing Administration-backed mortgages.

Requirements to qualify as a bidder include:

- A cashier's check for $1,000, made out to HUD, to be used as earnest money.

- Pre-qualification from a mortgage lender, or proof of adequate financial resources to buy the home outright.

- A valid Social Security number.

- A commitment to living in the property as the buyer's primary residence for at least 12 months.

The auction will be conducted by Phoenix-based auctioneers Hudson & Marshall.

Warda said each home will have an unpublished reserve price that the winning bidder must meet or exceed.

Although the reserve price generally is not disclosed, a number of informational Web sites focused on HUD homes indicate that HUD usually accepts offers at or slightly below a home's current appraised value.

For more on Saturday's auction, visit hudhouseauction.com.

by J. Craig Anderson The Arizona Republic Mar. 23, 2011 06:42 PM




HUD home sale to ban investors

HUD home sale to ban investors

Organizers of a foreclosure-home auction scheduled for Saturday in Phoenix said their event will be unlike any previous home auction in Arizona for one simple reason: No investors are allowed.

BLB Resources, an asset-management firm based in Irvine, Calif., is tasked with disposing of all Arizona homes foreclosed on by the U.S. Department of Housing and Urban Development.

Saturday's auction, scheduled to begin at 1 p.m. at the JW Marriott Desert Ridge Resort & Spa at 5350 E. Marriott Drive in Phoenix, will feature 150 detached homes and condo units in Phoenix, Maricopa, Mesa, Glendale, Buckeye and other Valley communities.


BLB Outreach Manager Ray Warda said it will be the first HUD foreclosure auction his firm has held in Arizona. It also is something of an experiment, Warda said, and it will be unusual because the only eligible bidders are those seeking a home in which to live.

The owner-occupant auction is part of a pilot program BLB is testing in metro Phoenix. If it proves successful for HUD, the seller, there could be more auctions like it in the future. However, Warda said it also could end up being a one-time opportunity.

All the homes were foreclosed on by HUD because the previous owners defaulted on U.S. Federal Housing Administration-backed mortgages.

Requirements to qualify as a bidder include:

- A cashier's check for $1,000, made out to HUD, to be used as earnest money.

- Pre-qualification from a mortgage lender, or proof of adequate financial resources to buy the home outright.

- A valid Social Security number.

- A commitment to living in the property as the buyer's primary residence for at least 12 months.

The auction will be conducted by Phoenix-based auctioneers Hudson & Marshall.

Warda said each home will have an unpublished reserve price that the winning bidder must meet or exceed.

Although the reserve price generally is not disclosed, a number of informational Web sites focused on HUD homes indicate that HUD usually accepts offers at or slightly below a home's current appraised value.

For more on Saturday's auction, visit hudhouseauction.com.

by J. Craig Anderson The Arizona Republic Mar. 23, 2011 06:42 PM




HUD home sale to ban investors

BofA lawsuit to stay in state court

The Arizona attorney general's lawsuit against Bank of America over alleged mortgage fraud will remain in state court.

The lender had asked the case, filed in late December, be moved to federal court.

State Attorney General Tom Horne, who inherited the lawsuit from former Attorney General Terry Goddard, said state-court cases often move more quickly then those tried in federal court.


"Homeowners who have suffered from practices that may violate the Arizona Consumer Fraud Act need timely relief," he said. "And unnecessary delays can be damaging to them."

The suit alleges BofA deceived borrowers who were trying to obtain loan modifications to keep their homes. The lender is accused of violating the state's consumer-fraud laws by not responding to many homeowners' requests for help, rejecting loan-modification applications without supplying sufficient reason and beginning foreclosure proceedings on homeowners at the same time those borrowers were starting loan modifications.

The lawsuit was filed after a one-year investigation into the loan servicing and foreclosures practices of the Charlotte, N.C.-based lender, Arizona's largest mortgage holder and servicer.

In 2010, nearly 500 consumers filed complaints against BofA. Nevada's attorney general filed a similar lawsuit against the bank on Friday.

BofA has described the filing of the lawsuits as hasty.

by Catherine Reagor The Arizona Republic Mar. 22, 2011 04:42 PM





BofA lawsuit to stay in state court

BofA lawsuit to stay in state court

The Arizona attorney general's lawsuit against Bank of America over alleged mortgage fraud will remain in state court.

The lender had asked the case, filed in late December, be moved to federal court.

State Attorney General Tom Horne, who inherited the lawsuit from former Attorney General Terry Goddard, said state-court cases often move more quickly then those tried in federal court.


"Homeowners who have suffered from practices that may violate the Arizona Consumer Fraud Act need timely relief," he said. "And unnecessary delays can be damaging to them."

The suit alleges BofA deceived borrowers who were trying to obtain loan modifications to keep their homes. The lender is accused of violating the state's consumer-fraud laws by not responding to many homeowners' requests for help, rejecting loan-modification applications without supplying sufficient reason and beginning foreclosure proceedings on homeowners at the same time those borrowers were starting loan modifications.

The lawsuit was filed after a one-year investigation into the loan servicing and foreclosures practices of the Charlotte, N.C.-based lender, Arizona's largest mortgage holder and servicer.

In 2010, nearly 500 consumers filed complaints against BofA. Nevada's attorney general filed a similar lawsuit against the bank on Friday.

BofA has described the filing of the lawsuits as hasty.

by Catherine Reagor The Arizona Republic Mar. 22, 2011 04:42 PM





BofA lawsuit to stay in state court

BofA lawsuit to stay in state court

The Arizona attorney general's lawsuit against Bank of America over alleged mortgage fraud will remain in state court.

The lender had asked the case, filed in late December, be moved to federal court.

State Attorney General Tom Horne, who inherited the lawsuit from former Attorney General Terry Goddard, said state-court cases often move more quickly then those tried in federal court.


"Homeowners who have suffered from practices that may violate the Arizona Consumer Fraud Act need timely relief," he said. "And unnecessary delays can be damaging to them."

The suit alleges BofA deceived borrowers who were trying to obtain loan modifications to keep their homes. The lender is accused of violating the state's consumer-fraud laws by not responding to many homeowners' requests for help, rejecting loan-modification applications without supplying sufficient reason and beginning foreclosure proceedings on homeowners at the same time those borrowers were starting loan modifications.

The lawsuit was filed after a one-year investigation into the loan servicing and foreclosures practices of the Charlotte, N.C.-based lender, Arizona's largest mortgage holder and servicer.

In 2010, nearly 500 consumers filed complaints against BofA. Nevada's attorney general filed a similar lawsuit against the bank on Friday.

BofA has described the filing of the lawsuits as hasty.

by Catherine Reagor The Arizona Republic Mar. 22, 2011 04:42 PM





BofA lawsuit to stay in state court

BofA lawsuit to stay in state court

The Arizona attorney general's lawsuit against Bank of America over alleged mortgage fraud will remain in state court.

The lender had asked the case, filed in late December, be moved to federal court.

State Attorney General Tom Horne, who inherited the lawsuit from former Attorney General Terry Goddard, said state-court cases often move more quickly then those tried in federal court.


"Homeowners who have suffered from practices that may violate the Arizona Consumer Fraud Act need timely relief," he said. "And unnecessary delays can be damaging to them."

The suit alleges BofA deceived borrowers who were trying to obtain loan modifications to keep their homes. The lender is accused of violating the state's consumer-fraud laws by not responding to many homeowners' requests for help, rejecting loan-modification applications without supplying sufficient reason and beginning foreclosure proceedings on homeowners at the same time those borrowers were starting loan modifications.

The lawsuit was filed after a one-year investigation into the loan servicing and foreclosures practices of the Charlotte, N.C.-based lender, Arizona's largest mortgage holder and servicer.

In 2010, nearly 500 consumers filed complaints against BofA. Nevada's attorney general filed a similar lawsuit against the bank on Friday.

BofA has described the filing of the lawsuits as hasty.

by Catherine Reagor The Arizona Republic Mar. 22, 2011 04:42 PM





BofA lawsuit to stay in state court

BofA lawsuit to stay in state court

The Arizona attorney general's lawsuit against Bank of America over alleged mortgage fraud will remain in state court.

The lender had asked the case, filed in late December, be moved to federal court.

State Attorney General Tom Horne, who inherited the lawsuit from former Attorney General Terry Goddard, said state-court cases often move more quickly then those tried in federal court.


"Homeowners who have suffered from practices that may violate the Arizona Consumer Fraud Act need timely relief," he said. "And unnecessary delays can be damaging to them."

The suit alleges BofA deceived borrowers who were trying to obtain loan modifications to keep their homes. The lender is accused of violating the state's consumer-fraud laws by not responding to many homeowners' requests for help, rejecting loan-modification applications without supplying sufficient reason and beginning foreclosure proceedings on homeowners at the same time those borrowers were starting loan modifications.

The lawsuit was filed after a one-year investigation into the loan servicing and foreclosures practices of the Charlotte, N.C.-based lender, Arizona's largest mortgage holder and servicer.

In 2010, nearly 500 consumers filed complaints against BofA. Nevada's attorney general filed a similar lawsuit against the bank on Friday.

BofA has described the filing of the lawsuits as hasty.

by Catherine Reagor The Arizona Republic Mar. 22, 2011 04:42 PM





BofA lawsuit to stay in state court

BofA lawsuit to stay in state court

The Arizona attorney general's lawsuit against Bank of America over alleged mortgage fraud will remain in state court.

The lender had asked the case, filed in late December, be moved to federal court.

State Attorney General Tom Horne, who inherited the lawsuit from former Attorney General Terry Goddard, said state-court cases often move more quickly then those tried in federal court.


"Homeowners who have suffered from practices that may violate the Arizona Consumer Fraud Act need timely relief," he said. "And unnecessary delays can be damaging to them."

The suit alleges BofA deceived borrowers who were trying to obtain loan modifications to keep their homes. The lender is accused of violating the state's consumer-fraud laws by not responding to many homeowners' requests for help, rejecting loan-modification applications without supplying sufficient reason and beginning foreclosure proceedings on homeowners at the same time those borrowers were starting loan modifications.

The lawsuit was filed after a one-year investigation into the loan servicing and foreclosures practices of the Charlotte, N.C.-based lender, Arizona's largest mortgage holder and servicer.

In 2010, nearly 500 consumers filed complaints against BofA. Nevada's attorney general filed a similar lawsuit against the bank on Friday.

BofA has described the filing of the lawsuits as hasty.

by Catherine Reagor The Arizona Republic Mar. 22, 2011 04:42 PM





BofA lawsuit to stay in state court

BofA lawsuit to stay in state court

The Arizona attorney general's lawsuit against Bank of America over alleged mortgage fraud will remain in state court.

The lender had asked the case, filed in late December, be moved to federal court.

State Attorney General Tom Horne, who inherited the lawsuit from former Attorney General Terry Goddard, said state-court cases often move more quickly then those tried in federal court.


"Homeowners who have suffered from practices that may violate the Arizona Consumer Fraud Act need timely relief," he said. "And unnecessary delays can be damaging to them."

The suit alleges BofA deceived borrowers who were trying to obtain loan modifications to keep their homes. The lender is accused of violating the state's consumer-fraud laws by not responding to many homeowners' requests for help, rejecting loan-modification applications without supplying sufficient reason and beginning foreclosure proceedings on homeowners at the same time those borrowers were starting loan modifications.

The lawsuit was filed after a one-year investigation into the loan servicing and foreclosures practices of the Charlotte, N.C.-based lender, Arizona's largest mortgage holder and servicer.

In 2010, nearly 500 consumers filed complaints against BofA. Nevada's attorney general filed a similar lawsuit against the bank on Friday.

BofA has described the filing of the lawsuits as hasty.

by Catherine Reagor The Arizona Republic Mar. 22, 2011 04:42 PM





BofA lawsuit to stay in state court

Home market in Valley may rebound soon

Several key housing indicators that predicted last year's double dip in metro Phoenix home prices are now showing the market could be poised to start a slow rebound.

According to "Cromford Report" principal Mike Orr's daily tracking of the region's residential real-estate data, most of the key indicators that turned negative at the end of last year's second quarter are now showing positive signs: Inventory, or supply of homes for sale, has been falling since late November.

Pending listings, a precursor to home sales that tracks buyer interest, has been climbing steadily this year. There were 8,695 pending listings at the beginning of January, compared with almost 13,000 now.


Home sales were up during the first quarter, compared with last year's steady pace.

There are two important market gauges that haven't turned around yet: pending and actual sales prices.

But Orr said the improvement in the other housing indicators could signal prices will climb during the next six to nine months.

Tom Ruff of Information Market, a Phoenix real-estate data firm, shares Orr's opinion.

"The numbers that made us pessimistic last July are the same numbers that are now making me optimistic," he said.

Many homeowners may feel whipsawed by forecasts for a housing recovery during the past few years that didn't happen. But the numbers tracking buyer demand and sales are the ones to watch.

Foreclosure help

Hope Now is hosting another event for Arizona homeowners facing foreclosure. This year's free, daylong session is set for Thursday at the Phoenix Convention Center.

The event is promoted as a chance for struggling homeowners to sit down with housing counselors and potentially someone from their lender to discuss ways they can avoid foreclosure.

At the past event two years ago, some metro Phoenix homeowners received the help they needed but others came prepared with their mortgage and debt paperwork and left disappointed.

Several lenders are signed up to participate, and representatives from Making Home Affordable, Fannie Mae, Freddie Mac, the Arizona Department of Housing, Arizona Foreclosure Prevention Task Force, Department of Labor and Loan Scam Alert will all also be there.

The homeowner workshop begins at 11 a.m. and lasts until 7:30 p.m.

Lender Wells Fargo is participating in this week's homeowner event but is also hosting its own next week, March 30-31.

Wells Fargo's workshop is also at the Phoenix Convention Center and runs from 9 a.m. to 7 p.m. each day.

by Catherine Reagor The Arizona Republic Mar. 22, 2011 07:20 PM




Home market in Valley may rebound soon

Home market in Valley may rebound soon

Several key housing indicators that predicted last year's double dip in metro Phoenix home prices are now showing the market could be poised to start a slow rebound.

According to "Cromford Report" principal Mike Orr's daily tracking of the region's residential real-estate data, most of the key indicators that turned negative at the end of last year's second quarter are now showing positive signs: Inventory, or supply of homes for sale, has been falling since late November.

Pending listings, a precursor to home sales that tracks buyer interest, has been climbing steadily this year. There were 8,695 pending listings at the beginning of January, compared with almost 13,000 now.


Home sales were up during the first quarter, compared with last year's steady pace.

There are two important market gauges that haven't turned around yet: pending and actual sales prices.

But Orr said the improvement in the other housing indicators could signal prices will climb during the next six to nine months.

Tom Ruff of Information Market, a Phoenix real-estate data firm, shares Orr's opinion.

"The numbers that made us pessimistic last July are the same numbers that are now making me optimistic," he said.

Many homeowners may feel whipsawed by forecasts for a housing recovery during the past few years that didn't happen. But the numbers tracking buyer demand and sales are the ones to watch.

Foreclosure help

Hope Now is hosting another event for Arizona homeowners facing foreclosure. This year's free, daylong session is set for Thursday at the Phoenix Convention Center.

The event is promoted as a chance for struggling homeowners to sit down with housing counselors and potentially someone from their lender to discuss ways they can avoid foreclosure.

At the past event two years ago, some metro Phoenix homeowners received the help they needed but others came prepared with their mortgage and debt paperwork and left disappointed.

Several lenders are signed up to participate, and representatives from Making Home Affordable, Fannie Mae, Freddie Mac, the Arizona Department of Housing, Arizona Foreclosure Prevention Task Force, Department of Labor and Loan Scam Alert will all also be there.

The homeowner workshop begins at 11 a.m. and lasts until 7:30 p.m.

Lender Wells Fargo is participating in this week's homeowner event but is also hosting its own next week, March 30-31.

Wells Fargo's workshop is also at the Phoenix Convention Center and runs from 9 a.m. to 7 p.m. each day.

by Catherine Reagor The Arizona Republic Mar. 22, 2011 07:20 PM





Home market in Valley may rebound soon

Real Estate News