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Report: Foreclosures and short sales represent 43 percent of residential market

Wendy Culverwell [1] Business Journal staff writer- Portland Business Journal Email[2] | Twitter[3] | Google[4] Foreclosure rates showed a noticeable drop at the end of 2012. RealtyTrac, an Irvine, Calif.-based real estate research firm, reports nearly 950,000 U.S. homes were in some stage of foreclosure in 2012, down six percent from 2011 and 11 percent from 2010. Foreclosures represented 21 percent of all 2012 sales, down from 23 percent the previous year. Short sales accounted for 22 percent of all residential sales for the year. RealtyTrac tallied 11,317 foreclos8re sales i Oregon, 5.87 percent fewer than 2011 and 15.8 percent fewer than 2010. The average price paid for a foreclosed home in Oregon was $175,799, a 26.39 percent discount off non-foreclosed homes. Short sales represented 16 percent of all sales in Oregon in 2012, 11 percent more than in 201O on average, the average short sale was $56,1010 less than the outstanding balance of the existing mortgage. The national average was $81,621. According to the Regional Multiple Listing Service, the average price of all Portland area homes was $292,200 at the end of 2012, 11.3 percent more than in 2011. Wendy Culverwell covers real estate, retail and hospitality. References^ Wendy Culverwell (feeds.bizjournals.com)^ Email (feeds.bizjournals.com)^ Twitter (twitter.com)^ Google (plus.google.com)...
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Silicon Valley's new immigration offensive: A 'virtual march on Washington'

http://www.marchforinnovation.com/ New York City Mayor Michael Bloomberg's Partnership for a New American Economy is launching a "virtual march on Washington"for immigration reform in partnership with Silicon Valley companies and venture capitalists. Lauren Hepler[1] Economic Development Reporter- Silicon Valley Business Journal Email[2] | Twitter[3] | LinkedIn[4] | Google+[5] In a new bi-coastal push for federal immigration reform geared toward highly skilled foreign workers, New York City Mayor Michael Bloomberg[6] is uniting with Silicon Valley business leaders for an upcoming "virtual march on Washington." This April, a coalition of business leaders coordinated by Bloomberg's foundation, Partnership for a New American Economy, will launch an online education offensive encouraging people to contact legislators about the need for reform. Social media will be key to the push, with Facebook and Twitter helping to facilitate the event, said John Feinblatt[7], Bloomberg's chief policy adviser and head of the Partnership for a New American Economy. Silicon Valley venture capitalist Mike Maples[8] and angel investor Ron Conway[9] have already signed on, as have Silicon Valley Bank[10] and the Silicon Valley Leadership Group[11], which lobbies on immigration reform. The Valley also successfully mobilized online activists during the fight over controversial online anti-piracy bills in 2012. “Tech leaders ought to be using technology to try to influence the debate," Feinblatt said. He said the group is announcing the project now with the goal of generating more supporters before the main event in April. Venture capitalist Somesh Dash[12], a principal with Institutional Venture Partners[13], is a member of the Partnership for a New American Economy and helping organize the virtual march on Washington. "My intro to (the Partnership) was through a classmate at Stanford," Dash told me, Stanford alum Amit Aharoni[14]. Aharoni, a native of Israel who launched a startup after graduation, was denied a U.S. visa to stay and…
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Wells Fargo backs water-innovation nonprofit

Wells Fargo has made a three-year investment in Imagine H20, a San Francisco-based nonprofit that supports startups developing water-related technologies. Katharine Grayson[1] Staff reporter- Minneapolis / St. Paul Business Journal Email[2] | Twitter[3] | Facebook[4] Wells Fargo has made a three-year investment in Imagine H20, a San Francisco-based nonprofit that supports startups developing water-related technologies. Imagine H20 didn't disclose the size of the investment, but said the donation will allow the organization to expand its programming. The group sponsors a business plan competition for startups and also runs an accelerator that funds and assists entrepreneurs. Imagine H20 focuses on companies that are tackling challenges like water scarcity and water-related diseases. "Supporting entrepreneurial solutions to water challenges aligns with Wells Fargo’s commitment to providing capital for clean technology companies," said Andrew Kho[5], head of Wells Fargo’s clean tech commercial banking group, in a press statement. "Imagine H2O is building an exciting accelerator for water solutions and we’re eager to see the results of our more comprehensive, three-year commitment." San Francisco-based Wells Fargo (NYSE: WFC) has major operations in the Twin Cities. >Click here[6] to read Imagine H20's press release. Katharine Grayson covers med tech, clean tech, technology, health care, and venture capital, and she writes the Innovation|Minnesota blog References^ Katharine Grayson (feeds.bizjournals.com)^ Email (feeds.bizjournals.com)^ Twitter (twitter.com)^ Facebook (www.facebook.com)^ Andrew Kho (feeds.bizjournals.com)^ Click here (www.imagineh2o.org)...
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40 Under 40: Craft3's Adam Zimmerman

Cathy Cheney | Portland Business Journal Adam Zimmerman, Craft3 Staff Portland Business Journal Editor's note: The Portland Business Journal handed out its 40 Under 40 awards Feb. 14. The following profile appeared in the Feb. 15 issue of our paper. Videos and a photo gallery of all the winners are available here.[1] Adam Zimmerman[2], executive vice president, Craft3 Age: 37. What your organization does: Craft3 is a certified Community Development Financial Institution (CDFI) with $166 million under management. We offer capital products to businesses, nonprofit organizations and consumers throughout Washington and Oregon. We focus our investing on borrowers that strengthen economic, environmental and family resilience in Pacific Northwest communities. Your responsibilities: Management of our consumer lending business line and our branding and communications strategy. Objects you brought to the photo shoot, and why: Craft3 puts stuff together. We work with our borrowers to build their visions, often in ways that other financial institutions aren’t able to do. I rescued this hammer from my grandfather’s tool bench after he died. It’s my household hammer, and an indispensable tool for all the building projects that go on around my 100-year-old house. Native of: Milton-Freewater, Ore. Hot topic in your field: Community development finance has its roots in the 1960s and the civil rights movement, in finding ways to get capital to people and places ignored by the existing system. My generation is fortunate enough to have been mentored by our movement’s founders. Those folks are starting to retire now, and we are busy thinking about what’s next. What does version 2.0 look like for CDFIs? References^ are available here (www.bizjournals.com)^ Adam Zimmerman (feeds.bizjournals.com)...
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January home sales hit recent high

Matthew Kish [1] Business Journal staff writer- Portland Business Journal Homes sales climbed nearly 10 percent in Portland in January to 1,344, according to new data from the Regional Multiple Listing Service, another sign that Oregon's economy continues a steady improvement. January home sales haven't been that high since climbing to 1,594 in January 2007, the year the housing bubble popped. The average sale price climbed 15.5 percent in the last year to $287,700. The median price climbed 19.5 percent to $248,000. The inventory of homes for sale remains low, which is good news for sellers. There are enough homes on the market to meet current demand for 4.7 months, up from 3.6 months in December[2]. Six months is considered a healthy inventory. The average home sold in January was on the market 114 days, a 16 percent drop from January 2012. Pending sales climbed less than 5 percent to 1,906. New listings dropped nearly 7 percent to 2,438. Matthew Kish covers banking, finance and higher education. References^ Matthew Kish (feeds.bizjournals.com)^ up from 3.6 months in December (www.bizjournals.com)...
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