Here are the news stories you might find interesting today:
Email me for a copy of the 2nd Quarter 2009 Hospitality Research Update Report. According to the report, the RevPAR in Phoenix has dropped almost 29% this year.
New arguments filed in CityNorth case
Power Square mall trying to make a comeback
Valley’s home sales up in June
Phoenix Latino Cultural Center planned
| A Latino arts and cultural center is planned in downtown Phoenix. |
Consumer loan delinquencies rise to record high
| The number of people delinquent on their loans rose to a record high in the first quarter, according to the American Bankers Association. |
Arizona Corporation Commission says new state budget hurts its corporations, securities divisions
| The Arizona Corporation Commission is looking for changes in the recently passed budget, saying the current version could decimate the commission’s ability to work with corporations and securities. |
Funding Moves Mortgages Ltd. From Chapter 11
| PHOENIX-A year after filing bankruptcy, the lender accepts $20 million from Universal Equity for its reorganization plan. |
Commercial real estate continues slide
| The Valley’s commercial real estate market continued its downward spiral last quarter with higher vacancy rates in the office, retail and industrial sectors, according to commercial brokerage CB Richard Ellis. |
E.V.’s office, retail vacancy rates rise again
| The East Valley’s commercial real estate market remains plagued by rising vacancy rates in office, retail and industrial properties, according to commercial brokerage CB Richard Ellis. |
| Casualties of the Credit Crisis Mount |
Scores of smaller banks are projected to collapse as troubled loans take a toll.
More than 150 small and medium-sized U.S. banks are currently failing and expected to close this year as bad commercial real estate loans weigh heavily on their balance sheets.
In all, the nation’s 8,390 banks have $13.9 trillion in assets, and $1.9 trillion in commercial real estate loans. However, 90% of the banks are relatively small, with assets of less than $1 billion. More than a third of these smaller banks, 2,562, have disproportionately high concentrations of commercial real estate loans, amounting to at least three times their core capital, a warning sign for regulators.
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