Daily News from the desk of Nicholas L Miner, CCIM
Here are the news stories you might find interesting today:
Valley’s resale numbers bring hopes of recovery
Stein Mart to open 2nd store in Scottsdale
Restaurant industry rocked by tough times
Gilbert commercial building permits plunge $51 million
Chrysler to close 789 dealerships, 5 in Arizona
|
Chrysler LLC plans to eliminate 789 dealerships, or about 25 percent of its dealers, including five in Arizona. |
Judy Lowe takes over as Real Estate Commissioner
|
Gov. Jan Brewer named a Tucson real estate practitioner to head the state’s Department of Real Estate. Judy Lowe will assume the position of Arizona Real Estate Commissioner that was vacated in January by Sam Wercinski, an appointee of Gov. Janet Napolitano. |
Darner dealership on Chrysler closure list
| Darner Motor Sales in Mesa is one of four dealerships in Arizona that Chrysler Corp. intends to close, according to a plan filed in bankruptcy court Thursday. |
Landowner hopes to stop Gateway foreclosure
| A landowner near Phoenix-Mesa Gateway Airport is betting on going green to make some green – and hopefully stave off an impending foreclosure. |
Commercial-mortgage loans down in Q1
Commercial-mortgage-loan originations in the first quarter were down 70 percent from a year ago across most property types, according to the Mortgage Bankers Association. “We saw the effects of the continued recession, coupled with little demand from borrowers and a constrained supply from lenders as a result of the credit crunch,” said Jamie Woodwell, the association’s vice president of commercial real estate research.
Leading the decreases was an 83 percent drop in commercial-mortgage-backed conduit loans. The retail property sector saw loans fall 76 percent year on year during the quarter, while hotels were down 88 percent, office space was off 66 percent, and multifamily fell 61 percent. CMBS conduits sank 96 percent from a year ago, atop an 80 percent decrease in loans for commercial bank portfolios and a 66 percent decrease for life insurers. Dollar volume of multifamily loans by Fannie Mae and Freddie Mac was off 26 percent.
Real estate, finance executives weigh in on new bailout option
In an attempt to loosen credit in the commercial real estate industry, the Federal Reserve announced that commercial mortgage-backed securities can be used to collateralize loans through a Fed program beginning in June.
For a FREE market evaluation of your property, contact me immediately!