Daily News from the desk of Nicholas L Miner, CCIM – May 29, 2009

Here are the news stories you might find interesting today:

Tech firm moving to northeast Phoenix

Delinquent mortgages, foreclosures up in Ariz.

Elevation Chandler owner gets reprieve

Foreclosures Spike Among Prime-Mortgage Holders
The tsunami of residential foreclosures may have started, back in the days of easy mortgage money, with borrowers whose only qualification was being able to fog a mirror. About half of those kinds of subprime mortgages have resulted in a foreclosure outcome, and Alt-A-inspired foreclosures are spiking too. But now, according to the Mortgage Bankers Association, foreclosures on prime fixed-rate loans represent the largest share of brand-new foreclosures.

Agency HQ Awarded Platinum

PHOENIX-The Arizona Game and Fish Department’s 83,000-square-foot building is the first in Phoenix to attain LEED Platinum certification.

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Mesa explores condemning Fiesta Village

Mesa City Councilman Dennis Kavanaugh has asked the city attorney to explore the possible use of eminent domain on the fenced-off Fiesta Village site in west Mesa.

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Gilbert businesses fear higher sales tax

Gilbert’s business community is watching the Gilbert Town Council warily as it strongly considers raising the sales tax to help close a $12 million-plus shortfall.

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3% fee increase on downtown group near OK

A proposed 3 percent increase in assessments on downtown-area properties by the Downtown Mesa Association appears set for City Council’s formal go-ahead.

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Mortgage Bankers: New foreclosures hit record high

A new report from the Mortgage Bankers Association shows that the number of new foreclosure actions reached a record high in the first quarter.

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Home builders group backs fee moratorium

Arizona’s home building industry is backing a bill to place a moratorium on new building code rules and development impact fees and would require voters to approve any increases to construction sales taxes.

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Hotels get creative as economy lags

The economic climate is casting a broad cloud over metro Phoenix’s meetings and events industry. Valley hoteliers, however, say the storm will pass.

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Retail Brokers Inc. principals face lawsuits related to investments

Scottsdale real estate developers and shopping center owners Ron Barness and Alex Papakyriakou are facing three lawsuits related to almost $9.5 million in loans from an Oklahoma bank to the pair’s real estate partnerships. The two men also are defendants in three investor lawsuits claiming they mismanaged investments in…

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