Here are the news stories you might find interesting today:
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.
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.|
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.|
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.|
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.
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.
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.
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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