Daily News from the desk of Nicholas L Miner, CCIM – May 8, 2009

Daily News from the desk of Nicholas L Miner, CCIM

Here are the news stories you might find interesting today:

W. Valley told to expect delay in getting light rail

Wigwam goes on undaunted, court-appointed receiver says

New jobless claims plunge, retail sales improve

Buyers sue KB Home, Countrywide

Nonfarm Private Employment Decreased 742,000 according to the April ADP National Employment Report.Nonfarm private employment decreased 491,000 from March to April 2009 on a seasonally adjusted basis, according to the ADP National Employment Report. The estimated change of employment from February to March was revised by 34,000, from a decline of 742,000 to a decline of 708,000.

CMBS Market at Risk of Widespread Defaults, But TALF Change May Ease Burden

At least two-thirds of the American CMBS loans maturing in the coming decade could be at risk of default, according to a new report by Deutsche Bank. However, a recent change to the Federal Reserve’s TALF program could act as a safety valve for the market.

Retail Finding a Bottom?
Whatever else is happening in the economy, U.S. consumers seem to have returned to the nation’s stores in somewhat greater numbers now that spring is here. According to consultancy Retail Forward, the 35 major retailers that it surveys saw a 0.9 percent increase in same-store sales in April compared with March, when sales had dropped 1.9 percent. Average same-store sales compared with April 2008, however, were down 3.7 percent.

Arizona industrial employment drops 3 percent

Arizona industrial employment fell 3 percent between March 2008 and March 2009, the steepest loss ever reported for the state, according to Manufacturers’ News Inc.

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Mortgage rates rise as outlook brightens

Mortgage rates remain near historic lows, but rates ticked up a bit this week, a move Freddie Mac links to the improving outlook for the U.S. economy. (FRE)

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Moyes says he’s open to sale that would keep Coyotes in Arizona

Phoenix Coyotes owner Jerry Moyes said Thursday he is open to selling the team to an owner who would keep the team at Arena in Glendale.

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