It seems that when the housing market sneezed, the automobile industry caught a cold. Car dealers in the Valley are starting to feel the fallout of the mortgage market collapse that has swept across the country. Industry insiders say car sales are down dramatically, largely because of buyer hesitation and uneasiness over taking on new debt. More…
Consumers are caught in an economic bear trap whose teeth include the slow housing market, subprime adjustable-rate mortgages, high debt ratios, and inflationary pressures on staples such as energy and food. Those economic daggers are straining household finances and taking a bite out of “discretionary” consumer spending — purchases of luxury durable goods and big-ticket items such as boats, cars and motorcycles. More…
It’s easy to forget that just a half-decade ago, America was reeling from an economic double whammy: the dot-com bust and the 9/11 terrorist attacks. But despite the national housing slowdown, there’s no other city in the
WASHINGTON - Former Federal Reserve Chairman Alan Greenspan acknowledges he failed to see early on that an explosion of mortgages to people with questionable credit histories could pose a danger to the economy. In an interview to be televised Sunday, Greenspan said he was aware of subprime lending practices where home buyers got low initial rates only to see them later jacked up, causing severe payment shock. But he said he didn’t initially realize the harm they could do. More…
If you look closely enough, you can find hints of hope in the southeast Valley’s market for new homes. Chandler, Mesa and the city of Maricopa had more single-family permits taken out for the first half of this year than they did during the same period in 2006. Prices for new homes have dropped into the $130,000s in Maricopa, which likely will entice buyers. And although its permit numbers are down, Gilbert remains one of the busiest places in the Valley for housing construction. More…
Humana Inc. announced plans Friday to open new call centers in Phoenix and
As more states and cities struggle to find the money to bail out homeowners caught up in the housing downturn, some Americans are wondering why government should be rewarding people for their greed or irresponsibility. Some, like Thomas Roach of
The market for medical-office space in the Valley is robust and healthy. The number of medical-office complexes has burgeoned in Metro Phoenix during the past several years, thanks to demand from doctors who want their clinics and outpatient-care facilities located just a stone’s throw away from major hospital campuses. Developers are scurrying to meet the need, breaking ground on new buildings before they’ve finished putting touches on projects already under way. More…
WASHINGTON -The Federal Trade Commission has warned more than 200 companies about “potentially deceptive” mortgage advertisements that could give borrowers a false impression of the cost of home loans. The FTC on Tuesday said ads that ran in newspapers and magazines, online and in the mail “may violate federal law” by giving a deceptive picture of mortgage terms. It sent the warning letters to mortgage brokers, lenders and media outlets. More…
Investment firm Scottsdale Atrium LLC bought a 71,462-square-foot office building in
WASHINGTON - The first significant crack in the economy’s foundation appeared when a government report last week showed employers cut jobs for the first time in four years. But it’s not clear what’s going to happen next. More…
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