Arizona Real Estate News Access
All the real estate and mortgage news you need to know in Arizona
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October 2008
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10/12/08
Gaylord experience coming to Mesa
Filed under: General, Real Estate
Posted by: Lillian Wong @ 9:59 am

John Imaizumi is a man on the run. He has but a few hours to show a group of visiting Arizonans one of the largest hotel-convention centers on the planet, a tour that takes them not just through glitzy showrooms and restaurants but into the pristine guts of the operation.  more…

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10/11/08
Credit markets not likely to thaw quickly after bailout
Filed under: General, Business
Posted by: Lillian Wong @ 8:40 pm

WASHINGTON — It could take weeks, or even months, to see whether the $700 billion financial rescue package enacted Oct. 3 gets credit flowing again on Main Street.  more…

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Money available, but commercial developers scrambling for it
Filed under: General, Business, Real Estate, Mortgages
Posted by: Lillian Wong @ 8:38 pm

Today’s commercial real estate lending landscape is a bit like negotiating obstacles such as distortion mirrors, clattering stairways and trapdoors in an amusement park funhouse. There’s no telling what surprise is just around the corner, or if an exit sign will lead to a safer place.  more…

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Developer sets sights on hotel
Filed under: General, Real Estate
Posted by: Lillian Wong @ 8:33 pm

A downturn in the condominium market has one Scottsdale developer considering his options for a downtown project along the Arizona Canal.   more…

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Chauncey Ranch nearly complete
Filed under: General, Real Estate
Posted by: Lillian Wong @ 8:31 pm

With a single vacant lot left, the Chauncey Ranch development is nearly finished.   more…

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World powers meet; unified plan unlikely
Filed under: General, Business, Real Estate, Mortgages
Posted by: Lillian Wong @ 8:25 pm

WASHINGTON - The Treasury Department confirmed Friday evening that it will buy stakes in major U.S. banks, announcing the bold move as the world’s top finance ministers agreed to joint action in the crisis but stopped short of taking coordinated steps sought by investors worldwide.  more…

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Libor’s rise punishes stocks
Filed under: General, Business, Mortgages
Posted by: Lillian Wong @ 8:23 pm

NEW YORK – The credit markets might not be quite as squeezed as they have been recently, thanks to the Federal Reserve’s interest rate cut. But they’re hardly back to normal.   more…

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Citi Walks, Wells Fargo Gets Wachovia, Wachovia Reps Relieved
Filed under: General, Business
Posted by: Lillian Wong @ 8:16 pm

Wells Fargo emerged the victor in the battle for Wachovia after Citi was left at the altar. The union of Wells Fargo and Wachovia will create the country’s third-largest coast-to-coast banking behemoth. But the deal still faces obstacles before it can be finalized.  more…

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Reincarnated Trend Homes finds its way
Filed under: General, Business, Real Estate
Posted by: Lillian Wong @ 8:11 pm

This year has been a difficult one for Trend Homes, but in some ways the Chandler-based home builder has been fortunate.   more…

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Radical Bunny investors push for bankruptcy
Filed under: General, Business, Real Estate, Mortgages
Posted by: Lillian Wong @ 8:10 pm

Three investors in Radical Bunny LLC, an obscure Phoenix firm that lent almost $200 million to local construction financier Mortgages Ltd., are trying to force Radical Bunny into bankruptcy.   more…

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Few experts foresaw market’s yearlong slide
Filed under: General, Business
Posted by: Lillian Wong @ 8:06 pm

What a difference a year makes. A year ago today, the Dow Jones industrial average reached its highest level ever: 14,164.53 points.  more…

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Valley’s spendiest apartments are available in Tempe
Filed under: General, Real Estate
Posted by: Lillian Wong @ 8:04 pm

The Valley’s most expensive apartments, Grigio Contemporary Apartment Living, on the north shore of Tempe Town Lake opened this month, with monthly rents ranging from $2,200 to $6,000.  more…

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What is commercial paper, and why does it matter?
Filed under: General, Business
Posted by: Lillian Wong @ 6:48 pm

BOSTON: Why is the commercial paper market so pivotal to easing the credit crunch that the Federal Reserve announced Tuesday it will intervene to prop up the market? The Associated Press offers some insight based on interviews with experts:  more…

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Commercial building construction not easing
Filed under: General, Real Estate
Posted by: Lillian Wong @ 6:44 pm

Lackluster job growth, a persistent housing slump and tight credit have put the brakes on commercial leasing activity in the Valley.   more…

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Bank of America To Modify Mortgages From Countrywide
Filed under: General, Mortgages
Posted by: Lillian Wong @ 6:40 pm

Bank of America has agreed to rework the terms of up to 400,000 distressed mortgages nationwide starting Dec. 1 to settle lawsuits and investigations pending against one of its subsidiaries.   more…

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European Governments Race to Help Banks Amid Crisis
Filed under: General, Business
Posted by: Lillian Wong @ 6:36 pm

European governments from Brussels to Copenhagen to Berlin rushed to shore up their faltering banks as the credit crunch worsened in Europe.   more…

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Bank of America to pay $8 billion to settle suits over bad mortgages
Filed under: General, Business, Mortgages
Posted by: Lillian Wong @ 6:26 pm

SPRINGFIELD, Ill. — Facing a lawsuit over deceptive mortgage practices, Bank of America is agreeing to pay more than $8 billion to modify hundreds of thousands of loans to keep people from losing their homes.   more…

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Arizona pool sales plunging
Filed under: General, Business
Posted by: Lillian Wong @ 6:16 pm

The credit crisis, which has made loans more difficult to obtain, has had a dramatic effect on the sale of pools in the Valley, putting companies out of business and leaving others scrambling to diversify.  more…

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Fed to lend to companies in emergency move
Filed under: General, Business
Posted by: Lillian Wong @ 6:13 pm

WASHINGTON - Frantically trying to stop the bleeding on Wall Street, the Federal Reserve took a first-time step Tuesday to get cash directly to businesses and hinted that interest rates could come down soon. Stocks continued their free fall anyway and hit new five-year lows.   more…

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10/04/08
Historic Bailout Passes As Economy Slips Further
Filed under: General, Business, Real Estate, Mortgages
Posted by: Lillian Wong @ 6:04 pm

WASHINGTON — President George W. Bush signed into law an unprecedented $700 billion plan to rescue the U.S. financial system, one of the largest-ever government interventions in the nation’s economy — and almost certainly not the last.  more…

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