10/04/08
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…
PARIS — Trying to resolve their differences over how Europe should respond to the global financial crisis, four European Union leaders pledged on Saturday to work together to keep the continent’s banks afloat — even as a $48 billion plan to save a German lender fell apart. more…
Citigroup Inc.’s takeover of Wachovia Corp. was torpedoed on Friday when San Francisco-based Wells Fargo & Co. agreed to pay $15.4 billion to buy Wachovia. more…
Filed under:
General,
Business
Posted by:
Lillian Wong @ 5:54 pm
Confidence among consumers, investors and the business community continues on a downward spiral as liquidity shortages, tightening credit and bad mortgages rock the local and national economies. more…
Filed under:
General,
Real Estate
Posted by:
Lillian Wong @ 5:52 pm
Developers are forging ahead with office and industrial projects even as local real estate brokers bemoan a glut of product that could weigh down the commercial market for years. more…
Filed under:
General,
Business
Posted by:
Lillian Wong @ 5:49 pm
The credit crunch is tightening like a noose around the necks of business owners, investors and consumers, prompting them to change their behaviors, come up with alternative methods of financing and build cash reserves. more…
Filed under:
General,
Real Estate
Posted by:
Lillian Wong @ 5:42 pm
With home foreclosures at record levels, it seemed logical that bad news for the single-family home market would mean good news for the apartment market. After all, when people lost their homes to foreclosure, wouldn’t they have to move into an apartment? more…
Filed under:
General,
Business
Posted by:
Lillian Wong @ 5:37 pm
After holding the top spot among the hottest job markets in 2007, Phoenix tumbled to 28th place in Bizjournals’ latest ranking of the top 100 employment markets. more…
Filed under:
General,
Real Estate
Posted by:
Lillian Wong @ 5:34 pm
One dreary week in September set a new record for foreclosure notices in Maricopa County, with 2,210 notices outpacing sales in a three-county region, according to a Mesa data company. more…
Filed under:
General,
Business
Posted by:
Lillian Wong @ 5:31 pm
NEW YORK - A battle broke out Friday for control of Wachovia, as Wells Fargo agreed to pay $15.1 billion for the struggling bank, while Citigroup and federal regulators insisted that Citi’s earlier and lower-priced takeover offer go forward. more…
Filed under:
General,
Real Estate
Posted by:
Lillian Wong @ 4:58 pm
Paradise Valley is on sale at a realty office near you. more…
NEW YORK - Wall Street ended an intensely volatile week with another sell-off Friday while credit markets remained strained after enthusiasm over the government’s $700 billion financial rescue plan gave way to worries about obstacles still facing the economy. The Dow Jones industrials fell 157 points, and all the major indexes finished the week with big losses. more…
The credit crunch is not just a Wall Street problem. It is now affecting the ability of ordinary people to get mortgages, home-equity lines of credit and loans for cars and schooling. more…
WASHINGTON - Congress has embraced an idea to help prop up the financial system: Give banks a break by letting them value their bad mortgage assets at a price they could fetch later, not now. more…
Filed under:
General,
Real Estate
Posted by:
Lillian Wong @ 4:43 pm
The new Whole Foods store and surrounding shops at Loop 101 and Scottsdale Road in Scottsdale have been sold for a little over $66 million, the Valley’s second largest retail investment transaction of 2008. more…
NEW YORK (AP) — Stocks are rebounding and a new bailout package could be coming soon, but the credit markets — where day-to-day borrowing occurs to keep the gears of the economy turning — are still stuck. more…
A number of measures enacted by July’s U.S. Housing and Economic Recovery Act take effect today, altering the economic landscape for Arizona home buyers and homeowners. more…
Filed under:
General,
Business
Posted by:
Lillian Wong @ 4:31 pm
Riviera Pools, one of the Valley’s largest pool builders, was locked out of its Phoenix headquarters Friday after it failed to pay its lease at its corporate office near Loop 101 and Cave Creek Road. more…
Another week, another seismic shift affecting Arizona’s banking landscape. more…
Filed under:
General,
Business,
Mortgages
Posted by:
Lillian Wong @ 4:27 pm
The fastest-growing segment of U.S. home buyers is also among those facing the greatest risk of foreclosure, two top federal housing officials told a group of Hispanic real-estate professionals meeting in Phoenix this week. more…