Daily News – September 24, 2009

Here are the news stories you might find interesting today:

To view this week Costar Watch List, click here. There are a couple good articles on the number of distressed assets. According to the report there are over 400 shopping centers in distress.

Macerich Refinances Biltmore Fashion Park

PHOENIX-The 548,000-square-foot mall is the retail heart of the Arizona Biltmore Estates neighborhood.

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Fed extends housing plan, keeps rates steady

WASHINGTON - With the U.S. economy on the mend, the Federal Reserve on Wednesday said it is slowing the pace of a program to lower mortgage rates and prop up the housing market.

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Consumer confidence improving in Arizona

For the first time in years, Arizonans believe that things are going to get better.

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Two Leases Signed at 4600 E. Washington

SCF Arizona has signed two tenants for 45,771 square feet at 4600 E. Washington in Phoenix. David Evans and Associates Inc. (DEA), an engineering firm specializing in land development, transportation and water development, took 13,545 square feet...

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St. Mary's Food Bank Buys Phoenix Industrial

St Mary's Food Bank Alliance purchased the industrial building at 3131 W. Thomas Road in Phoenix, from R&H Investments for $1.93 million, or about $95 per square foot. The 20,400-square-foot manufacturing building was built in 1966. St. Mary's...

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Bank Watch: FBOP Ordered To Cut CRE Exposure in a Hurry

FBOP Corp., an Oak Park, IL-based bank holding company that owns and controls nine banks across the U.S., entered into a cease and desist order with the Federal Reserve Bank of Chicago. The order gives FBOP 30 days to come up with a plan to reduce...

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Federal stimulus money still not flowing in Arizona

The slow pace of getting federal stimulus money awarded to contractors and localities in Arizona persists, according to a new federal report.

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Economic Update - Home Price Uptick? Sort Of

On the heels of news Monday that new home sales were up a little, home prices inched up as well--at least, those measured by the Standard & Poor's/Case-Shiller Home Price Index in its raw form. In May, the index, which measures prices in 20 metropolitan areas, rose 0.5 percent over April, following a 0.6 percent drop the month from March to April. The movement is notable as the first time the index has moved up in three years.

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