Daily News for Commercial Real Estate & Business – November 20, 2009

Here are the news stories you might find interesting today regarding commercial real estate and business:

Mortgage rates fall sharply

Long-term mortgage rates fell for the third consecutive week, with a 30-year fixed-rate mortgage near an all-time low.

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Census Bureau's new Phoenix center will employ 2,830

The U.S. Census Bureau has opened its last of three major U.S. data capture centers in Phoenix. (LMT)

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US Airways building gets gold certification from LEED

US Airways' headquarters building in Tempe recently received a gold certification from the U.S. Green Building Council's Leadership in Energy and Environmental Design program.

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ASU economist: Local job market won't recover until 2014 or 2015

Arizona's beleaguered job market won't recover until 2014 or 2015 and many of the state's jobless have left for other markets, according to a leading state economist.

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Arizona unemployment inches to 9.3 percent

Arizona's unemployment rate continues its creep toward double digits, though the Valley did add some jobs between September and October, according to new state figures.

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Few cancelations reported at winter RV parks

Winter bookings at recreational vehicle parks in metropolitan Phoenix are up after three years of decline, a sign it may be a good year for the industry that caters to "snowbirds."

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Foreclosures hitting more prime borrowers

WASHINGTON - A rising proportion of fixed-rate home loans made to people with good credit are sinking into foreclosure, adding to concerns about the strength of the economic recovery.

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Gilbert's new hotels eye economic rebound

Gilbert's fourth hotel, which marked its official opening Thursday, is ushering 96 rooms into the market. That brings Gilbert's total lodgings to 466 rooms in a town that barely had 140 only six months ago.

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Westcor delays Estrella Falls, willing to prepay $1.3M in fees

Despite delaying construction on a regional mall in Goodyear for years, the developer is offering to pay the city $1.3 million now, preventing salary cuts and furloughs at City Hall.

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Fitch Ratings offers cautious 2010 retail outlook

NEW YORK - Fitch Ratings expects sales at stores open at least a year to rise slightly this holiday season after last year's sharp falloff, the credit rating agency said Monday.

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REGISTER ASAP! THERE IS A LIMITED NUMBER OF TICKETS AVAIALBLE FOR THIS EVENT! Just a reminder: I am a panelist for the CCIM/IREM Economic Forecast on January 12, 2010. It is at the Phoenix Country Club and starts at 8AM. I will be on the Retail Panel with Daniel Pollack and Kevin Schuck. Our moderator is David Malin from Vestar. If you are in town, please come support me at the event. The website to register is www.iremccimforecast.com.

Feel free to contact me regarding any of these stories, the current market, distressed commercial real estate opportunities or your property.

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