Here are the news stories you might find interesting today:
Jobless rates up in Phoenix, statewide
|Arizona’s unemployment rate was 9.2 percent for July, up from 8.7 percent in June and 5.7 percent a year earlier, according to figures released Thursday by the Arizona Department of Commerce.|
Mortgage rates fall sharply
|Long-term mortgage rates did an about face this week, following U.S. Treasuries lower. (FRE)|
University of Phoenix stadium survives cut to host World Cup
|University of Phoenix Stadium is among 27 venues on a new list of potential host cities for the 2018 or 2022 FIFA World Cup.|
Arizona legislators propose selling Capitol, other state buildings to address budget deficit
|For $105 million, you could buy the Arizona State Capitol, including the legislative and executive buildings.|
Scottsdale Quarter signs two tenants
|Two companies have signed leases at the new Scottsdale Quarter development, under construction near Scottsdale Road and the Greenway-Hayden Loop. The developer is Glimcher Realty Trust, based in Columbus, Ohio.|
HSL Snags 240 More Units from Foreclosure
|ORO VALLEY, AZ-Less than a week after adding 592 units to its portfolio, the Tucson company pays $14 million for La Reserve Villas.|
New jobless claims rise unexpectedly to 576K
|WASHINGTON — The number of first-time claims for unemployment benefits rose unexpectedly for the second straight week, a sign that jobs remain scarce even as other data show the economy is stabilizing.|
Bernanke: U.S. economy on cusp of recovery
JACKSON, Wyo. — Federal Reserve Chairman Ben Bernanke declared Friday that the U.S. economy is on the verge of a long-awaited recovery after enduring a brutal recession and the worst financial crisis since the Great Depression.
Real Estate Capital Markets
Real estate capital markets remain in poor condition, although there is some positive movement. CMBS issuance again inched above 0 for the second month in a row but fell from $0.6 billion in June to $0.3 billion in July (a miniscule amount compared to recent years), according to Commercial Mortgage Alert. CMBS delinquency rates, according to Trepp, LLC, were 3.71 percent in July, down from to 4.07 percent in June, although Trepp reports that June’s rate was strongly affected by General Growth Properties’ 30-day delinquencies. These delinquencies were subsequently corrected. Excluding the unique makeup of June’s figures, July’s figures continue the steep increase that has occurred over the past several months.
For additional commentary on real estate capital markets, see ULI senior fellow Steve Blank’s Capital Markets Update. Capital Markets Update.
Each day I sort through various industry publications and local news sources and narrow down the top local articles that matter to commercial real estate owners and business owners.
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