Property backed delinquencies rise more than five-fold since March…Phoenix region has second-worst delinquency rate behind Detroit…recovery expected to lag nation as a whole…
Drive up to the Peaks Corporate Park in north Scottsdale, Arizona, and the only person you’ll encounter at the luxury office complex is a security guard.
The development was planned to offer executive suites with views of the McDowell mountains, neighbors such as General Electric Co. and a location just minutes away from Jack Nicklaus’s Desert Mountain golf courses. Plans to lure tenants haven’t materialized and today the complex in this city next to Phoenix is empty, the entrance blocked by a traffic barricade.
Read the full article by Brian Louis, “Recession Rising Like Phoenix With Area Delinquencies Surging” at Bloomberg Oct 1, 2009.