The Phoenix Market

THE PHOENIX MARKET TODAY
 

The housing crash and recession have battered the small Arizona banks that grew and thrived on the state’s boom times.  Now much leaner, they await the economic rebound to help return them to profitability. 

 

The dozens of small banks that serve the metro Phoenix and outlying communities weren’t ready for the steep housing downturn or the credit paralysis that followed.  Most are bracing for a crisis if commercial properties unravel much further.

 

Saddled by high exposure to real estate, more than 80 percent of the small banks based here are losing money, and their debilitated status could curb lending in general and blunt economic recovery.

 

Phoenix-based Desert Hills Bank was shut down March 26th, and seven other banks operating in the state have failed over the past year.  Arizona’s banking industry ranks among the weakest in the nation in measures such as higher percentage of non-performing loans, highest number of unprofitable institutions and lowest return on equity.

Here’s the latest update on how the counties you do business in are performing.  The New Year’s effect is still lingering in the sales market, although conditions are improving and we expect more jumps as we approach June 30th closing deadline of the homebuyer tax credit.  As expected, permitting began its seasonal upward swing led by home building and spring pool installations.  Last, foreclosures broke their five-month downward trend and notched up and average of 4.62% in February. 

 


 

 

"NEW MARKET REPORTS"

The National Market

The Phoenix Market

 

PRIMEAU FINANCES:

Golf Courses
Shopping Centers
Self-Storage Units
Apartment Buildings
Construction
Office Buildings
Gas Stations
Refinance
Restaurants
Funeral Homes
Hotels/Motels
Mobile Home Parks
Retail Stores
Car Washes
Automotive Services
Mixed-Use Buildings
Marinas
Auto Dealerships
Retail
Shopping Malls
Raw Land
Bed & Breakfast
Assisted Living
Condotels
Parking Structures
Condominiums
Light Industrial & Warehouses

Other Income Producing Properties