subprime

Close To Home: Arizona's Tourism Industry Is Intensifying Its Marketing Efforts Toward Locals

Submitted by Janet_Perez on Tue, 04/13/2010 - 11:12am

Tourism Industry in ArizonaThe state’s tourism industry is gradually recovering from the one-two punch of 2008’s economic collapse and corporate meetings backlash. When the subprime mortgage industry imploded, the resulting diminishment of Americans’ personal wealth signaled a moratorium on travel by belt-tightening consumers. And then there was the “AIG-effect.”

Companies receiving government bailouts — such as insurance giant AIG — were blasted by the public and the press for continuing to hold meetings and events in luxury locations, even when taxpayer money was not used.

The Valley, known around the nation and world for its luxury resorts, found itself in the middle of the backlash, costing the state millions of dollars at a time it couldn’t afford to lose them.

The Long Road Ahead For The Valley's Housing Market

Submitted by Janet_Perez on Fri, 01/29/2010 - 10:53am

the long road to recovery the housing market facesIn February 2008, the headline on the cover of Arizona Business Magazine stated: “The Subprime Storm: Can the state’s economy weather this financial monsoon?” We all knew the housing market would be hard hit, but few of us imagined the near-total collapse that took place. Even by the end of 2008, we still hadn’t seen the extent of the damage. That would come in the late and unlamented year of 2009.

So how bad did it get? According to a recent Realty Studies report from the W. P. Carey School of Business at Arizona State University, the Valley real estate market tallied a record number of foreclosures last year. About 41,000 single-family homes were foreclosed on in 2009.

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