2.6 million Americans were handed a pink slip last year and the Conference Board, a nonprofit business research group, estimates another 2 million people will lose their jobs by mid-2009.
http://www.cnbc.com/id/29880787
City Center, an $8 billion Las Vegas project owned by MGM Mirage and Dubai World, has hired counsel to advise on a possible bankruptcy filing, the Wall Street Journal reported on Thursday, citing people familiar with the matter.
http://www.cnbc.com/id/29911001/
Commercial Property Faces Crisis
Delinquency Rate at 1.8%, Near Peak of Last Recession; Parallels to S&L Debacle
The delinquency rate on about $700 billion in securitized loans backed by office buildings, hotels, stores and other investment property has more than doubled since September to 1.8% this month, according to data provided to The Wall Street Journal by Deutsche Bank AG. While that's low compared with the home-mortgage delinquency rate, it's just short of the highest rate during the last downturn early this decade.
Boston's John Hancock Tower is to be auctioned after lenders moved to foreclose on owner Broadway Partners.
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