Hat tip AZCentral.com.
The family that owns the Arizona Cardinals is fending off foreclosure on land next to University of Phoenix Stadium where they had planned to build a skyscraper office tower, an organic farm, a hotel and townhomes.
It really comes as no surprise that even large well funded corporations are having trouble avoiding foreclosure given the difficult, to say the least, economic environment. What does surprise me is that they bought the land in June 2007 when the market was starting to take a turn for the worse. I guess their business planning and economic team was caught off guard like the majority of of Americans.
If I thought they had even a slim chance of success, I would recommend doing a short sale.