Friday, Oct 23, 2009
The latest bubble is about to burst, but this time it's in the commercial market.
Fortune via cnn: 3 signs of the next real estate collapse
When the FDIC closed Chicago's Corus Bank last month, it may have signaled the beginning of the next shock to the banking system: commercial real estate defaults.
Corus, whose balance sheet was larded with bad construction loans, is just one of many banks that have a slew of this debt on their books. Refinancing the $2 trillion in commercial mortgages will be tough, as property values decline
Posted by mark @ 10:14 AM (374 views) Add Comment
4 Comments
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1. alan said...
@ Mark
More backing for this assertion...today..."Real estate investor Peter Duncan, who negotiated the nation’s biggest property deal of the year in buying Manhattan’s Worldwide Plaza, is now in charge of a skyscraper that’s 40 percent empty".
http://www.bloomberg.com/apps/news?pid=20601109&sid=aJG1.l7fPiik
2. mark said...
wasnt peter duncan from blue peter? wow he changed his job!! lol
3. drewster said...
Have a look at recent news about Robert Tchenguiz or Simon Halabi. Both have huge investments in commercial property in the UK. Both are in deep trouble.
4. crunchy said...
Any comments Sir Alan?