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Business
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Title: Commercial Real Estate Losses Threaten Economy
Source: BILLS.COM
URL Source: http://www.bills.com/news/commercia ... -losses-threaten-economy-0350/
Published: Feb 16, 2010
Author: By Lucy Sanderson
Post Date: 2010-02-16 15:45:52 by Brian S
Keywords: None
Views: 201
Comments: 2

Falling real estate values will soon leave many businesses struggling to refinance mortgages, according to a report released Thursday by the Congressional Oversight Panel.

The February report pointed to $1.4 trillion in commercial real estate loans that will reach the end of their terms between 2010 and 2014. These cover retail properties, office space, industrial facilities, hotels and apartments and were issued during the previous decade under.

About half of these mortgagesare "underwater," meaning that borrowers owe more than their property is worth. Consequently, a significant wave of mortgage defaults may hit small- and mid-sized banks when the loan terms end. The results could affect every American, according to the report.

"Empty office complexes, hotels, and retail stores could lead directly to lost jobs," the report said. "Foreclosures on apartment complexes could push families out of their residences, even if they had never missed a rent payment."

While there are no easy solutions, the panel suggests that banks and the U.S. Department of the Treasury address this threat to the commercial real estate market, which could cause banks to lose $200 to $300 billion for 2011 and beyond, according to the report.

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#1. To: Brian S (#0)

The next 'bubble' is about to burst.

my anti groupie can't get through life without me.

Badeye  posted on  2010-02-16   15:54:06 ET  Reply   Trace   Private Reply  


#2. To: Brian S. (#1)

Commerical real estate is not a "bubble". There wasn't any great overbuilding of strip malls or buildings and banks began limiting the size of commercial loans about 4 years ago.

That said, it is an issue for some financiers, tho, and one that I have been pointing out for over a year.

It was tough finding work in 81 and 82. I was working two jobs, putting my way through the police academy back then.

Badeye posted on 2010-01-22 16:18:25 ET Reply Trace Private Reply

war  posted on  2010-02-16   15:58:35 ET  Reply   Trace   Private Reply  


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