Skip to comments.Next economic crisis looms: Commercial real estate defaults
Posted on 04/30/2009 11:09:39 AM PDT by Kartographer
"It's the next wave to hit. It's the next round of bad news," said Scott Talbott, the senior vice president of government affairs for the Financial Services Roundtable, a trade group for big banks and other financial institutions who are collectively concerned about the coming problems.
(Excerpt) Read more at mcclatchydc.com ...
I think it’s already hitting, drive around and look at all the empty buildings.
Another Gerald Celente prediction coming to fruition.
Anyone who thinks we are anywhere near out of this mess is dillusional.... The fact is if the fed/government had just let things run their coarse we’d be comign out late this year, early next, instead of letting those who failed crash opening up opportunities for new players, they have propped up the failures and ensured the pain will drag on and on.. We have a long way to go before the mess they are creating is anywhere near to being over.
A collapse in the real estate market combined with the Govt.’s inability to borrow $312Billion for the next quarter’s Federal budget (who would be willing to lend to us? We’re bankrupt!) will cause a financial meltdown.
How hyperinflation coexists with massive joblessness and a worthless currency will make for “interesting times”.
As long as Obama is President and the Dems controll Congress we will be in an ever-expanding mess. They must stop the spending NOW and overhaul our Federal revenue system.
Abolishment the IRS and replacement with an alternative must be done, sooner the better. At this point, a flat tax or the “Fair Tax” look better than what we have currently.
Credit card companies are next in line after commercial RE.
After commercial real estate tanks...we will have The Prime Loans mortgages of persons that have lost their jobs and their nest-egg(if they had one). Then we will have the ARM loans to reset. PLUS the stock market is in the 7th inning of a doubleheader. The worst is yet to come. It ain’t even close to being over.
I actually think the number of available homes is increasing and I know the amount of available commercial business properties continues to increase both by businesses going under and new ones built.
What happens when the Company you lease your office space, store, building goes belly-up and you need service (i.e. roof leak, air conditioner out, grounds maintenance, etc...)or when the utilities stop getting paid? Imgaine trying to work out of a tenth store office in the middle of summer!
Coined as Hyper-stagflation. I read an article a few weeks ago speculating that possibility. We're already in uncharted financial territory historically speaking, so as much as I hope it doesn't occur, it won't surprise me if it does.
Actually what needs to go the way of the dodo is the Federal Reserve Bank... what has happening today is directly tied to its creation, its a scam, always has been and always will be. I know it won’t happen we don’t have leaders in America capable of the most basics of leadership they certainly will not take down the corrupted rigged system that has been stealing american’s wealth for a century.
even in a mutli-story highrise?