Defaults Rise, Worst Yet To Come For Commercial Property
Thursday, April 02, 2009
Source: WA Today
WA Today reports: Commercial property loans in default or foreclosure grew in the first quarter as the US recession cut occupancies and the credit crisis stymied refinancing.
Delinquent loans increased by 43% in the first three month of this year to $US65.9 billion, according to data from New York-based research firm Real Capital Analytics Inc. That’s up from $US46 billion at the end of 2008.
A total of 3678 US properties are now listed as in distress by Real Capital. Commercial real estate values have fallen at least 30% since their 2007 peak and may decline another 11% this year, increasing the number of properties that may be repossessed by banks, Deutsche Bank AG’s real estate unit said in a March 25 report.
View the full article on WA Today: Defaults Rise, Worst Yet To Come For Commercial Property
Posted by: Matt Stone