Las Vegas braces for commercial foreclosures
Las Vegas Sun reports: A tsunami of commercial real estate foreclosures is on the horizon and is threatening banks and undermining developers who are already struggling with high vacancy rates.
It’s another looming blow for many Southern Nevada banks that are sweeping up after the financial wave of the residential real estate bust. Since the first of the year, a growing number of developers of offices, industrial space and retail centers are in default and face foreclosure, according to local real estate analysts.
New York-based Real Capital Analytics’ recent report ranked Las Vegas second behind New York and ahead of Los Angeles when it comes to troubled commercial properties. The value of troubled loans has grown from $4.7 billion in early 2008 to $6.4 billion, said Jessica Ruderman, a senior market analyst with the firm.
That’s 26 percent of the commercial market either in default or that has been foreclosed upon. That includes office, industrial, retail, hotels, casinos, condominiums and apartments, Ruderman said.
View the full article on Las Vegas Sun: Las Vegas braces for commercial foreclosures
Posted by: Nina Turner