Over $187 billion in Distressed Property Nationally
Globe St. reports: Nationally, the total value of distressed commercial real estate has reached $187.4 billion, including properties in distress, foreclosure and lender REO, reports Delta Associates in its latest report on distressed CRE, which is expected to be released this week.
The numbers, which have been compiled from New York-based real estate research firm Real Capital Analytics, represent an increase of 10%, or $17.3 billion, since Delta’s January report and 33%, or $46.9 billion, since November 2009.
Retail properties continue to be the largest segment of the distressed market, with $41.7 billion, compared to $38.5 billion in January. Also, distressed apartment properties grew the most since January--by $4.9 billion to $35.8 billion, or a 14% increase.
The good news is that the rate of growth continues to slow and has, in fact, come down from its peak during the first half of 2009, when the total value was doubling every three months, the report concludes. This slowdown is due in large part to the willingness of lenders to pretend and extend.
View the full article on Globe St.: Over $187 billion in Distressed Property Nationally
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Posted by: Nina Turner