Commercial Property Shoe To Drop?

[marmar]

via Dollars & Sense:



Commercial Property Shoe To Drop?
by Dollars and Sense


From The Financial Times:

US banks warn on commercial property

Financial Times
By Francesco Guerrera and Greg Farrell in New York

Published: July 22 2009 19:21 | Last updated: July 22 2009 19:21


Two of America's biggest banks, Morgan Stanley and Wells Fargo, on Wednesday threw into sharp relief the mounting woes of the US commercial property market when they reported large losses and surging bad loans.

The disappointing second-quarter results for two of the largest lenders and investors in office, retail and industrial property across the US confirmed investors' fears that commercial real estate would be the next front in the financial crisis after the collapse of the housing market.

The failing health of the $6,700bn commercial property market, which accounts for more than 10 per cent of US gross domestic product, could be a significant hurdle on the road to recovery.

Read the rest of the article

http://www.dollarsandsense.org/blog/2009/07/commercioal-property-shoe-to-drop.html

[peacebird]

1. yes. btw - did you see that the Watergate went on auction and NO ONE placed a bid for it?

[marmar]

2. No....I posted a story about it being in foreclosure the other day.

Wow. ....... It's ugly out there.

[SleeplessInAlabama]

3. Not to mention Madison Avenue

http://zerohedge.blogspot.com/2009/06/random-walk-down-madison-avenues-golden.html