CRE Loan Defaults in 2009
By: Myles, July 22nd, 2009
Mortgages on commercial property held by U.S. banks have been failing at the fastest rate in nearly 20 years, the Wall Street Journal said.
Losses on loans used to finance commercial spaces would possibly reach about $30 billion by the end of 2009 at the current rate. The $30 billion estimate is based on financial reports filed by more than 8,000 banks for the first quarter, The Journal said.
Did you know that the commercial real-estate market, valued at about $6.7 trillion, represents 13% of the United States’ gross domestic product?
Tags: credit crunch, Market Trends
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