07/19/10 Baltimore, Maryland — The TARP Congressional Oversight Panel Chair, Elizabeth Warren, is sounding the alarm about an impending tsunami of commercial real estate foreclosures — and the potential for 1,000s of more small banks failing. In the clip below, PBS sheds light on the beginnings of the next real estate crisis.
Here’s the basic premise… “Between 2010 and 2014, about $1.4 trillion in commercial real estate loans will reach the end of their terms. Nearly half at present are “underwater” – that is, the borrower owes more than the underlying property is currently worth. Commercial property values have fallen more than 40 percent since the beginning of 2007.”
See the video below, which came to our attention from The Daily Bell’s post on Elizabeth Warren discussing the next real estate crisis.
Rocky Vega
Rocky Vega is publisher of Agora Financial International, where he advances the growth of Agora Financial publishing enterprises outside of the US. Previously, he was publisher of The Daily Reckoning, and founding publisher of both UrbanTurf and RFID Update -- which he ran from Brazil, Chile, and Puerto Rico -- as well as associate publisher of FierceFinance. Rocky has an honors MS from the Stockholm School of Economics and an honors BA from Harvard University, where he served on the board of directors for Let’s Go Publications, Harvard Student Agencies, and The Harvard Advocate.
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My new book, The Commercial Real Estate Tsunami, features the relevant details along with recommended solutions from respected experts of all sectors of the commercial real estate industry, my video is viewable at the amazon.com page for the book.
Tony Wood Author of The Commercial Real Estate Tsunami-A Survival Guide For Lenders, Owners, Buyers and Brokers
We’re a group of volunteers and starting a new scheme in our community. Your web site provided us with valuable information to work on. You’ve done an impressive job and our entire community will be grateful to you.
The real estate business has always made a loud buzz online and offline. The economy that we have today has taken its toll in plunging the trade. Hopefully in a fewer years to go, things will get better.