We cannot ignore the serious potential for commercial foreclosures inherent in the financial market today. To do so would be disingenuous and a violation of ethical standards related to client fiduciary.
What is the state of the commercial foreclosure market?
Will we see mortgage defaults in the commercial sector? Will the degree of defaults parallel the residential market collapse.
Sand State Foreclosures. Nevada, Arizona, California and Florida, the so-called “sand states” are experiencing the beginning of what can only be described as a plummet (my word).
According to the Las Vegas Sun, April 2, 2009, 25% of Las Vegas commercial real estate is troubled and Commercial properties valued at a whopping $7.885 billion are in trouble in Las Vegas as casinos struggle under the weight of the recession and office buildings and shopping malls lose or are unable to find tenants.
This phenomenon is being replicated in each of the “Sand States” as the federal government’s promised mortgage financing relief continues to be illusive to commercial investors.
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