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RayAmerica
2010 Oct 31, 6:36am
kris .... It is scary. And all that commercial real estate will begin to reset their loans beginning in 2011. How will the banks pull that off when values have gone down and vacancy rates have increased dramatically all over the nation. I've been saying all along; this is not a recession. It is a depression that is being hidden from the American people via statistics being provided by the government. Case in point: they continue to harp about the U-3 unemployment numbers, when in fact, the much more accurate numbers are reflected in U-6. Wait until the real economic effects of ObamaCare kicks in. Now that is really scary.
HousingWatcher
2010 Oct 31, 9:21am
I guess Pawlenty cares more about traveling to Iowa and New Hamshire than running his state.
elliemae
2010 Oct 31, 10:57am
If the Liberals must Ram Obamacare, then Ram gently please.
It only took three answers to blame someone. I'm impressed.
Some numbers for you this morning. Keep in mind I'm near Minneapolis, an area that has fared far better than most during this downturn with regards to employment, foreclosures, general economic activity, etc.
Local rag has an article this morning on our commercial real estate market.
Here are the local stats:
In properties ranging from 15,000 to 45,000 square feet (remember I'm in the exurbs/far suburbs):
Office space is 30% vacant.
Retail space is 40% vacant.
Industrial space is 60% vacant.
And this is one of those shiny, pretty, formerly booming areas!
Maybe it IS time to plant potatoes, lol!
#housing