It’s not over, folks. Not by long shot:
Commercial properties in the U.S. valued at more than $108 billion are now in default, foreclosure or bankruptcy, almost double than at the start of the year, Real Capital Analytics Inc. said.
There were 5,315 buildings in financial distress at the end of June, the New York-based real estate research firm said in a report issued today. That’s more than twice the number of troubled properties at the end of 2008.
Long way to the bottom, no second stimulus and Geithner & Summers still have no clue. They think its a liquidity problem (evidently liquidity shortage for everything except for bonuses).
