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I've started seeing more and more articles about this lately and I believe PR has mentioned it a number of times.
The 39% drop in commercial real estate prices has already eclipsed the 27% decrease during the S&L crisis of the late '80s to early '90s. And losses from commercial property loans for housing complexes, strip malls, office buildings, hotels and hospitals are careening toward record levels not witnessed even in the S&L crisis, economists and analysts note.
The problem now is, the US government, meaning taxpayers, may be called upon once again for even more bailout help for this struggling sector, beyond the $23.7 tn in gross exposures already in the bailout programs to date.
"Commercial real estate in the United States of America is going to get worse consistently over the next several quarters," Jamie Dimon, chief executive of JPMorgan Chase, said recently when he discussed his company's quarterly earnings.
Welcome to phase 2 of the recession...only this one is worse than the first.
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