The growing condo shadow inventory – CityCenter in Las Vegas and Lexington Park in Chicago. The shadow inventory that is crushing commercial real estate.
There is a massive amount of vacant inventory sitting across the United States. A good portion of this is viewable to the public but a large amount of this inventory is simply hidden from data scrutiny. Last week we talked about the commercial real estate bust coming to the most expensive region in California of […]
Commercial real estate pushes $7.4 billion in FDIC Losses in one day – Hard to hear the CRE collapse with investment banks finally being called out in the court of public opinion. $3 trillion CRE market will keep Fridays busy for the FDIC.
The $3 trillion commercial real estate market is still in a state of economic turmoil. Many people might have missed the big news on Friday given the massive spotlight on Goldman Sachs. On Friday, the FDIC closed down 7 banks at a stunning cost of $7.4 billion to the FDIC. As we have mentioned, the […]
The Futile Act of Saving in America Today – No Money Down Car Purchases, Low Down Payment for a big Mortgage, and High Interest Credit Cards for Everyday Spending.
This recession did change spending, at least for a few months. When the recession hit Americans had a negative savings rate, the first time ever we had the ability to spend more than we actually brought in. As the recession progressed, Americans did start saving and we took the personal savings rate to 6% (this […]
$10 Billion a Month Freed up Each Month from People not paying their Mortgage. $1.9 Billion of That is in California so People can continue Leasing their SUV Mercedes and Getting Tans. Thanks Bailouts!
Living in California, the central hub of housing bubble mania, I have come to realize that many people that overpaid for homes are now quickly shifting their mindset to one of non-payment revolt. With the 24 hours news cycle and instant viral financial information, many are now realizing that strategically defaulting isn’t such a bad […]