Washington Post: More Evidence That Commercial Real Estate Headed For Foreclosure Crisis
February 19, 2010
Today's Washington Post discusses the potential for more commercial foreclosures in 2010: click here. Although the article mainly is about D.C., the overall story is a national one:
Unlike residential mortgages, which often can be paid over 30 years, commercial real estate mortgages typically must be paid off or refinanced within five years. Commercial properties mortgaged in 2005, 2006 and 2007, at the height of the boom, are reaching their maturity date. "Do the math on this," Warren said. "This is a significant problem."