COMMERCIAL MARKET: In distress

COMMUNITY — By MainStreetMantra Desk on July 12, 2009 at 5:46 pm

The number of commercial properties facing foreclosure is growing rapidly, and observers said a massive bank takeover of office and retail buildings is likely in the coming months.

In its June report, New York-based Real Capital Analytics said April had the largest increase in properties in default, foreclosure or involved in bankruptcy in this recession. The firm ranked Las Vegas No. 1 in the nation with $9.7 billion worth of properties in distress and another $5.7 billion worth that have been resolved. That’s a bump from its report earlier this year stating the value of troubled loans in Las Vegas was $6.4 billion.

Since the first of the year, lenders have filed default notices against 323 properties in the valley, according to Nevada Title Co.

    5 Comments

  • Cheryl Carruth says:
    July 3, 2009 at 2:12 am

    During these times it is very unfortunate that many people who once owned these buildings may be our next door neighbors. As a people in this state of Nevada, we should try to be very empathetic to the state of mind of business owners that are losing everything they have worked hard for and laid on the line.

  • Luxury Watches says:
    March 14, 2010 at 6:34 am

    It sounds like you’re creating problems yourself by trying to solve this issue instead of looking at why their is a problem in the first place

  • forex magic bullet robot says:
    April 9, 2010 at 2:41 am

    I wrote a couple articles about the exact same subject matter but you seem to know a bit much more about it than I do.

  • Luxury Watches says:
    April 12, 2010 at 9:52 am

    Hi there, I found your blog via Google while searching for first aid for a heart attack and your post looks very interesting for me.

  • LED TV says:
    April 28, 2010 at 2:01 pm

    Your blog is so informative … keep up the good work!!!!

Leave a Reply

Trackbacks

Leave a Trackback