By Christopher Hopkins,
Senior Vice President, Aggregates and Mining, The Saint Consulting Group
As the recession continues, one of the rumored “other shoes to drop” is the status of commercial property across the country. Will we see commercial developers choose to do what happens in the housing market when homeowners walk away from upside down mortgages or agree to short sell sales.
Home foreclosures have contributed to the reduction of home prices an the elimination of net worth for families across the country. Could this be starting to happen in commercial real estate and what are the repercussions if the rate of foreclosures increases dramatically?
Two Wall Street Journal reporters, Kris Hudson and A.D. Pruitt, write that some of the largest commercial property owners are defaulting on debts and surrendering buildings worth less than their loans.
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Christopher Hopkins is senior vice president for aggregates and mining for The Saint Consulting Group, email email@example.com, phone 615-656-3794