As we predicted, General Growth Properties filed for bankruptcy, the largest commercial real estate REIT to collapse in US history. GGR holds some of the most prime location properties, but couldn't make payments on their $27 billion debt.
I expect more retail shopping mall REITs to go under, crushed by mounting debt. Banks will take another hit with bad loans on commercial real estate, just as residential mortgage foreclosures appear to stabilize.
Thursday, April 16, 2009
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