Cleveland Commercial Loan Delinquencies Signal More to Come
Editor’s Note: This will mirror the residential real estate asset decline situation in the United States, commercial real usually has a lagging effect that mirrors the demand for homes so that more demand will produce lenders that will lend on commerical real estate projects. With the business climate in a recession / depression, it is no surprise to see defaults increase in this sector.
News:
If you want to know what’s going to happen to commercial real estate across the U.S., look no further than Cleveland and Detroit.
Those two metropolitan areas lead the U.S. in mortgage delinquencies for owners of office buildings, apartments, malls and warehouses, a sign that cities hurt by the housing crisis will see their commercial markets dragged down next.