[mEDITate-OR:
miss the beginning of the end of Extend and Pretend.
What we have to remember is that the vast majority of ALL cmcl RE loans are 5yr balloons that MUST be re-financed, OR extended, OR defaulted.
What "They" now know is that for cmcl RE it simply is NOT going to get better any time soon.
What WE do not know is whether or not this is going to spread to first the sand states, and then to the rest of U.S.?
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Comment by Jim @ CR:
Las Vegas is in worse shape than most other areas, but it sounds like the lenders are now moving ahead and foreclosing on CRE properties - and that might mean the pace of CRE foreclosures will pick up nationwide.
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Commercial Real Estate: End of Extend and Pretend?
http://www.calculatedriskblog.com/2010/10/commercial-real-estate-end-of-extend.html
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Lenders gaining speed in going after commercial foreclosures
http://www.lasvegassun.com/news/2010/oct/01/lenders-gaining-speed-going-after-commercial-forec/
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