Friday, October 30, 2009

OHHHH Wilburr!

Wilbur Ross Sees ‘Huge’ Commercial Real Estate Crash
Bloomberg: Billionaire investor Wilbur L. Ross Jr. said today that the U.S. is at the beginning of a “huge crash in commercial real estate.”

“All of the components of real estate value are going in the wrong direction simultaneously,” said Ross, one of nine money managers participating in a government program to remove toxic assets from bank balance sheets. “Occupancy rates are going down. Rent rates are going down and the capitalization rate -- the return that investors are demanding to buy a property -- are going up.”

This is a very smart man and what he is saying is bad news for all of us butespecially for Obama and democratic congress persons.

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