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.”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.
“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.”
Friday, October 30, 2009
Posted by BBL Jr at 11:24 AM