Uh Oh

Bankers invested in housing to the nation’s woe. Major retailers are investing in massive retail expansion. And yet……

* The value of all commercial real estate in the U.S. was approximately $6 trillion in 2007 (book value, not market value).
* There is approximately $3.5 trillion of debt financing these commercial properties.
* Approximately $1.4 trillion of this debt comes due between now and 2014.
* The delinquency rate for all commercial backed securities exceeded 9% for the 1st time in history last month and has more than doubled in the last 12 months.
* Non-performing loans are close to 16%, up from below 1% in 2007.

About the author

Harry is a ferociously good natured eccentric in Duluth Minnesota who detests traitors dressed up as Uncle Sam. You can find somewhat better edited writings of his at the Duluth Reader "contributors." page. The URL is:

https://duluthreader.com/contributors/h/84/284-harry-welty