from Bloomberg:
“Commercial properties in the US valued at more than $108 billion are now in default, foreclosure or bankruptcy, almost double than at the start of the year, Real Capital Analytics said.
“There were 5,315 buildings in financial distress at the end of June, the New York-based real estate research firm said in a report issued today. That’s more than twice the number of troubled properties at the end of 2008.
“Hotels and retail properties are among the most ‘problematic’ assets following bankruptcy filings by mall owner General Growth Properties and Extended Stay America, according to the report. The scarcity of credit is causing property defaults in all regions and among every investor type, Real Capital said.
“‘Perhaps more alarming than the rapid growth in the distress totals is the very modest rate at which troubled situations are being resolved,’ the report said.
