I am going to have to stop writing about Dallas - Fort Worth area commercial foreclosures. The bottom line is that there is simply to much news and chatter going on about area defaults. Frankly, it is relatively depressing. Not only for the local and national economy, but also for aesthetic reasons. We could potentially have a very ugly problem on our hands if large numbers of commercial properties are suddenly rendered vacant. I suppose the golden lining to this would be outside capital ultimately swooping in to purchase all of these defunct properties. But a market which is top heavy in high end foreclosures rarely sees redevelopment in existing areas.
The most recent news comes from The Dallas Morning News (our friend Mr. Brown, who has made a living in redundancy). Their newest forecasts suggest that the local market could top out at a $1 Billion in foreclosures. Now we are already past the halfway mark in the year, and the market is currently bearing about half a billion in commercial defaults, so a rise to the one billion mark would suggest an impending upswing in foreclosure rates.
Mind you, the only people really making money off of this are the bankruptcy attorneys.
July 22nd, 2009 at
[...] fine posts again this week … Death by Suburbia, about rootless “professional” families …. Looming foreclosures …. and Advice on [...]