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Industrial properties are just one segment of the commercial market - the others being offices, retail sites, apartment buildings and hotels. But the problems Bonney showed me apply across the board. First, commercial mortgages are about to hit a refinancing wall. Deutsche Bank's Parkus estimates that more than 65% of...

Author: /time Magazine | Title: A Slow-Motion Wreck for Commercial Real Estate | 1/18/2010 | See Source »

The other big difference is that while most residential mortgages are chopped into securities and sold, the bulk of commercial mortgages - and virtually all land and construction loans - stay on banks' books. Banks have leeway to delay recognizing losses on these loans - that is, they don't have to "mark...

Author: /time Magazine | Title: A Slow-Motion Wreck for Commercial Real Estate | 1/18/2010 | See Source »

The upside of this approach is that it gives banks time to work out problem loans in an orderly fashion. It also averts a big hit to the FDIC's empty insurance fund. The downside is that it drags out the correction for years, delaying any rebound. "The smart money...

Author: /time Magazine | Title: A Slow-Motion Wreck for Commercial Real Estate | 1/18/2010 | See Source »

MICHAEL SCHLACHTER, managing director at a California investment-consulting firm, on banks that are using a government program designed to help them get rid of debt to make enormous profits trading defaulted home loans

Author: /time Magazine | Title: Verbatim | 1/18/2010 | See Source »

But despite the high volume of repossessed properties - the Inland region has the sixth highest concentration of foreclosures in the nation, according to the listing service RealtyTrac - house hunting here is an exercise in frustration. Banks have been slow to put properties on the market, sparking bidding wars among buyers...

Author: /time Magazine | Title: Postcard from Inland Empire | 1/18/2010 | See Source »

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