Word: commerciales
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As would be expected with any large commercial real estate enterprise, General Growth is highly leveraged and was probably able to get mortgages with ease at the height of the real estate boom.
According to The Wall Street Journal, "The bankruptcy will have far-reaching implications for the mall industry, including putting pressure on already declining property values of U.S. malls, and subsequently mall mortgages." Put another way, the commercial property business is about to be hit by a domino effect. Prices drop...
Malls are only the tip of the commercial real estate iceberg. Large office buildings in the nation's biggest cities are experiencing growing vacancy rates and a raft of tenants who are behind on their rent payments, or worse, have defaulted. Replacing the tenants is difficult without dropping rents significantly...
General Growth owes billions of dollars to Citigroup (C), Deustsche Bank (DB), and Goldman Sachs (GS). It is very likely that every large money center bank and investment house has loaned money to commercial property owners because not so long ago the value of these assets was rising sharply every...
Bank investors has been waiting to see if there is another shoe to drop in the chain of troubled earnings reports. The firms may face more write-offs of toxic assets and pressure from the deteriorating chances that consumers can pay their credit card bills, but commercial real estate may...