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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 the loans that have been packaged into commercial mortgage backed securities won't qualify for refinancing when they come due. Second, banks are already facing painful choices about what to do with short-term land and construction loans that will never be paid off in full. Finally, the vulture investors...
...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 to market." With banks facing total commercial real estate losses of $200 billion to $300 billion or more by Parkus' estimate, regulators have so far encouraged banks to exploit that leeway. (See the financial crisis after one year...
That lack of conclusive data hasn't deterred the nascent neurobics market. Sales are expected to jump from $265 million to up to $5 billion by 2015, according to a May report from market-research firm SharpBrains, which will sponsor the industry's first conference, set to begin Jan. 18. (Watch TIME's video about exercising with a hula hoop...
...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. Overwhelmingly, the winners of these clashes are investors, who have been snapping up homes with high all-cash offers. "For the home seller, cash is king," says Yun. "First-time buyers are at a disadvantage...
Beth and Brent Fite, of Redlands, Calif., prequalified in May for a $300,000 loan. After six months, they had three offers rejected. "They say it's been a buyer's market, but it really doesn't seem like it," says Beth, an administrative assistant for the city of Corona. At the end of the summer, the couple found the home of their dreams - a three-bedroom, two-bath house perfect for raising a family. They bid $25,000 above the asking price but were passed over for a cash offer...