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Atlanta Federal Reserve Bank President Dennis Lockhart said on Monday that rising defaults on commercial real estate was the main domestic risk that "keeps me up at night."
"Commercial real estate is one that concerns me. It seemed to have lagged the residential real estate problems," Lockhart told the Association for Financial Professionals in a question and answer session after a speech.
Noting that 2007 and 2008 had been dominated by the collapse of the residential housing sector, Lockhart said that its time may have come.
"(It is) possible to think of 2009 as the year of commercial real estate," he said.
Dennis Lockhart can't sleep over defaults - Feb. 23, 2009 (http://money.cnn.com/2009/02/23/news/economy/lockhart_real_estate.reut/index.htm?postversion=2009022313 - broken link)
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