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Anyone that purchased anything on the basis of speculative gain, as opposed to real value, with low cost credit is going to have a massive margin call. Without the free credit your asset value just fell through the floor. I suggest holding until the economy improves and the asset value can be accurately assessed by the market. If you can't support it for that long give it to the lender and fold your tent.
The commercial real estate is the last vestage of the bank real estate holdings - they are starting to go under now.
Banks are scared that if they claim there commerical foreclosures that the fed would deem them as a risk and take the bank over. The banks are hoping for a hail mary pass from Obama to rescue them before the SHTF
I don't know the Florida market, I know the VT market and this general area and although this may sound relatively polyanna-ish, I believe that real estate investments, commercial and multi-units will still be in relatively decent shape..
It is going to get alot worse.
This means more loss of jobs. Funny how there will be no bailouts for the small businesses that employ more Americans then all of corporate America.
Yep, treat the housing market like a beany baby collectible market and don't be surprised if you end up with a room filled with over priced stuffed animals.
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