Current Situation: A Personal Note From Ed Mazria
September 2010 | Announcements | 2030 Challenge
There are $1.4 trillion in commercial real estate (CRE) loans coming due over the next few years, most of these are small building and small business loans (mom and pop operations).
Fifty percent (50%) of these CRE loans are underwater, and a larger percentage cannot refinance. CRE property values are down 40%.
Most of these loans are held by small community banks – to date 250 banks have failed, 775 are on the FDIC watch list.
There are billions of dollars waiting on the sidelines to buy up this distressed CRE.
Wal-Mart, Best Buy and Kinko’s won’t lose their buildings or businesses – Jane Doe Apparel and John Smith Printing, whose net worth is tied up in their buildings, will.
Middle class? What middle class?
Daphne Wysham lays it out in the Huffington Post at: http://www.huffingtonpost.com/daphne-wysham/averting-the-next-mortgag_b_699622.html.
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Best, E
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Architecture 2030’s mission is to rapidly transform the built environment from the major contributor of greenhouse gas emissions to a central solution to the climate crisis.
