The quoted phrase of the day, much attention was suddenly on the market for real estate. He came from Representative Carolyn Maloney, Democrat of New York and chairman of the Joint Economic Committee: "The actual operation of the bomb."
This was shown in relation to some shocking statistics indicate that crashed in the commercial market has done in late May until a few months as the housing market, andcould last, until 2012 or 2014 start to recover.
The numbers are impressive. More than 5,300 companies have scooped on commercial real estate loans in June this year, more than twice as many as last year, at the same time. Around 700 billion commercial mortgage loans must be refinanced by the end of 2010, and the banks do not have the money. Losses on mortgage-backed securities should trade 9 to 12% of the marketor up to 90 billion U.S. dollar and expected further 140 million U.S. dollars in losses from construction loans from banks. The commercial debt of the property is located approximately 3.5 trillion dollars (yes, the dreaded "T" word). And the value of industrial property has fallen from 40-55% depending on the country.
In April, the second largest owner of shopping centers in the nation's creditors, shopping centers and businesses throughout the country has to be sought in Banksa game ending drive, or from loans already exist or not to give anything new. In New York, a unit of Citigroup actually continues to try to force the courts to the bank to borrow money, too.
Because this is all a big problem? Is at stake, says James Helsel of the National Association of Realtors are 9 million jobs that provide these companies, and even with an unemployment rate of 9.5% across the country, without the need for additional 9 million people in jobdo not go there without a place to work these jobs.
The federal government is trying to do its part. First, they started a program to encourage the banks more money to lend to consumers and small businesses. The program, known as the Asset-Backed Securities Lending Facility, was opened for commercial real estate loans in the last month. The government should, the program is available to existing trade directories backed securities and announced that from Juneto accept as security for new issues of commercial mortgage-backed securities.
Jon Greenlee, deputy director of the department of the Federal Reserve Banking Supervision, said the Joint Economic Committee panel that the central bank has stepped up the training of bank examiners to be ready with mounting losses on commercial property needs.
The problem is that one that is already available or could be yet to come are not enough, and two thatAll these programs run year-end. However, because many programs are actually extensions of certain programs last year, and to know that the Congress working hard to find a way to showcase our economy stem cells, it is expected that most of these programs will continue in some form, in the hope of a change in an era influenced much more quickly.
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