Fed Focusing on Real-Estate Recession as Bernanke Convenes FOMC
By Scott Lanman
Aug. 10 (Bloomberg) -- The collapse in commercial real estate is preventing Federal Reserve Chairman Ben S. Bernanke from declaring the economy and financial markets are healed.
Property values have fallen 35 percent since October 2007, according to Moody’s Investors Service. That’s making it tough for owners to refinance almost $165 billion of mortgages for skyscrapers, shopping malls and hotels this year, pressuring companies such as Maguire Properties Inc., the largest office landlord in downtown Los Angeles, to put buildings up for sale.
Full article at http://www.bloomberg.com/apps/news?pid=20601087&sid=aTOaAnSiL7YM
Comment: Heh. This isn't sub prime housing loans in trouble.
