Malls are next to face foreclosure
www.heraldtribune.com
 Even as the holiday shopping season begins in full swing, the same events poisoning the housing market are now at work on commercial
properties, and the bad news is trickling in. Malls from Michigan to Georgia are entering foreclosure.
Hotels in Tucson, Ariz., and Hilton Head, S.C., also are about to default on their mortgages.
That pace is expected to quicken. The number of late payments and defaults will double, if not triple, by the end of next year, according to analysts
from Fitch Ratings Ltd., which evaluates companies' credit.
"We're probably in the first inning of the commercial mortgage problem," said Scott Tross, a real estate lawyer with Herrick Feinstein in New
Jersey.
That is bad news for more than just property owners. When businesses go dark, employees lose jobs. Towns lose tax revenue. School budgets and social
services feel the pinch.
(visit the link for the full news article)
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The future seems to be grim, yet our MSM glosses over everything.
Besides One year after the government knew we were in a recession - they are now saying it?!
Throughout the year the administration kept saying everything was solid and no problems - it would all be over soon. Then in Sept. all of a sudden
they needed all of us in America to give them billions of dollars for their banker friends!
Once the malls start going and our individual city and town's tax bases goes - then goes our schools and city services.
Don't think that will happen? Just wait - because did you think the government would give trillions to bankers and their other buddies in business and
just sit back and tell us tough luck with any of your financial problems. But - Oh yeah - you owe the government a ton of money now - since we just
gave it to our friends.
Once the malls start going - expect your services to go.
You are forewarned!
www.heraldtribune.com
(visit the link for the full news article)
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Well it's the only we can go back to buying small business products... not big corporations who promote slavery like NIKE and Wal-Mart.
I say good for everyone.
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I'm from wisconsin and a MAJOR mall in my area just announced the managing company cant pay the bills anymore and they are selling, something NO ONE
around here could have ever imagined, scary times...
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Where was this in WI? Recently a popular activity center for people of all ages closed it's doors. Also a factory shut down due to losing money and
another factory opening somewhere else. Kohler co is laying off tons of people, Richardson bros are laying off.... and no one is hiring, the ones that
are are picky, and unemployment is rising.
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Here in SW Missouri we just had on the news about a finance Company that was taking payment from home owners who where paying there Mortgage where
getting put out of there homes, to find out the company that they where paying was not paying the investment banks . Now the home owners where told
that it was there fault! They have to be out of there minds. No one of those people could know that there finance company was not paying it's bills.
This is a mess and it is only going to get worse, and that just shows me that good people that are working hard and keeping up with there bills
may have there homes taken from them because of another company down the line of hidden money lines did not pay there bills.
And what is at fault is the courts that go along with this, let the big banks get there money at any cost and leave people who did nothing out.
I can not think of how people are going to react when this gets bigger. But it will not be good.
One can only wonder what is going to happen also when the Malls start to go under, we say well we will just go to the Mom and Pop stores . As it is
now there are not any of them left. Or the ones that are still here cannot supply the goods that we use every day.
The chain reaction from this is going to set us back for years, and it will take that long again to recover. One thing the News does not say and
seems to not be able to talk about is the long term effect. And how we will replace what is being lost.
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