Austin Meeting of CRE Experts: "Does Anyone Speak Japanese?"
The Orange County Register
Real estate creating double-dip recession?
A panel of commercial real estate experts predicted a “double dip” recession triggered by growing defaults of commercial loans.
The experts were speakers at the National Association of Real Estate Editors conference in Austin, Texas, this week’s gathering of real estate news writers from across the country.
Values on commercial real estate in the U.S. has fallen by at least 40% - and by perhaps as much as 80% to 90% on hotel properties, said Mitch Siegler of San Diego-based Pathfinder Partners, which buys loans on distressed properties.
Siegler and Jeff Friedman of L.A.-based loan provider Mesa West Capital predicted that commercial defaults will trigger more distress in the overall economy the way the subprime meltdown triggered the global credit crisis.
Here are highlights of speakers’ comments about where commercial real estate is heading:
Friedman: Asked if there’s a precedent , Friedman replied, “Does anyone speak Japanese?” He added: “I think we’re going through some version of what Japan went through with the lost decade...
Real estate creating double-dip recession?
A panel of commercial real estate experts predicted a “double dip” recession triggered by growing defaults of commercial loans.
The experts were speakers at the National Association of Real Estate Editors conference in Austin, Texas, this week’s gathering of real estate news writers from across the country.
Values on commercial real estate in the U.S. has fallen by at least 40% - and by perhaps as much as 80% to 90% on hotel properties, said Mitch Siegler of San Diego-based Pathfinder Partners, which buys loans on distressed properties.
Siegler and Jeff Friedman of L.A.-based loan provider Mesa West Capital predicted that commercial defaults will trigger more distress in the overall economy the way the subprime meltdown triggered the global credit crisis.
Here are highlights of speakers’ comments about where commercial real estate is heading:
Friedman: Asked if there’s a precedent , Friedman replied, “Does anyone speak Japanese?” He added: “I think we’re going through some version of what Japan went through with the lost decade...