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Baltimore-area ‘distressed’ properties hit $1.8B
October 14, 2009 by Keith French · Leave a Comment
“The expected glut of troubled assets [in Baltimore] could mean big discounts for bargain hunters”
Latest research shows much of region’s properties face foreclosure, are behind on mortgages
Baltimore Business Journal – by Daniel J. Sernovitz Staff
—More than $1.8 billion in commercial real estate properties are in “distress” and at risk of foreclosure across Greater Baltimore.
The research firm that crunched the numbers only expects it to get worse nationwide as a lack of financing forces property owners to shed buildings at bargain-basement prices.
“Certainly, this is just the beginning,” said Ben Thypin, market analyst with New York’s Real Capital Analytics.
Distressed properties are classified as those behind on mortgage payments, in default of loans, facing foreclosure, or owned by companies that have filed for bankruptcy.
The expected glut of troubled assets could mean big discounts for bargain hunters. But it could be another wrench in Greater Baltimore’s attempt to emerge from the recession, just as the housing market started to show signs of life. The situation is playing out across the country, hitting markets like Manhattan, Phoenix and Las Vegas most severely. Las Vegas leads the nation with $9.1 billion in distressed properties, followed by Manhattan with nearly $7.5 billion in distressed commercial sites….Click Here to Read the Full Story
