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THE Foreclosure Thread (merged)

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General interest discussions, not necessarily related to depletion.
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Re: How To Put a Positive Spin on a Hotel Foreclosure

Unread postby InToWishin » Thu 18 Dec 2008, 15:08:56

[flash width=425 height=344]http://www.youtube.com/v/7QQkT679egs[/flash]
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Commerical Foreclosures

Unread postby InToWishin » Wed 24 Dec 2008, 16:23:12

$this->bbcode_second_pass_quote('', '[')u]Yes, Commercial Real Estate Diving Too
Along those lines, a new report by Real Capital Analytics says 32 commercial properties in the [NYC] metro area are in some form of financial distress--involving bankruptcies, late mortgage payments, defaults or foreclosures--and another 236 are troubled, including some high-end cathedrals of the office life like Worldwide Plaza over on 8th Avenue and the Bertelsman Building at 1540 Broadway.
$this->bbcode_second_pass_quote('', '[')u]With fewer meetings, hotels prepare for hard times in 2009
That could lead to foreclosures, he said.
$this->bbcode_second_pass_quote('', '[')u]Lightstone's Trouble at the Shopping Mall
Lightstone Group's problems are worsening as four more of its shopping malls are close to being turned over to lenders.
$this->bbcode_second_pass_quote('', '[')u]Liberty City renters, new owner strike bargain
... so many renters, especially those with modest incomes, are facing the threat of homelessness and the growing blight of apartment foreclosures, said Joseph Phelan, a spokesman with the Miami Workers Center ...
$this->bbcode_second_pass_quote('', '[')u]Burnsville's field of dreams turning out to be nightmare
The main organizers of a plan to build a minor league baseball stadium in Burnsville have run into serious financial trouble in their personal affairs, the Star Tribune has learned.
$this->bbcode_second_pass_quote('', '[')u]The Top 10 Tampa Bay news stories of 2008
BayWalk in St. Petersburg, once the jewel of a revitalizing downtown, is in foreclosure.
$this->bbcode_second_pass_quote('', '[')u]Morris Brown scrambles for help; water shut off
Morris Brown College faces another financial indignity early next month: the sale of one of its classroom buildings on Fulton County’s courthouse steps.
Last edited by InToWishin on Wed 24 Dec 2008, 16:32:17, edited 1 time in total.
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Re: Commerical Foreclosures

Unread postby Armageddon » Wed 24 Dec 2008, 16:30:35

2008 = panik

2009 = crash

2010 = ?
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Re: Commerical Foreclosures

Unread postby kpeavey » Wed 24 Dec 2008, 17:33:28

2008 = panik

2009 = crash

2010 = mayhem
If you want a picture of the future, imagine a boot stamping on a human face--for ever."
-George Orwell, 1984
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twenty centuries of stony sleep were vexed to nightmare by a rocking cradle, and what rough beast, its hour come round at last, slouches towards Bethlehem to be born?
-George Yeats
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Re: Commerical Foreclosures

Unread postby Jotapay » Wed 24 Dec 2008, 19:46:50

Those who prepared shouldn't be panicking. ;-P
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Re: Commerical Foreclosures

Unread postby patience » Wed 24 Dec 2008, 21:06:55

I'm prepared for a lot of things, but I'm not sure it is possible to prep for the train wreck that is coming.
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Re: Commerical Foreclosures

Unread postby joewp » Wed 24 Dec 2008, 21:19:04

Do these count as commercial?
$this->bbcode_second_pass_quote('', '"')We are seeing more stress in churches than we have in modern history," says Mark G. Holbrook, president and chief executive of the Evangelical Christian Credit Union of Brea, Calif., which specializes in lending to churches. The credit union has moved to foreclose on seven of its 2,000 member churches this year, and Mr. Holbrook says he expects to take similar action against two more next year. Before now, it had foreclosed on only two churches in its 45-year history.

Church Mortgage & Loan Corp. of Maitland, Fla., another church lender, foreclosed on 10 church properties in the past couple of years. Unable to sell any of them, the company didn't have the funds to pay more than 400 bondholders the estimated $18 million it owes, says company lawyer Elizabeth Green. Church Mortgage filed for Chapter 11 bankruptcy protection in March.

Strongtower Financial of Fresno, Calif., says two of its 300 evangelical church borrowers are in default, compared with only one in the previous 15 years. Dozens more churches are listed as delinquent on their loans, according to a search of county court records nationwide.

Wall Street Journal
It must be really bad when preachers can't get people to pay up for the church mortgage. patience is right, it's not possible to prepare for this. :cry:
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Re: Commerical Foreclosures

Unread postby InToWishin » Wed 24 Dec 2008, 22:02:46

$this->bbcode_second_pass_quote('cbxer55', '')$this->bbcode_second_pass_quote('Armageddon', '2')008 = panik
2009 = crash
2010 = ?
Panic!

Kernel panic: no oil found.
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Re: Commerical Foreclosures

Unread postby InToWishin » Wed 24 Dec 2008, 22:12:39

$this->bbcode_second_pass_quote('joewp', 'D')o these count as commercial?

Yes.
$this->bbcode_second_pass_quote('joewp', 'I')t must be really bad when preachers can't get people to pay up for the church mortgage. patience is right, it's not possible to prepare for this. :cry:

I've burned out on non-reality-based well-meaning church activists. Seriously. Imagine sitting on 214 acres of which 60 - 80 are fallow fields and not wanting to adopt plant-a-row for the hungry while you putter along on a single greenhouse resisting offers for help.
Maybe it was the very best thing they could have done. Maybe they will be sitting ducks instead of being everybody's source of food handout salvation.
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Re: Commerical Foreclosures

Unread postby Armageddon » Wed 24 Dec 2008, 23:54:26

$this->bbcode_second_pass_quote('cbxer55', '')$this->bbcode_second_pass_quote('Armageddon', '2')008 = panik
2009 = crash
2010 = ?
Panic!

That too! ( can't believe I spelled that with a 'k', *shakes head * )
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Re: Commerical Foreclosures

Unread postby joewp » Thu 25 Dec 2008, 00:19:50

$this->bbcode_second_pass_quote('Armageddon', '')$this->bbcode_second_pass_quote('cbxer55', '')$this->bbcode_second_pass_quote('Armageddon', '2')008 = panik
2009 = crash
2010 = ?
Panic!
That too ! ( can't believe I spelled that with a 'k', *shakes head * )

Heck, I just thought you were trying to be l33t. :P
$this->bbcode_second_pass_quote('InToWishin', 'M')aybe it was the very best thing they could have done. Maybe they will be sitting ducks instead of being everybody's source of food handout salvation.

They can't even be that anymore. Food donations are suffering with the economy, and more people are lining up for handouts.
Times certainly are tough.
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Re: Commerical Foreclosures

Unread postby Armageddon » Thu 25 Dec 2008, 00:56:30

imo, we haven't even scratched the surface yet.
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Re: Commerical Foreclosures

Unread postby InToWishin » Thu 25 Dec 2008, 11:51:48

$this->bbcode_second_pass_quote('joewp', '')$this->bbcode_second_pass_quote('InToWishin', 'M')aybe it was the very best thing they could have done. Maybe they will be sitting ducks instead of being everybody's source of food handout salvation.
They can't even be that anymore. Food donations are suffering with the economy, and more people are lining up for handouts.

Did you miss the part about them having fallow fields?
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Re: Commerical Foreclosures

Unread postby TheDude » Thu 25 Dec 2008, 12:33:18

$this->bbcode_second_pass_quote('Armageddon', ' ')( can't believe I spelled that with a 'k', *shakes head * )

You're not alone:
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"Down to the bus
into the town
our poor boy can't get around
Eight fifty-five
down at the show
she leaves early
He'll never know
Cuz our poor boy
believes in chance
he'll never get the modern dance"
Cogito, ergo non satis bibivi
And let me tell you something: I dig your work.
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Re: Commerical Foreclosures

Unread postby vision-master » Thu 25 Dec 2008, 12:40:46

$this->bbcode_second_pass_quote('InToWishin', '')$this->bbcode_second_pass_quote('cbxer55', '')$this->bbcode_second_pass_quote('Armageddon', '2')008 = panik
2009 = crash
2010 = ?
Panic!
Kernel panic: no oil found.

2012 = Mayan Calendar STOPS! :razz:
What we will witness = Major events happening at an ever increasing rate until the end of 2012.
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Re: Commerical Foreclosures

Unread postby BlueGhostNo2 » Thu 25 Dec 2008, 12:59:51

$this->bbcode_second_pass_quote('Armageddon', '2')008 = panik
2009 = crash
2010 = ???

PHASE 1: 2008, Collect underpants.
PHASE 2: 2009, ...
PHASE 3: 2010, PROFIT!! :D
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Re: Commerical Foreclosures

Unread postby bratticus » Sun 04 Jan 2009, 09:05:37

$this->bbcode_second_pass_quote('', '[')b]Severe retail downturn forecast for 2009
... At least 200,000 stores and 2,000 to 3,000 malls will close in the United States this year, the bulk of them in the next few months, forecasts Burt Flickinger III, managing director of New York consulting firm Strategic Resource Group.
$this->bbcode_second_pass_quote('', '[')b]Bexar commercial foreclosures soar
... Retail foreclosure postings increased 55 percent, from 33 in 2007 to 51 this year, and that's an area that could continue to increase.
$this->bbcode_second_pass_quote('', '[')b]Expect More Phoenix Market Pain in 2009
... Retail, if anything, fared even worse, says Rick Murphy, also a senior vice president at CBRE. “We've seen a dramatic drop in rents across the board, from power centers to strip centers,” he tells GlobeSt.com. “Where guys were getting $35 per square foot, now they're getting $25 per square foot. That's if you can even get the tenants, and there's not a lot of them running around.”
$this->bbcode_second_pass_quote('', '[')b]9 issues to watch in 2009 in Myrtle Beach area
... The Murrells Inlet mall's owner, Inlet Retail Associates, defaulted on the loan it got to buy and renovate the shopping center, meaning the mall could be sold, go into foreclosure or the mall's owner could file for bankruptcy, the lender's attorney Rick Mendoza said in September.
$this->bbcode_second_pass_quote('', '[')b]Gehry Lays Off Staff
... Wachovia Corp. has filed for foreclosure against the first building to open, the 489-unit Wind tower owned by Neo LLC. The construction loan came due in April, according to a lawsuit filed in Circuit Court in Miami-Dade County. But two forbearance agreements and a takeover by Wells Fargo & Co. later, Wachovia declared a default on $46.6 million in unpaid principal, plus interest and other fees.$this->bbcode_second_pass_quote('', '[')b]Another foreclosure suit hits Macom
... Cole Taylor alleges that Mr. Lehman's development firm, Naperville-based Macom Corp., and a related venture were unable to pay off three loans when they came due earlier this year. The largest loan, for $30.55 million, is secured by 582 acres at U.S. Route 30 and Wolfs Crossing near Oswego, where Mr. Lehman once planned to develop what sources say was a grocery-anchored retail center.
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Re: Commerical Foreclosures

Unread postby dohboi » Sun 04 Jan 2009, 18:07:14

Commercial real estate meltdown will be to '09 what the subprime meltdown was to '08--of course the ARMs resets due this coming year will also make it an interesting twelve months.
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Re: Commerical Foreclosures

Unread postby TreebeardsUncle » Mon 05 Jan 2009, 04:00:37

nbd
This will blow over. Things down keep getting worse and worse economically like you all tend to believe. Prices get low enough to incite demand. Another thing about the retail situation is that total retail space doubled between 1990 and 2005.
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Re: Commerical Foreclosures

Unread postby ColossalContrarian » Mon 05 Jan 2009, 09:07:31

$this->bbcode_second_pass_quote('TreebeardsUncle', 'n')bd. This will blow over. Things down keep getting worse and worse economically like you all tend to believe. Prices get low enough to incite demand. Another thing about the retail situation is that total retail space doubled between 1990 and 2005.

Great logic! Price will get so low that people will miraculously start buying things they don’t need with money they don’t have and the stores leasing the property will remain open negating all problems caused by commercial foreclosures.

Should blow over like a hurricane!
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