If a picture is worth a 1,000 words, then three images detailing the trouble still brewing in the commercial real estate market must be worth, er, three times as much. Right? (Unless, of course, you're a permabull who can't -- or refuses to -- see just how things are adding up.)
1. From Realpoint Research's most recent "Monthly Delinquency Report" (also featured in my latest "Market Observation" for Financial Sense Online):
2. From Markit, the AA-rated tranche of a synthetic index referencing 25 commercial mortgage-backed securities (hat tip to EconBlog Review):
3. From Reis, Grubb & Ellis (via Central Valley Commercial Real Estate Blog):
Michael, with all due respect, for I do respect your point of view and the manner in which you conduct this blog, you do have an unusual affinity for the
fifth grade graphs which have come to symbolize the languages of the financial world and those who critique it. As for myself, I prefer eye-witness accounts from
top to bottom, to get a handle on our national,state and local
affairs. Of course, we must not allow our collective selves to head for the cliff as one
young financier said I was pushing him to do if
I kept talking so negatively. (recently).
Posted by: Marion Shaw | March 05, 2010 at 06:01 AM
There is no question the commercial real estate market is on thin ice. Wait until the Fall when January contracts are up for renewal...and aren't being renewed!
Posted by: Ed H. | March 06, 2010 at 03:34 PM