There has been continued noise about what mark-to-market will do to the economic rebound and the relationships with CRE pricing. Today we have a clear example in one part of the country that is staggering. Namely a 50% reduction in price over a two plus year period. So who's holding the paper on that? Combine that with defaulting CC and re-mortgages, and the continued contraction of credit - its hard to see how any forward progress will be manifest anytime soon. But then again, markets and the economy are not linked now are they?
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