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Commercial Real Estate 'Next Ticking Time Bomb'

NEW YORK -- While banks and other lenders are not having widespread problems with commercial properties compared to residential properties, The New York Times said refinancing attempts could significantly change that this year.

By Michelle A. Samaad | Updated on January 04, 2009

NEW YORK — While banks and other lenders are not having widespread problems with commercial properties compared to residential properties, The New York Times said refinancing attempts could significantly change that this year.

The publication said the Real Estate Roundtable, a lobbying group, is seeing an increase in defaults and foreclosures on an estimated $400 billion in commercial mortgages that come due this year, describing the wave as “the next ticking time bomb.” Lawmakers have asked to include commercial real estate relief in the economic stimulus package.

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