1.01.10 Commercial Real Estate Buried
December 29, 2009
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In 2007, developers excavated a deep hole in downtown Seattle at Second Avenue and Pine Street for the foundation of a 23-story luxury hotel and condo tower.
They filled the hole in 2009.
That pretty much captures the kind of year it's been for commercial real estate in the Seattle area.
http://www.calculatedriskblog.com/2009/12/cre-we-thought-we-were-different.html
Seatle, Vegas, Chicago, New York, San Francisco, Miami........we could go on and on.
Interesting times....Benny B's Zombulator Zero Interest Rate policy is starving much needed interest income from the elderly and savers of America while bailed out bonused insolvent bankers are sticking it to Americans with high interest rates and tight credit policies with Benny's blessing.
As we approach 1.01.10....Commericial RE is coming to a grinding halt around America as revenues are evaporating.....rents are crashing, vacancies skyrocketing, operating expenses increasing while credit is almost impossible to obtain.....and the need for space is deminishing as the FIRE economy collapses....except for those buddies being bailed out by Benny of course.
Interest income vanished while credit being tightend.....classic Zombulation symptoms resulting in the shutting down of the world as we knew it in a credit dependent over leveraged domestic consumer based economy.
Sorta sad how so few see the harmful effects of Benny B's ZIRP Zombulation policies.......he is basically handing our nation to a few on Wall Street as his banker buddies laugh all the way to the bank while millions of citizens lose their savings, livlihoods, jobs, and get kicked out of their homes by those same Benny B buddies.
Make no illusions...the distress is spreading and conditions are getting much worse....as Benny B lies to you and simply directs most of the stimulous money to a few of his friends and the rest of the nation deteriorates.
Future budget cuts in Tennessee could mean fewer troopers on our highways. Thirteen small counties could be left with no troopers at all. In the Tennessee Valley area they include Bledsoe, Meigs and Sequatchie counties. They would have to rely on neighboring counties for crash calls and assistance. Gov. Phil Bredesen is asking state agencies to plan for nine percent budget cuts in the coming fiscal year, which begins July 1.
GRAND RAPIDS (WZZM) - As the year comes to a close, the City of Grand Rapids is still determining which city workers lose their jobs at the end of the week. In November, city leaders announced they would make 125 job cuts.
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