10 Cities Facing the Next Real Estate Bust

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I believe their are some large insurance companies in New Haven too. Or is it Hartford? Anyway the insurance industry should be going strong as it always is.

Nancy Owens of NY 11:05PM August 20, 2009

Real Estate Article

Amy of IL 4:46PM August 20, 2009

I live in NC, but I evaluate politicians on their performance rather than their personal circumstances. Some Republican politicians, Lindsey Graham among them, say that Sanford should stabilize his marriage and remain in office. Republicans should be calling for his resignation or removal. His using state money for personal travel and especially his disappearing for five days or so are reason enough to remove him from office. The condition of his marriage is of little concern to me.

John of NC 11:39AM August 17, 2009

Being born & raised in South Carolina, I can't begin to imagine what other people may think about Mark Sanford. I think he is a TOTAL DISGRACE to our very fine state and the citizens who live here. What he and his very lovely wife do with their marriage is their business, but if he does not step aside, (I vote for impeachment) I am mighty afraid South Carolina is going to fall hard and there is nothing less than a miracle that can help revive us. Not only is he disgracing his state, the citizens and himself, he is jepordizing the hope of new businesses locating here, which puts our children and grandchildren's futures at risk.

A concerned citizen of SC of SC 11:27AM August 13, 2009

Muser of NM is correct. The banks are not letting their government assistance trickle down to hurting consumers thus exacerbating the decaying economy and their own bottom line. What part of failing consumers do they not understand? "Not our problem" seems to be their self-defeating thinking. If consumers get help, they will start buying again which will stimulate the economy. Don't get me wrong, some corporations require help to stay in business, but people must come first, not corporations.

Moses of MN 8:54AM August 13, 2009

Am I wrong, or are you recommending exactly the kind of bailout for corporations that I was fearing in the post right before yours?

Muser of NM 8:22PM August 12, 2009

Great article Mr. Newman but a bit skewed. I have been developing and financing commercial real estate for 30 years and some of your assumptions are not completely true. The statement: The assumption was that the good times would go on forever," says Victor Calanog is naive at best. No educated scientist in the commercial develop business does business with that assumption. I say scientist because many of the people in this business are extremely bright. However, speculating belongs in Las Vegas not in the commercial real estate business. Those that do will fail! It happens everytime and can be verified by many examples over time.
I have a unique opinion of this upcoming debacle! Its happening now not later and its because developers cannot get refinancing even if they inject huge equity into their holdings as you may know. When that happens it all will collapse and quickly I might add. And bye the way, it will hit the consumer DIRECTLY and it will be the knockout punch.
Simply put, when 1.5 trillion hits the wall it will break the bank. It wont be a tsunami, it will be 100 times worse and my friends that is a GREAT thing. The reason is simple, the United States simply cannot let this happen. It would break them. A commercial resolution trust like vehicle will be the only way out. The government will need to partner up with the commercial finance world and develop a vehicle to manage these assets with absolute commitment to succeed!
Otherwise your 10 cities will turn into a 100 or a 1000...What do you think?

Tom in San Diego of CA 3:47PM August 12, 2009

so far should have gone to individual homeowners in the form of mortgage payment assistance. The banks would still have gotten the money and foreclosures would not have come in such a wave. The CDO bonds of bundled home mortgages would not have been nearly so "toxic".
Now, since they chose not to do that, don't be dumb enough to let lobbyists cook up a scheme for aiding the CORPORATIONS in trouble on commercial stuff---when they wouldn't and didn't do it for individuals.
You can bet there is gonna be a lot of pressure for such a thing.

Muser of NM 11:02AM August 12, 2009

Obviously you ahven't done the research on Charleston as you should have. Did you read abut it in USA Today? Yes, there are lots of Upper priced homes out there which will need discounts to sell.
The entry level and new construction are moving well. Sales were up this past month and prices were off roughly 15%. We are shdding inventory here.
On a brighter note, our lot enventory is less than many cities near us; Savannah, Hilton Head, Myrtle Beach included. Sommercial properties seem to be holding up well and landlords are making rent adjustments as needed. The office market is not nearing depression.
Frankly, there are more bright spots and IF there is any bust it won't be in the TOP 10. But, with that said, thank you for the press. Any press is good press. Those of you that are investors, come down and we will help you make a deal.

geoffrey southard of SC 10:02AM August 12, 2009