The commercial loan crisis is just beginning in Florida….
From Bankforclosuresale.com (FL):
Another Florida Bank Foreclosures Crisis Looming
The languishing economy, rising unemployment and crippling credit crunch are starting to strangle many commercial property owners that it would not be long and bank foreclosures in Florida would start to flood the real estate market again.
Already, the increasing number of commercial property owners who default on their mortgage payments are overburdening banks that have not yet fully recovered from the residential real estate market crisis.
Industry experts said that the current commercial foreclosures in the state are just on its infancy and they are expecting it to grow rapidly in the coming months. Commercial property owners are struggling to survive over declining rents, the credit crisis and empty warehouses and storefronts.
…..For the first six months of this year, 11.2 percent of all commercial property loans issued by state banks were delinquent.
