Business Week reports that commercial mortgage defaults are on the rise and could be the next default wave. According to the editorial the default for commercial mortgages hit 2.25 percent – a fifteen year high. They go on to say that this will worsen even if the economy as a whole improves, with a peak by 2011.
I find this prediction very credible. There are a lot of other reports who claim the economy is getting better and I do not believe them. This is the first realistic one in a while.
Regardless, bankruptcy rates are going to rise. Uncertainties in the world economy, such as the election in Iran will cause continued turmoil in the world markets and in return consumers will continue to feel the squeeze resulting in more bankruptcies. The commercial mortgage crisis about to hit will certainly contribute to this increase.
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by Alex Wathen, Board Certified Consumer Bankruptcy Law – Texas Board of Legal Specialization
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