Coming Soon To A Florida Strip Mall or Warehouse Near You
If 2008 was the year of the residential foreclosure in Florida, 2009 is setting up to be the year of the commercial foreclosure. Just like ARM, HUD and now TARP, go ahead and get used to hearing the acronym CMBS (commercial mortgage-backed securities), because these are the firms with the most exposure to Florida's commercial real estate sector and the greatest incentive to bring foreclosure suits against managers of once-booming, now-empty strip malls and warehouses. Just like South Florida homeowners, many of the current managing firms paid top dollar for these properties between 2004 and 2006. The South Florida Business Journal reports that over $17 billion in CMBS loans are outstanding with South Florida properties and roughly 20% of those loans are already in some state of delinquency.
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