{"id":502022,"date":"2010-04-01T14:32:00","date_gmt":"2010-04-01T18:32:00","guid":{"rendered":"http:\/\/www.businessinsider.com\/cre-crush-set-to-increase-bank-failures-by-30-this-year-2010-4"},"modified":"2010-04-01T14:32:00","modified_gmt":"2010-04-01T18:32:00","slug":"cre-crush-set-to-increase-bank-failures-by-30-this-year","status":"publish","type":"post","link":"https:\/\/mereja.media\/index\/502022","title":{"rendered":"CRE Crush Set To Increase Bank Failures By 30% This Year"},"content":{"rendered":"<p><img decoding=\"async\" class=\"float_right\" src=\"http:\/\/static.businessinsider.com\/image\/4bb4e1747f8b9ae538df0000\/9-west.jpg\" border=\"0\" alt=\"9 West\" \/><\/p>\n<p>Commercial Mortgage Backed Securities (CMBS) are in such bad shape that they might bring down 30% more banks in 2010 than 2009.<\/p>\n<p>Data from the analytics firm Trepp shows that CMBS delinquencies shot up to <a href=\"http:\/\/www.housingwire.com\/2010\/04\/01\/spiking-cmbs-delinquencies-may-collapse-mid-sized-banks-in-2010-trepp\/\">7.61% in March<\/a> from 6.72% in February. Delinquencies of this size could bring many mid-size and regional banks down due to exposure to the market.<\/p>\n<p>This isn&#8217;t just impacting commercial real estate in markets like Southern California or Detroit though. In New York, esteemed Plaza District office building <a href=\"http:\/\/blogs.wsj.com\/developments\/2010\/04\/01\/a-legendary-office-tower-half-empty\/\">9 West is half empty<\/a>.<\/p>\n<p>The <a href=\"http:\/\/en.wikipedia.org\/wiki\/Midtown_Manhattan\">Plaza District<\/a> in New York, which stretches from Third to Seventh Avenue between 42nd and 59th Streets, had its rate of vacancy double in 2009 to <a href=\"http:\/\/blogs.wsj.com\/developments\/2010\/04\/01\/a-legendary-office-tower-half-empty\/\">14.7%<\/a>.<\/p>\n<p><a href=\"http:\/\/www.businessinsider.com\/cre-crush-set-to-increase-bank-failures-by-30-this-year-2010-4#comments\">Join the conversation about this story &#187;<\/a><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/feeds.feedburner.com\/~r\/TheMoneyGame\/~4\/QFdWkOACnqk\" height=\"1\" width=\"1\"\/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Commercial Mortgage Backed Securities (CMBS) are in such bad shape that they might bring down 30% more banks in 2010 than 2009. Data from the analytics firm Trepp shows that CMBS delinquencies shot up to 7.61% in March from 6.72% in February. Delinquencies of this size could bring many mid-size and regional banks down due [&hellip;]<\/p>\n","protected":false},"author":1977,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-502022","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/502022","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/users\/1977"}],"replies":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/comments?post=502022"}],"version-history":[{"count":0,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/502022\/revisions"}],"wp:attachment":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/media?parent=502022"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/categories?post=502022"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/tags?post=502022"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}