By SANDRA BAKER
Posted By Rico K. Setyo
An increasing number of commercial property loans may go into default in the coming months, as interest-only loans that were issued in the past several years reset, an industry expert said.
"There’s a massive amount of these loans ready to hit market," said Ben Loughry, managing partner of Integra Realty Resources in Fort Worth and Dallas. "The commercial real estate bubble is continuing to grow."
Loughry spoke at last week’s monthly meeting of the Society of Commercial Realtors.
Moreover, commercial sales are down nationwide by 90 percent and locally by 70 percent, he said.
But some investors are pooling funds and sitting on the sidelines waiting for deals, Loughry said.
Commercial property foreclosures are up in North Texas, according to market figures. In addition, the Federal Reserve said during the summer that delinquency rates on commercial loans have doubled from a year ago, to 7 percent.
"Loan performance is deteriorating," Loughry said.
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Great piece. The commercial real estate market needs a boast as well. I hope this increases potential offers to buy capital.
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