posted on April 01, 2010 21:39
Foreclosures of commercial real estate in Tarrant County could peak this year, but don't expect numbers to decline much in the next couple of years, a real estate expert forecast Wednesday.
Between 2003 and 2007, Tarrant County saw lots of commercial property trade, and most of those deals were financed with five-year balloon notes. Those notes began maturing in 2008, but owners haven't been able to refinance because of tightened lending practices, and loans are being called, said George Roddy Sr., president of Addison-based Foreclosure Listing Service.
"This has been a long, protracted level of foreclosures, and it's growing every year," Roddy told a commercial real estate brokers meeting Wednesday. "We are going to continue to see high foreclosures. Unless we have a change in monetary policy, the freeing up of lending, we're going to see more of the same thing for the next two years."
Commercial property sales are an economic indicator, Roddy said.
Last year, 1,097 properties sold in Tarrant County, the lowest number in 20 years, he said.
It's a 44 percent decline from the 1,958 sales in 2008, Roddy said.
Lenders foreclosed on 161 commercial properties in 2009, he said.
Read more: http://www.star-telegram.com/2010/03/24/2065219/in-tarrant-county-pain-from-commercial.html#ixzz0ju2BSkXv
March 24th, 2010 | Star Telegram