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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: BigBull who wrote (91249)4/7/2001 8:32:42 AM
From: Ilaine  Read Replies (1) of 436258
 
My impression is that what hurt the housing market in the late 80's - early 90's was the unravelling of the S&L's, as well as a lot of overbuilding on spec. I was sharing space with a guy who specializes in commercial real estate. deals. Even though it was obvious that no one was renting all the office buildings that were being built out in the Dulles corridor, they kept building. I couldn't understand why, and he explained it to me. As long as they kept building, they kept getting the next payout from the bank, so that was keeping them from going under. And the bank went along with it because if they admitted that the loan was no good, then that would mess up their asset sheet. And they kept praying for a miracle that never happened.

Eventually the miracle happened, high tech came to town, and they started building again. And now all the new buildings are empty again. That's the way it goes.

realtytimes.com
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