{"id":7228,"date":"2009-09-11T06:00:34","date_gmt":"2009-09-11T13:00:34","guid":{"rendered":"http:\/\/seattlebubble.com\/blog\/?p=7228"},"modified":"2009-09-11T00:48:08","modified_gmt":"2009-09-11T07:48:08","slug":"seattle-is-1-in-delinquent-construction-loans","status":"publish","type":"post","link":"https:\/\/seattlebubble.com\/blog\/2009\/09\/11\/seattle-is-1-in-delinquent-construction-loans\/","title":{"rendered":"Seattle is #1… In Delinquent Construction Loans"},"content":{"rendered":"

I posted about this earlier this week on the official Seattle Bubble Twitter account, but I thought it would be worth a post of its own. Via The New York Times: Construction Loans Falter, a Bad Omen for Banks<\/a><\/p>\n

Even as the economy may be starting to recover, banks across the country are confronting a worsening outlook for their construction loans, an area that boomed for much of the decade.<\/p>\n

Reports filed by banks with the Federal Deposit Insurance Corporation indicate that at the end of June about one-sixth of all construction loans were in trouble. With more than half a trillion dollars in such loans outstanding, that represents a source of major losses for banks.
\n…
\nForesight\u2019s estimates of the proportion of problem construction loans in the 20 largest metropolitan areas has one surprise: the one with the largest proportion of troubled loans is Seattle, where the recession has started to pinch.<\/p><\/blockquote>\n

According to the graphic attached to the story<\/a>, over 30% of construction loans in Seattle are currently in delinquency. Yikes.<\/p>\n

In related news, the Mastro bankruptcy is progressing<\/a>, with the situation becoming seemingly more complicated with each update.<\/p>\n

And, speaking of the commercial real estate market, Russell Investments just purchased<\/a> the 42-story former WaMu Center for close to two thirds<\/b> off what it cost to build just three years ago. Yowza.<\/p>\n

It’s certainly an interesting time in the real estate and financing scene here in Seattle. How far we have come from just a year or two ago when everyone seemed to think that Seattle was bulletproof.<\/p>\n","protected":false},"excerpt":{"rendered":"

I posted about this earlier this week on the official Seattle Bubble Twitter account, but I thought it would be worth a post of its own. Via The New York Times: Construction Loans Falter, a Bad Omen for Banks Even as the economy may be starting to recover, banks across the country are confronting a…<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[198],"tags":[305,310,123,204],"coauthors":[],"class_list":["post-7228","post","type-post","status-publish","format-standard","hentry","category-news","tag-banks","tag-commercial","tag-construction","tag-new-york-times"],"yoast_head":"\nSeattle is #1... 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