I see lots and lots of empty spaces in strip malls here in the Midwest. Lots. Many that have been vacant 6 months, or over a year or more.
Some stand-alone places look like they were abandoned. This portends what’s coming to the home real estate market as well.
Not to mention the subprime mortgages and car loans that are about to implode.
Under Obola, it is illegal for a bank to deny a black person a loan for any reason.
And you wondered where all those new black home-owners in your neighborhood came from?
One has to give Zell credit for calling the prior top of the RE market quite literally to the hour. The Lehmans of the world, flush with funding from an insane debt-issuance market were offering him such ridiculously high prices for most of his commercial holdings he could not rationally refuse. And he said so in perfectly clear language at the time, that he was being offered so much more than the properties were worth that he had to sell them. That’s when he sold most of Equity Office.
On one hand, it is not that often that a wizard like Zell gets things exactly right twice in a row. Witness Bill Ackman who made billions betting against the RE market last time but is struggling with bets that have turned out wrong, wrong, and wrong since then. I am not sure that Zell has the full comprehension of the meaning of negative interest rates because it is an utterly synthetic environment that has never existed before.
But I would not bet against him!
The crisis was in full bloom in 2008 under Bush II.
Remember McAsshole suspending his presidential campaign so he could deal with the crisis?