To all our readers. The following is a commentary by Harvey Green of Marcus & Millichap. Marcus & Millichap is one of the largest Real Estate investment sales brokerages in the country. I truly liked the following segment. It's the first time that I've heard that part of the problem is that there is a lack of communication between lenders and borrowers at the current moment in time. I agree with Harvey in the fact that we can't truly predict how the commercial real estate market is going to be hit until some decisions are made as to how banks are going to handle the plethora of loans coming due in the next 5 years. Supposedly that number is at about 50% of all commercial mortgages in NYC. It seems as though we are all waiting for the last moment and it doesn't look as if we're taking the very much needed proactive approach to prevent a collapse. Rather, we are sitting in our seats and waiting to see what happens which is a mistake in my opinion. If loans come due and the unemployment rate increases we are definitely in for some tougher times.
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