Richard LeFrak, president of the LeFrak Organization, told CNBC’s Squawk Box today that he’s far more optimistic about the residential real estate market than the commercial, as he anticipates a longer road to recovery for the latter industry. “We’re kind of in the second inning or the third inning,” LeFrak said of the commercial market crisis. While other analysts have made estimates regarding how many banks may fail in the coming months, LeFrak said that he abstains from making those kinds of judgments. “It’s kind of death by a thousand cuts at this point,” LeFrak said of the numerous possible small bank closures nationwide.
LeFrak compares bank closures to “death by 1,000 cuts”
November 12, 2009 10:10AM
November 12, 2009 at 3:01 pm, Anonymous said:
#1 – A prominent Wall Street analyst predicted in 1990 that it would take 14 years to absorb enough vacant Manhattan office space to return to equilibrium. Equilibrium returned in 5 years. It probably won’t take as long as you might think.
November 12, 2009 at 3:16 pm, Anonymous said:
#2 is right – as long as Ben Bubble Bernanke keeps printing that funny money
May 24, 2011 at 11:00 pm, Geraldine said:
Good to see a tleant at work. I can?t match that.
November 12, 2009 at 11:36 am, Anonymous said:
It’s going to be a bloodbath when these CRE loans default. It will take many years for it to stabilize. The CRE market will be in turmoil through 2017.