The Real Deal Miami

Commercial mortgage woes to hit Florida

December 02, 2008 11:59AM

Malls, hotels and storefronts nationwide are facing declining incomes,
and projections of defaults and foreclosures are rising. In Florida, a
state with a high concentration of mortgages in the securities market, delinquencies and defaults are on the rise
already, according to Fitch Ratings. Texas, Michigan, Tennessee and Georgia are also seeing
increased trouble. The agency expects the number of late payments and
defaults to double nationally.