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Late and non-performing construction loans as well as construction REO jumped again. But before I get into that we have two announcements.
First, we are now reporting distressed construction loans and construction reo different than we have in any prior quarter. We’re doing this for two reasons. The first is that our goal is to [...]
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Five banks were shuttered on Friday. It’s funny (sort of) that this has now become such a common Friday night occurrence that there is very little coverage of the events on Monday morning. A Google search this morning revealed fewer than a handful of reports on the closings and none with many details. I’m going [...]
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We’ve had an opportunity to go through most of the bank data released over Thanksgiving week. The 309 (bank mergers and acquisitions are reducing the numbers of reporting institutions) New England Based banks are reporting an increase in multifamily, commercial, and construction loan problems and REO balances.
At distressedpro.com we calculate an institution’s real estate distress [...]
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The pace of the construction implosion appears to be easing. Construction notes have been plagued by high rates of default and soaring REO balances since the economy has been in turmoil. This quarter, however, it appears that we may be “getting over the hump”.
Construction loans reported as 90+ days late but still accruing interest increased [...]
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