Commercial building foreclosures are going to be a big problem in 2010. Many communities already have these “zombie” buildings which were built during the good times but have stood empty or half-built. In some situations, inspectors I work with are going forward with demolition lawsuits or condemnation. Others just remain empty hoping for better days. This link contains an interesting video on the problem. http://www.huffingtonpost.com/2009/11/20/zombie-buildings-are-they_n_365400.html
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The banks have taken some lumps since the economy went bad. But some believe their biggest headaches are yet to come.Banks have been recognizing commercial real estate losses slowly, even though the high season for defaults isn’t expected to arrive until next year.