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The Other Real Estate Crisis
Like Pacific Sunwear, Talbots had sought to expand its market beyond its core consumer (in Talbot's case, women over the age of 35) by introducing new retailing concepts, including Talbots Mens and Talbots Kids. But last week, Talbot's, having concluded that the kids (and the men) aren't all right, announced that it would shutter its 66 Talbots Kids and 12 Talbots Mens stores sooner rather than later.
Taken together, these closings amount to a tiny fraction of the nation's retail space. But they're indicative of a larger retrenchment under way, one that is likely to continue. America's largest chains—from Wal-Mart to Home Depot, from Starbucks to the Gap—are all in slow-growth mode in the oversaturated domestic markets. Circuit City and Sears are just two national retailers who may find it necessary to shrink their national footprints in 2008. And with consumer spending having slowed, it's much more difficult for landlords to fill newly vacated space.
Since many of America's largest mall owners are well-capitalized firms that built or acquired their properties decades ago, we're unlikely to see the carnage that has befallen publicly held home-builders. But signs of stress are emerging. Centro Properties, an Australian real-estate firm that has made huge acquisitions of American malls at inflated prices in recent years, is now holding a clearance sale on its own properties.
© 2008
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Member Comments
Posted By: gllansing @ 03/12/2008 6:58:58 PM
Comment: Not only was your article a little over the top with the gloom and doom, but I couldn't help but notice that you
took the opportunity to show your true colors and, totally unrelated to anything, take a poke at Bill Kristol. What was that all about?
Posted By: michelsonB @ 02/25/2008 12:42:08 AM
Comment: Los Angeles 02/2008 DATELINE --- ACCORDING TO RECENT REPORTS, IT'S amazing how many homeowners will not fight the foreclsoure process. According to borrowerhotline .com, more than 70% of american homeowners accept their fate and eat the pain of a forclosure. This information is offered by Maher Soliman, the web site publisher and managing director for NLS.
According to the website, in June this year the secretary of Housing and Economic Development of the Patrick administration Dan O???Connell took the initiative along with government officials and top mortgage firms??? executives from Massachusetts to develop means through which foreclosure can be avoided and the foreclosure victims can be aided.
Delinquent Sub-prime loans were accentuated to be the main reason responsible for the soaring rise of foreclosure victims. Borrowers with bad credit history were allowed with high risk loans as they were tempted seeing the initial rates were low. The ravaging effect started when the rates of interest shot up unexpectedly high. Enactment of laws checking the foreclosure rates were suggested by Governor Deval L. Patrick.
In April in meeting called by the Patrick administration it was suggested that the State should financially help to refinance loans to reduce foreclosure rates.
Reforms aiming to help the debtors to catch up were planned and corresponding schemes were passed in 2006. The plan targeted to provide defaulting hose owners to catch up by extending the grace time from 60 to 125 days. Unfortunately the plan failed to go very far.
NLS and borrowerhotline are consumer homeowner advocates pushing to stop foreclosure due to predatory lending practices. Call Direct at telephone 310-435-2628
www.borrowerhotline.com ....and spread the word to friends and workers. This has to be stopped! Find out what you are entilted to receive!
Posted By: michelsonB @ 02/25/2008 12:41:44 AM
Comment: Los Angeles 02/2008 DATELINE --- It's amazing how many homeowners will not fight the foreclsoure process. According to borrowerhotline .com, more than 70% of american homeowners accept their fate and eat the pain of a forclosure. This information is offered by Maher Soliman, the web site publisher and managing director for NLS.
According to the website, in June this year the secretary of Housing and Economic Development of the Patrick administration Dan O???Connell took the initiative along with government officials and top mortgage firms??? executives from Massachusetts to develop means through which foreclosure can be avoided and the foreclosure victims can be aided.
Delinquent Sub-prime loans were accentuated to be the main reason responsible for the soaring rise of foreclosure victims. Borrowers with bad credit history were allowed with high risk loans as they were tempted seeing the initial rates were low. The ravaging effect started when the rates of interest shot up unexpectedly high. Enactment of laws checking the foreclosure rates were suggested by Governor Deval L. Patrick.
In April in meeting called by the Patrick administration it was suggested that the State should financially help to refinance loans to reduce foreclosure rates.
Reforms aiming to help the debtors to catch up were planned and corresponding schemes were passed in 2006. The plan targeted to provide defaulting hose owners to catch up by extending the grace time from 60 to 125 days. Unfortunately the plan failed to go very far.
NLS and borrowerhotline are consumer homeowner advocates pushing to stop foreclosure due to predatory lending practices. Call Direct at telephone 310-435-2628
www.borrowerhotline.com ....and spread the word to friends and workers. This has to be stopped! Find out what you are entilted to receive!