by Michael Snyder
The Economic Collapse Blog
A lot of people have been waiting for “the other shoe to drop”, and now that day has arrived. Thanks to rapidly rising interest rates and historically low occupancy rates, we are facing an unprecedented commercial real estate crisis. Borrowers are starting to walk away from commercial real estate properties all over the nation, and that is really bad news for small and mid-size banks because they are holding most of these loans. Needless to say, a lot of small and mid-size banks are simply not going to be able to survive a nationwide tsunami of commercial real estate defaults.
When U.S. Senator John Kennedy was asked about this growing crisis, he didn’t mince words…