Tuesday, December 15, 2009
A recovery in the real estate business still looks doubtful in the short term, say industry experts who inspected the problem last week in a meeting sponsored by The Wharton School of business at the University of Pennsylvania.
Sam Zell who is a billionaire and investor predicted that it will be three to four years before 7 million jobs gone during the recession are recovered. He said there has no considerable new business growth since July 2007.So unoccupied properties are leased, but at 35% lower than current rents, he says.
Barry Sternlicht, who is the chairman and chief executive of Starwood Capital Group, said the U.S. is in serious problem because the regional banking system is nearly bankrupt and short selling is fueling any gathering in real estate investment hopes.
Sam Zell who is a billionaire and investor predicted that it will be three to four years before 7 million jobs gone during the recession are recovered. He said there has no considerable new business growth since July 2007.So unoccupied properties are leased, but at 35% lower than current rents, he says.
Barry Sternlicht, who is the chairman and chief executive of Starwood Capital Group, said the U.S. is in serious problem because the regional banking system is nearly bankrupt and short selling is fueling any gathering in real estate investment hopes.
posted by Avoid foreclosure, We buy houses, Stop foreclosure
@ 2:50 AM
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