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Biggest real estate bankruptcy in U.S. history.

General Growth Properties Inc., owner of some of the nation's most prominent malls, including the Glendale Galleria, filed for Chapter 11 protection from creditors Thursday, marking the biggest real estate bankruptcy in U.S. history.

The real estate investment trust amassed $27 billion in debt during an ill-timed acquisition spree that turned the Chicago-based company with Iowa roots into the nation's second-largest shopping mall company, behind Simon Property Group Inc.

So, do you think the commercial real estate market is going to start collapsing and the banks will need another bail out or do you think this is more of a fluke?

http://www.latimes.com/business/la-fi-general-growth17-2009apr17,0,1032608.story

Answer Question
 
smalltowngal

Asked by smalltowngal at 10:58 AM on Apr. 19, 2009 in Politics & Current Events

Level 1 (-9 Credits)
Answers (5)
  • The commercial real estate market has been tough for months. It will get worse. No new business are opening, older businesses are closing, and every business owner with a brain is renegotiating their lease to pay less.
    stacymomof2

    Answer by stacymomof2 at 11:27 AM on Apr. 19, 2009

  • Thanks for the heads-up ! It is always helpful to have info to help shape one's understanding.
    waldorfmom

    Answer by waldorfmom at 1:13 PM on Apr. 19, 2009

  • Looks like people are not buying and businesses in the big league are showing the sign of the times. I still think after everyone has their tax refunds, there will not be a surge in spending. Many people use their tax refund to buy big ticket items they would not normally be able to buy. The news and analysts preach happy and spend, spend, spend one day and then doom and gloom the next. I know for myself, my monthly bills have gone up so I have less to spend for luxuries. I do think there will be more strip malls losing customers to occupy the spaces available. Don't really know what the answer is for that.
    foreverb3

    Answer by foreverb3 at 5:06 PM on Apr. 19, 2009

  • FLush......Girgle girlge.That is the sound of our economy and th eworlds too. Govy is doing this so they get people desperate enough to agree on one world order. Then we would be dependant on them for everything.
    Ibelongtojesus

    Answer by Ibelongtojesus at 7:03 PM on Apr. 19, 2009

  • I think that the bailouts have begun, and now that the flood gates are open, they will continue...to our detriment and to the detriment of our descendants. In my opinion, if you can't stand on your own two feet and work a successful business plan, you should be allowed to fail...period.
    ProudTexan71

    Answer by ProudTexan71 at 10:07 AM on Apr. 20, 2009

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