The Urban Land Institute reports on their new study, which predicts the real estate market will hit bottom in 2009 and 'flounder' through 2010.
"During this period, ongoing drops in property values, foreclosures, delinquencies, and a limping economy will continue to crimp property cash flows.
'Commercial real estate faces its worst year since the wrenching 1991–1992 industry depression,' conclude industry experts interviewed for the report, which projects losses of 15 percent to 20 percent in real estate values from the mid-2007 peak. 'Only when property financing gets restructured will pricing recorrect so we can find the floor, and this transition could wipe out companies and people,' says one respondent interviewed for the report.
'The industry is facing multiple disconnects,' said ULI Senior Resident Fellow for Real Estate Finance Stephen Blank. 'Many property owners are drowning in debt, lenders are not lending, and for many (industry professionals), property income flows are declining. There is an unprecedented avoidance of risk. Only when financing gets restructured will pricing reconcile, giving the industry a point from which to start digging out of this hole.'"
FULL STORY: Emerging Trends in Real Estate 2009

Planetizen Federal Action Tracker
A weekly monitor of how Trump’s orders and actions are impacting planners and planning in America.

Chicago’s Ghost Rails
Just beneath the surface of the modern city lie the remnants of its expansive early 20th-century streetcar system.

Amtrak Cutting Jobs, Funding to High-Speed Rail
The agency plans to cut 10 percent of its workforce and has confirmed it will not fund new high-speed rail projects.

Ohio Forces Data Centers to Prepay for Power
Utilities are calling on states to hold data center operators responsible for new energy demands to prevent leaving consumers on the hook for their bills.

MARTA CEO Steps Down Amid Citizenship Concerns
MARTA’s board announced Thursday that its chief, who is from Canada, is resigning due to questions about his immigration status.

Silicon Valley ‘Bike Superhighway’ Awarded $14M State Grant
A Caltrans grant brings the 10-mile Central Bikeway project connecting Santa Clara and East San Jose closer to fruition.
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