Chimpy was right, ya'll should have shut up and go shopping (2nd largest mall owner files Ch 11)

[NightWatcher]

:sarcasm:
http://www.huffingtonpost.com/2009/04/16/general-growth-properties_n_187640.html

General Growth Properties, the nation's second-largest US shopping mall owner, has filed what is the largest real estate bankruptcy in US history, Bloomberg News reports.


More details from the AP:

General Growth Properties Inc., the nation's second-largest mall operator, filed for Chapter 11 bankruptcy protection early Thursday after it failed to persuade a majority of its debt holders to give it more time to refinance billions of dollars in debt racked up during the housing boom.

The news sent the real estate investment trust's stock down 60 cents, or 57 percent, to 45 cents in electronic premarket trading. Its stock traded last spring as high as $44.23


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Do they operate a mall near you, probably so. Will it be closing, who knows
http://www.ggp.com/Properties/

Rumors have been flying here for several months that one of our two malls might be shutting down. They have been at 80% occupancy for a few years now.

[Norquist Nemesis]

1. More to come, too!

I seem to recall reading a just a few months ago that a "second wave" would be coming around the 2nd quarter...ALOT of commercial loan defaults and malls would be hit hard.

[NightWatcher]

2. the 2nd wave is coming. Commercial property owners were able to hold on just a tad longer

than homeowners...

now here is comes. How many stores have closed in your town? Many more are coming. Not too many people are ready to invest in commercial rental property.

[Norquist Nemesis]

3. The local mall is different from just four months ago here

They put up a new strip development on the perimeter that's been done for about six months now...still no tenants. It's kind of puzzling that a second development is going up just across and down the street from it, but it looks like the work is going slow. A good part of what's around me is major corporate vs franchise or m/p individuals though. Residential Realtors pretty much as a whole can't find clients (my RW SIL claims she hasn't worked in two years and is losing her grip on reality blaming EVERYTHING on the Democrats, Obama, and all of the Liberal Media). There's hardly any hiring going on, even in the lower wage retail.

But here in the reddest county in IL, the LTEs in the paper are all typical anti-union, anti-tax, anti-teacher, anti-Obama, anti-Liberal, blah blah blah. *sigh*

[MadrasT]

4. Yet MSM continues to pump the "we've hit the bottom" meme

R-I-G-H-T :shrug: