Extend and pretend kicks into high gear. For example, the $975 million mortgage on a San Francisco office tower.
In 19 months, prices in San Francisco dropped nearly as much as in the first 19 months of Housing Bust 1. Bay Area is well behind. We’re keeping score.
How this mess came about is actually kind of funny, in a costly way.
“Not safe for the public’s operation.”
But the Bay Area cannot keep up with the spectacular collapse of prices during Housing Bust 1. That had been a doozie.
Not everyone is happy.
The clueless WSJ reporter needs to be taken to the woodshed. That kind of BS article doesn’t belong in the WSJ.
Union Bank made a deal to sell its tower at 75% off original listing price, setting the first new benchmark. Other towers waiting in the wings.
Step 3: The economy… but that step hasn’t happened yet.
Where is demand for homes supposed to come from when the population keeps declining?