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George Soros: CRE Bloodletting To Come

October 30, 2009

There has been an increasing amount of optimism within some CRE circles that the distress is somehow going to not materialize. We’d like to agree, but we’re waiting for the employment and wage growth numbers to markedly turn before we start to believe the same thing, though it is comforting to know though that we’re not behind in our thinking.

George Soros on CRE and LBO’s.

“In commercial real estate and leveraged buyouts, the bloodletting is yet to come,” Soros said today during a lecture organized by the Central European University in Budapest, where he was born. “These factors will continue to weigh on the American economy, and the American consumer will no longer be able to serve as the motor for the world economy.”

The global economic recovery is “liable to run out of steam,” and a “double dip” recession may follow in 2010 or 2011, said the 79-year-old Soros.

[via Bloomberg]

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