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FDIC Property Sales Approaching 90’s Levels

November 17, 2009

In 1994, the FDIC unloaded about $1.16B worth of land and buildings. In the first nine months of this year, the FDIC unloaded about $727M. 112 of the 1,706 properties sold so far this year have been in California, with a lion’s share taking place in Georgia where the FDIC has sold some 900 properties.

The largest sale this year was $59M, and the FDIC currently has 1,500 properties for sale at less than $1M. The numbers are probably not adjusted for inflation so they are a bit misleading, but nonetheless, we anticipate that banks will continue to suffer and that there is a good chance that 2010 will blow through 2009’s numbers as the FDIC is still working on getting its hands around sales.

In addition to these numbers though, some banks which have been taken over have had their assets swallowed by the acquiring bank. Those assets are excluded from these numbers so the true number of FDIC-related asset sales is much, much higher.

[via Bloomberg]

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Categories: Commercial Finance and Lending | Commercial Real Estate Investing
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