Things are really just getting started here in Atlanta.

I see approximately $4 billion dollars of commercial property within one mile of my home in Buckhead which is or very soon will be in default.

There are 8000 more condominiums and apartments in Atlanta than the market can absorb despite severe price reductions and other incentives to purchase or rent.

There are over 150,000 houses and developed residential lots which are in default or will soon be in default. The bankers are keeping most of the already defaulted properties off the market to avoid a complete collapse of the housing market.

Most of the residential defaults in 2010 will be ARM Jumbo loans which will be more devastating to the economy than has been the subprime defaults.

2010 will be a most interesting year.

- Michael

Related Posts:

• Politics, shaky economy create no rush to restructure Fannie and Freddie
• Coming Collapse, worse than 2008 collapse!
• The collapse must be getting closer
• Al Jazeera’s Melissa Chan reports from Inner Mongolia, where a whole town built with government money is standing empty.
• Housing will come down to 50% of what it was at the peak.

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