D.C.-area developer Jeff Neal gives the Huffington Post Investigative Fund a tour of empty commercial properties just blocks from the Capitol. Hundreds of small and medium-size banks are facing huge numbers of possible defaults by builders who erected thousands of office towers, condominiums and shopping centers with the easy credit available five years ago.
Duration : 0:4:4
[youtube Q4TqcnID77c]
March 31st, 2010 at 2:21 am
kudos to Mr. Neal …
kudos to Mr. Neal for accepting blame for the failure of his project…and for those of you that think he should have built “low income housing”, what in the have you done lately?
March 31st, 2010 at 2:21 am
“unavoidable …
“unavoidable bloodbath” – that really drives home the extent of the crisis.
March 31st, 2010 at 2:21 am
You took a gamble …
You took a gamble and you lost. Gambling isn’t investing. If you want to get down to the root, you created bad karma because you’re developing properties for your own selfish reasons. You spoke of replacing “crack houses”?, How about developing modern AFFORDABLE housing instead? Why can’t you be happy with compensation for your time in planning projects instead of trying to make a killing? Your way of thinking is KILLING US, but you’re not missing the payment on the Benz yet are you?
March 31st, 2010 at 2:21 am
Wonderful piece. A …
Wonderful piece. A very sober analysis by this developer in a market that was less risky than most.
March 31st, 2010 at 2:21 am
In 2010 and 2011 …
In 2010 and 2011 1.6 trillion dollars of residential loans will adjust higher (Alt-A and Option-Adjustable-Rate loan programs). This will cause a softening of the market and the last 3 months of 2011 and the first 3 months of 2012 will be the softest time in Real Estate. Buy then.
March 31st, 2010 at 2:21 am
Silly goose his ego …
Silly goose his ego was too high to see the danger coming from over lending in the oversized, overbuilt, super size ‘big mac’ society. Something had to give sooner or later. And he thinks he’ll still bring down his children and they’ll be walking down the street and say ‘I thought of that’. What a moron.
March 31st, 2010 at 2:21 am
globalization who …
globalization who needs the American middleclass. Sure we built the country now were like the plus fifty executives dump us before retirement buy cheaper labor save a bundle. They seem to know or assume were spineless and take everything sitting down. Please don’t let them be right..
March 31st, 2010 at 2:21 am
I was going to buy …
I was going to buy a house in early December but then i was advised not to because apparently we might take another dip in February.
But who knows.
WE NEED TO GET THE GOVERNMENT OUT OF THE MARKET. THEY ARE DISTORTING THE PRICES.
March 31st, 2010 at 2:21 am
over 10% vacancy …
over 10% vacancy doesn’t come overnight. Think about that.
March 31st, 2010 at 2:21 am
Fascism is what’s …
Fascism is what’s being promoted by the powers-that-be as the cure-all for America’s ills.
March 31st, 2010 at 2:21 am
@procommenter No ” …
@procommenter No “ISM” is likely to save us.
March 31st, 2010 at 2:21 am
Fascism will save …
Fascism will save us, somehow.
March 31st, 2010 at 2:21 am
Well, the Sherman …
Well, the Sherman Anti-Trust Act does. But it doesn’t help that no one on the left or right seems to care about the Anti-Trust Act anymore. It doesn’t help that special interest lobbies like the American Medical Association, and special groups, like the insurance co. has specifically been exempted from that act.
Enforcing it is pretty simple; it’s just that no one does.
March 31st, 2010 at 2:21 am
No ‘help’ from the …
No ‘help’ from the in Washington,
by and large, there are laughing at what
is happening. Unfortunately these goats,
sheep, are actual people, people that
never learned to count past ’2′.. 1, 2,
3 Third Party Candidate, this could have
been avoided decades ago.
So ‘goats’, ‘sheep’ what have you, because
the masses can’t count to ’3′ [three], here
we are. Way to go ‘Amerika’, you wrote
the script to a tee.
March 31st, 2010 at 2:21 am
Well said. A …
Well said. A complete goat-fuck by design. Then when everyone is penniless, they’ll institute government everything to solve the problem. Problem=>Reaction=>Solution. Hear the sheeple bleat for help…. Heeeeeeelp meeeeeee!
March 31st, 2010 at 2:21 am
Saw this coming a …
Saw this coming a mile away.
On a side note, it didn’t help that these buildings displaced thousands of poor and low income people.
March 31st, 2010 at 2:21 am
That’s right Ladies …
That’s right Ladies & Gentleman,
The ‘Real’ real estate crash is on the
way. This will dwarf the fraudulent
‘housing crash’ by many magnitudes.
And, of course, further compound the
depression of housing prices. In other
words, This is Just The Beginning.
There will be ‘No Recovery’! Let’s make
that very clear. The U.S. is being
de-industrialized by the globalist,
inbred scum. Everything is proceeding
as planned.
Bang up job guys!
March 31st, 2010 at 2:21 am
These are the types …
These are the types of characters who have captured the
American government and gamed the US financial regulatory system for pure personal greed .
March 31st, 2010 at 2:21 am
Mixman77 please …
Mixman77 please this is not a republican thing or a democrat thing, this is a greedy, the only jobs left in america, are the building, and all the buildings are empty, because people are addicted to credit, look at the derivatives, how does it feel to be a red chinese democrat or red chinese republican? we are being so dumbed down by chemtrails nobody has the energy to think let alone build..
March 31st, 2010 at 2:21 am
I hate the …
I hate the developers, and eminent domain, and in california we got the builders line up to build green, and SB 375, on the horizon, california has never had a problem with natural development, but now we are overdeveloped and the SCAG and RHNA figures are still coming, fricking insane councils of governments under orders from the UN agenda 21 building clusterfucks
March 31st, 2010 at 2:21 am
This is exactly …
This is exactly right!
March 31st, 2010 at 2:21 am
So you’re telling …
So you’re telling me that you buy things you dont want to buy because the TV tells you to? You do that personally?
Hilarious. That pretty much explains your position on capitalism right there. You’ll believe and do anything exterior sources tell you to.
March 31st, 2010 at 2:21 am
We know the …
We know the democrats started the KKK and they caused the civil war by not wanting to end slavery. After the civil war the republicans placed 13 blacks into our government stating they had been done wrong and this would insure it wouldn’t happen again. The democrats protested them out and have protested black people in our government until the 60′s when they needed them. Please do not allow them to use you, Americans are too smart for this to happen to our great land. Bring America back in 2010!
March 31st, 2010 at 2:21 am
And who was it that …
And who was it that created these radical lending practices? THE DEMOCRAT – PERIOD! When Clinton was in office he is the one who brought in Rendition and he set up to lend to people who could not afford it. Then the DEMOCRATS purposed the tarp and rushed it through being they have had control of congress since 2006…to blame bush is simply ignorant and untrue and enough is enough…we need to make those responsible pay…THE DEMOCRATS…Tim G was chair on the first tarp bailout. We got set up!
March 31st, 2010 at 2:21 am
Lets be honest, if …
Lets be honest, if people like Neal were honest when they held the keys to the economy we all would not be in the place. These same business men on here crying about their loses are typically the ones who caused the problems to begin with through poor business practices. The only people who are truly suffering are the hard working Americans who are now of work because of these business moves. We need honest people in America and boot the rest! The DEMOCRATS have really screwed us!