One By One Commercial Buildings Collapse

[Neubarth]

Houston: One By One Commercial Buildings Collapse

The upscale Montage apartment tower across from Hermann Park fell into foreclosure this week, just months after its twin — The Mosaic — suffered a similar fate.
It's the latest turn of events for the high-end residential project built in the second half of the 2000s.
With nearly 800 units in the twin towers combined, real estate observers expressed concern after the project was announced that there would be enough demand in a city where high-rise living isn't the norm.
Both 29-story buildings originally were planned as for-sale condominium towers. But after sluggish sales, the developer said at the end of 2008 it was turning the second building into a rental tower and renaming it Montage.
A subsidiary of Corus Construction Ventures foreclosed on the property Tuesday, said Jim Dow, a senior vice president with the firm.
The company took over the loan on the building after the original lender, Corus Bank, was seized by the Federal Deposit Insurance Corp. late last year.

29-story Houston tower joins its twin in foreclosure | Business | Chron.com - Houston Chronicle
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Building after building is falling into foreclosure here in San Diego, too. The banks are taking a hell of a beating in my neighborhood.

 

[Baruch Menachem]

You seem to be getting an unholy glee from these stories that is intensely disturbing.

 

[Douger]

You seem to be getting an unholy glee from these stories that is intensely disturbing.

NO. He is warning you to wake the fuck up.

 

[uscitizen]

A handful of us tried to warn the rest of what was coming. We were just ridiculed for it.

 

[dilloduck]

There's not a damn thing we are going to do but watch it happen. Vote again? Big Woo
Look where that got us

 

[Neubarth]

I am trying my best to warn people that another collapse is coming. There is no indication of an economic recovery. Not even a hint of one.

All of the insane lies about recovery not withstanding. All of the major indicators show us that we are still collapsing month after month. Earnings are plunging, yet with all of the lies, the administration has managed to get a hell of a lot of people to put their life savings back into the stock market.

Now some on this board would probably say, serves them right if they lose their life savings.

I favor trying to save as many people as possible from the pain.