Last week's GlobeSt.com Quick Poll asked readers if thecredit crisis has ended yet. A total of 65% of voters respondedthat we are in no way out of the worst or near the bottom. GregSchecher, managing director of Johnson Capital in Boca Raton, tellsGlobeSt.com about the challenges facing the credit market inFlorida, and what needs to happen before we see a recovery:

"Whether or not the credit freeze thaws sooner or later dependsupon quite a few key variables that are not readily discernable asof yet. Billions of dollars of assets, mostly mortgage loans, areslated to be sold by TARP at prices that will be determined byauctions that will occur over an indeterminable period of time. Theabundant volume of investment supply could create downward pressureon all real estate and mortgage asset values. A prolonged saleprocess or the fire sale purchase of TARP assets could serve todamage the prospects of a speedy recovery of the commercial realestate markets.

"The wild card for the recovery of Florida commercial realestate is the volume of commercial tenant lease defaults. Shouldretailers enjoy strong sales this holiday season, thelower-leveraged retail businesses will use cash flow to supplementborrowing as the general recession eases and credit becomesavailable. Poor holiday sales coupled with the lack of credit willexacerbate the plight of the higher leveraged retailers who areblocked from borrowing. This could result in higher vacancies in2009 and lower asset values thereafter.