Las Vegas Sun

According to the Las Vegas Sun Leonard Rosen, a formeranchor at the Financial News Network who hosted the seminar, saidthe market is imploding with $300 billion of the $1.8 trillion incommercial mortgages that are in arrears in metropolitan areas. LasVegas has the highest percentage of troubled commercial real estatein the country. "There is going to be a huge commercial crash, andthat's happening now," said Rosen, who nevertheless acknowledgedmore banks are working with property owners, according to thepaper. "This is an extremely dynamic and powerful force, and it'sgoing to impact the overall economy."

Many hedge funds with real estate portfolios have been underfinancial pressure, and many have gone out of business as have manylarge hard-money lenders, Rosen said. "But for every one going outof business, there are new lenders to take advantage of the currentopportunities. Real estate values are becoming more in line withreality."