I don't talk about work very much, but as I was sitting at my desk looking outside today I was reminded of one of the reasons we have a mess. Can you see the crane behind this church?
And, this building below? It's going to have about as many tenants when it's finished as it does right now. (And no, those people walking around aren't tenants. They're construction workers.) There are going to be more buildings than we have people.
And, more borrowers than lenders. And therein lies the problem. As all those loans that are out there today come due, not all them will get refinanced. Some of the borrowers should have never borrowed money to begin with and others just got caught up in the cycle of credit. Hold on...this year's going to be a doozy.
