Commercial Real Estate - blood is in the boardroom not the streets... yet

'Tremendous' Distress in Commercial Real Estate: CEO - CNBC

"It's happening down the road," Scott Rechler, CEO of RXR Realty told CNBC today.

When you look at the commercial real estate market right now, "there is a tremendous amount of distress that is not really visible yet," Rechler said.

Today "the blood is really in the boardroom behind closed doors where people are negotiating to solve problems," he said.

short sale, foreclosure and credit effects

You can see that the late payments do a lot of damage to people with good credit scores. 
I suggest you find ways to set up your file, so you can position to rebuild your credit as fast as possible after the short sale or foreclosure

How foreclosure impacts your credit score - Apr. 22, 2010

Recently, Fair Isaac, which developed FICO scores, pulled back the curtain a bit, revealing some estimates of point-score declines following mortgage delinquency problems.

Here are the average hit your credit will take:

30 days late: 40 - 110 points

90 days late: 70 - 135 points

Foreclosure, short sale or deed-in-lieu: 85 - 160

Bankruptcy: 130 - 240

To come to these figures, Fair Isaac created two hypothetical consumers, one who starts out with a fair-to-middling score of 680 and the other with a very good one of 780. (FICO scores range from 300 to 850.)