Pay attention. If prim and proper BB&T is taking hits as a result of the weak commercial real estate market across the Southeast — then we have a pretty weak commercial real estate market across the Southeast.
Does not mean that it will not rebound, but job losses need to abate for both the retail and office space sectors to reverse course. And that may take several more quarters, certainly in North and South Carolina.
Bonus Observation: Three time loser GMAC — federal, state, and local bailout sponge — is wading into the warehousing of mortgage loans, funding outside bankers and then hoping — ultimately — that the Federal Reserve will back it all up. This’ll end will.
