Las Vegas Sun

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

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

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