U.S. strip malls vacancies are up to a 5 1/2 year high of 7.4%, ripples of the sub-prime meltdown. [WSJ]
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@HeyThereKiller: and the nail/tanning salon, dry cleaners, pawn shop/payday lender, and crappy pizza joints.
What's sad is that they contributed to urban sprawl and are becoming more empty where I live. They will never be torn down and will just be permanent eyesores until the next housing wave tears them down and builds new ones.
Wait, are you implying that the empty spaces in strip malls are only empty because the usual tenants would be subprime lenders?
@SaveMeJeebus: I like how you say "they will never be torn down" and in the same sentence say "...until the next housing wave tears them down..."
You so crazy.
While I'm not claiming to be smarter in economics than the WSJ, I would have to say that strip mall vacancies have been increasing long before the meltdown. I honestly don't see where one would have that kind of effect on another. Seems like we should blame global warming, lead paint and bad pot pies on the sub-prime situation. I don't even know why these adjustable rates have been such an issue. Granted getting ARM is not the wisest financial decision, but banks are willing to help the borrowers with a fixed rate mortgage. The bank looses BIG$$$$ on repo's.
Aw man, this is going to make shopping at Radioshack, Sports Authority, and Gamestop at the same time soooooo much more difficult!