Commercial foreclosures pile up in Ventura County
As multimillion-dollar foreclosures continue to hit Ventura County, commercial real estate insiders and observers are worried that the pain in the market is a long way from over.
“We have a recovery in place, but it’s a very, very slow and weak recovery,” said Kirk Lesh, the senior real estate economist at California Lutheran University in Thousand Oaks.
Loan delinquency rates for Ventura County’s industrial properties jumped from 1.4 percent in March 2009 to 5.4 percent in March 2010, according to data complied by Daum Commercial Real Estate Services in Camarillo. For office space, delinquency rates went from 1.3 percent to 4.7 percent.