Sam Zell: "Very few" properties worth more than their debt

04/28/2009 | Bloomberg

With the decline in commercial property values, there are very few properties that were financed between 2003 and 2007 that are today "above water," says Sam Zell, chairman of Equity Group Investments LLC. The sale of distressed debt to third-party investors will continue for the next two or three years as overleveraged properties go into foreclosure, he said.

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