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General Growth, the 2nd largest U.S. Mall owner has filed for bankruptcy. General Growth owns 244 malls throughout the U.S.
They said Commercial real estate would be the next hammer to fall. Looks like it is indeed falling. Their stock was trading earlier this morning at .60 a share, and is now halted. This company has $29.5 Billion in assets. The malls General Growth owns are scattered throughout, from Boston to Las Vegas.
It's getting ugly, and we're only in the 3rd inning. Oh, wait.....the largest mall owner in our country files bankruptcy, and guess what the market is doing today? Yep. RALLY!!! Ya think someone's propping the market? Just a little? Yeah.