General Growth Properties, Inc., the second largest mall operator in the USA has filed for bankruptcy protection. General Growth has a debt of over $27 billion and operates more than 200 properties, 158 of which will fall under the bankruptcy filing. According to Reuters, this is the largest real estate bankruptcy filing in history.
While it may come as a surprise, regular readers of SHTFplan.com knew this was just a matter of time, as Trends Research Founder Gerald Celente forecast a real estate collapse that would begin right around this time:
Who’s going to rent all this vacant retail space? This country’s been way overbuilt for a long time. This is where the real credit crisis is. It’s going to make the sub-prime look like peanuts because no one is going to rent this empty vacant space. You’re going to see ghost malls start springing up all over America.
This may be the starting point for what Mr. Celente calls the “Collapse of ’09.”
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