Posted on Sunday, June 7, 2009
Global sales are down to about $50 billion compared to the most recent high of almost $400 billion. Global defaults and failures exceeded $55 billion during the first quarter of 2009 bringing the total value of all defaults and failures to $153 billion, a 56% increase from fourth quarter 2008. The total number in the US is $75 billion. Far more assets are becoming troubled than being resolved. Lenders are extending and modifying loans at record rates due to illiquidity in the marketplace. By the end of first quarter 2009 $36 billion had been restructured.