Fannie Mae’s economic forecasters say the bank runs of the last few weeks could be the trigger that tips the country into a recession as banks tighten commercial lending standards and consumer confidence worsens.
Office occupancy rates have declined 2 percent in the Bridgeport-Stamford-Norwalk area over the past year and the region now has the third-highest vacancy rate among top U.S. metros at nearly 28 percent.
The value of Waterford’s struggling Crystal Mall has fallen 88 percent in under a decade and now stands at just $19 million, according to a debt ratings agency.
