The bankruptcy of General Growth Properties is being seen as a harbinger of what's to come. It was a generally strong operating company, with properties like the South Street Seaport in New York and the Tysons Corner mall in McLean, Va. The problem was a heavy debt load that stemmed from a big acquisition in 2004, which made it impossible to refinance its debts.

The Economist notes that we may be in for a lot more of the same. By one measure (Foresight Analytics) nearly $600 billion of commercial mortgages will mature between 2009 and 2011. The big issue is how will any of the developers roll this over. Many banks are extending loan terms, buying themselves some time. But it will likely not be enough. This will hit a lot of regional banks just as much as the big national ones.

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