The AP has a story up today about the impact of the CRE crisis on apartment complexes. They note that the number of multifamily mortgages in foreclosure is up 1800% over the past two years. With mortgages on the complexes sinking underwater, owners are just up and walking away.

There was no heat or hot water, so for weeks Mary Fountain would fill a bowl and put it in the microwave, then strip off her extra layers to sponge herself clean.

Upstairs, her longtime neighbor, 70-year-old Gearaldine Davis, peers skeptically out at her balcony, hesitant to step onto the cracked concrete. The last time the city inspector came by, he told her he was afraid to walk out there.