Foreclosure filings rose 21% in the first half of the year, while short sales jumped 16% in the first quarter as more underwater owners looked for a way out.

Pending home sales fell 5.4% in June, and major builders are cutting prices to their lowest level in nearly a decade to move inventory.

Miss This Whole Foods-Anchored Deal?

Did you catch this week’s deal breakdown?

The project’s developer just broke ground on a Whole Foods-anchored district backed by over $35 million in private equity.

The site sits at a major interstate interchange in one of the fastest-growing regions in the country.

We covered the five reasons this project stood out, including a major corporate headquarters relocation and three decades of local development history behind the sponsor.

Read the full breakdown here

In commercial real estate, years of extensions are giving way to paydowns, note sales, foreclosures and fresh equity.

CLO managers are also facing new questions: did they resolve troubled loans, or just move them off the books?

Here’s where homeowners, builders and lenders are being forced to accept today’s price.

🏠 Foreclosures Jump 21% in Six Months

🚨 Short Sales Surge 16% in Just One Quarter

📉 Pending Home Sales Sink 5.4% in June

🏗️ Builders Slash Prices to Decade Low

🏢 CRE Loans Hit Make-or-Break Point

🔍 CLO Managers Face New Debt Scrutiny

Video of the Week: Is Washington State Facing A Housing Crash As Inventory Explodes?

Chart of the Week: Delinquent Multifamily Balances Hit $9.78 billion

Podcast of the Week: Next Big Downdraft For Housing Market To Start Soon

Foreclosures Jump 21%, but Timelines Tell the Real Story

Filings hit their highest first-half total since 2019, and Florida, South Carolina, and Indiana lead the nation. Faster processing points mostly to a market normalizing after 2021’s freeze, with rising strain among a smaller share of homeowners.

CRE Borrowers Run Out of Room to Wait

After years of extensions, commercial lenders are starting to ask a harder question: can this property refinance today, or does it need a paydown, new equity, or the exit ramp? The answer is splitting winners from losers fast.

Underwater Owners Are Choosing the Exit Before It’s Made for Them

Short-sale transactions accelerated 16% in the first quarter, concentrated in post-2020 boomtowns like Lakeland, FL. Stagnant prices and rising insurance costs are eating into what little equity these owners have left.

Builders Are Discounting at the Steepest Pace in Nearly a Decade

Over a third of builders cut prices in June and most are throwing in incentives, dragging Lennar’s average sale price down to roughly $371,000. For investors, that’s the widest discount window in years, not a decade-low price.

Buyers Are Sitting Out, and Pending Sales Just Proved It

NAR’s pending sales index fell 5.4% in June, dropping in every region as high mortgage rates and record prices push buyers back to the sidelines. The Midwest took the hardest hit.

CRE CLO Managers Are Playing a Different Game Than Everyone Else

While CMBS servicers face pressure to resolve troubled loans, CRE CLO managers have been quietly buying bad debt off their own securitizations and reworking it with little outside visibility.

Video of the week

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With more than $35.6M in private equity already raised and a $14.8M land contribution, Realberry is thrilled to publicly unveil its newest investment opportunity: Avenue South, a Whole Foods Market-anchored mixed-use lifestyle development taking shape within Centerra, the award-winning master-planned community in Loveland, Colorado. Vertical construction on the retail core broke ground this June, marking the project's exciting shift from sitework to delivery of a vibrant, walkable district bringing retail, dining, office space, and hundreds of new homes to the high-traffic I-25/U.S. 34 interchange.

*Anticipated, subject to change depending on market conditions.

1. Loveland’s First Whole Foods Market: A Signal of Market Strength

Avenue South will include Loveland’s first Whole Foods Market - and that matters beyond square footage. The 37,000-SF anchor signals market confidence and supports sustained demand for surrounding tenants.

2. Expansion of An Established Master-Planned Community

Realberry developed Centerra from the original land purchase more than 30 years ago and has held it in its portfolio ever since, investing in the community alongside the City of Loveland from day one. Today, Centerra is a 3,300-acre master-planned community that supports 8,000+ employees, 4,700+ homes, and 150+ businesses. Avenue South expands that platform. The local knowledge and institutional relationships Realberry has built with the City of Loveland over three decades represent a meaningful structural advantage for this project.

3. One of the Fastest-Growing Markets in the Nation

Avenue South sits in the middle of Colorado’s Front Range, a region consistently ranked among the top places to live. The state’s real GDP is projected to grow above the national forecast in 2026 with personal income historically outpacing inflation. Colorado’s population has grown 38% since 2000 and is projected to add 1.5 million more people by 2050. Avenue South is positioned at the center of this demand.

4. Diversified Use Mix with Major Office Anchor

At full buildout, Avenue South anticipates delivering nearly 57,000 SF of office space, in addition to a 120,000 SF corporate headquarters for Hensel Phelps - a Northern Colorado-based general contractor with approximately 4,700 employees, relocating from Greeley.

5. Strong Sponsor Alignment

Realberry is co-investing alongside LP investors in this offering, reinforcing conviction in the opportunity and alignment of interests through the life of the investment. That alignment runs through every decision made on this project, and it is a meaningful signal about where management’s interests sit relative to yours.

^{Registration required to access offering documents and videos at realberry.com.}

Securities offered through North Capital Private Securities, Member FINRA/SIPC. Its Form CRS may be found here and its BrokerCheck profile may be found here. NCPS does not make investment recommendations and no communication, through this website or in any other medium, should be construed as a recommendation for any security offered on or off this investment platform. This website is intended solely for qualified investors. Certain statements may be forward-looking and involve risks and uncertainties, and actual results may differ. Investments in private offerings are speculative, illiquid, and may result in a complete loss of capital. Past performance is not indicative of future results. Neither we nor NCPS provide investment, legal, tax, or accounting advice and do not act as a fiduciary to you. Prospective investors should conduct their own due diligence and are encouraged to consult with a financial advisor, attorney, accountant, and any other professional that can help them to understand and assess the risks associated with any investment opportunity.

Realberry, 1800 Wazee Street, Suite 200, Denver, CO 80202

With more than $35.6M in private equity already raised and a $14.8M land contribution, Realberry is thrilled to publicly unveil its newest investment opportunity: Avenue South, a Whole Foods Market-anchored mixed-use lifestyle development taking shape within Centerra, the award-winning master-planned community in Loveland, Colorado. Vertical construction on the retail core broke ground this June, marking the project's exciting shift from sitework to delivery of a vibrant, walkable district bringing retail, dining, office space, and hundreds of new homes to the high-traffic I-25/U.S. 34 interchange.

*Anticipated, subject to change depending on market conditions.

1. Loveland’s First Whole Foods Market: A Signal of Market Strength

Avenue South will include Loveland’s first Whole Foods Market - and that matters beyond square footage. The 37,000-SF anchor signals market confidence and supports sustained demand for surrounding tenants.

2. Expansion of An Established Master-Planned Community

Realberry developed Centerra from the original land purchase more than 30 years ago and has held it in its portfolio ever since, investing in the community alongside the City of Loveland from day one. Today, Centerra is a 3,300-acre master-planned community that supports 8,000+ employees, 4,700+ homes, and 150+ businesses. Avenue South expands that platform. The local knowledge and institutional relationships Realberry has built with the City of Loveland over three decades represent a meaningful structural advantage for this project.

3. One of the Fastest-Growing Markets in the Nation

Avenue South sits in the middle of Colorado’s Front Range, a region consistently ranked among the top places to live. The state’s real GDP is projected to grow above the national forecast in 2026 with personal income historically outpacing inflation. Colorado’s population has grown 38% since 2000 and is projected to add 1.5 million more people by 2050. Avenue South is positioned at the center of this demand.

4. Diversified Use Mix with Major Office Anchor

At full buildout, Avenue South anticipates delivering nearly 57,000 SF of office space, in addition to a 120,000 SF corporate headquarters for Hensel Phelps - a Northern Colorado-based general contractor with approximately 4,700 employees, relocating from Greeley.

5. Strong Sponsor Alignment

Realberry is co-investing alongside LP investors in this offering, reinforcing conviction in the opportunity and alignment of interests through the life of the investment. That alignment runs through every decision made on this project, and it is a meaningful signal about where management’s interests sit relative to yours.

^{Registration required to access offering documents and videos at realberry.com.}

Securities offered through North Capital Private Securities, Member FINRA/SIPC. Its Form CRS may be found here and its BrokerCheck profile may be found here. NCPS does not make investment recommendations and no communication, through this website or in any other medium, should be construed as a recommendation for any security offered on or off this investment platform. This website is intended solely for qualified investors. Certain statements may be forward-looking and involve risks and uncertainties, and actual results may differ. Investments in private offerings are speculative, illiquid, and may result in a complete loss of capital. Past performance is not indicative of future results. Neither we nor NCPS provide investment, legal, tax, or accounting advice and do not act as a fiduciary to you. Prospective investors should conduct their own due diligence and are encouraged to consult with a financial advisor, attorney, accountant, and any other professional that can help them to understand and assess the risks associated with any investment opportunity.

Realberry, 1800 Wazee Street, Suite 200, Denver, CO 80202

Legal inquiries hit their highest level since 2020, pointing to more filings over the next two quarters.

But the growing distress is creating negotiation before forced sales.

Passive Cash-Flowing Properties

Buy shares of investment properties, earn rental income & appreciation for anywhere from $100 to $20k — let Arrived take care of the rest.

Browse Properties

Pandemic-era buyers are turning to short sales as lost equity traps them in weakening markets.

Bankrupt retailers are rejecting leases, while lenders restructured a $1.8B office loan after two defaults.

Here’s where stress is becoming foreclosure inventory, discounted sales, lower rents, and reworked debt:

🏚️ Foreclosure Filings Jump 21%

⚖️ Foreclosure Inquiries Hit 2020 High

📉 Short Sales Rise as Equity Shrinks

🏬 Retail Bankruptcies Force Lease Talks

🏢 $1.8B Office Loan Avoids Foreclosure

Video of the Week: Midwest Value, Growth & Distress in 2026

Chart of the Week: CMBS loans in special servicing increased in June to $66.76 billion

Podcast of the Week: The Housing Market Just Took a Strange Turn

Foreclosure Filings Rise 21% in First Half

U.S. foreclosure starts climbed 18% and bank repossessions rose 33%, while Idaho, Colorado, and Georgia recorded some of the sharpest annual increases.

Foreclosure Inquiries Hit Highest Level Since 2020

Legal inquiries have risen for three consecutive quarters, providing an early signal that historically leads actual foreclosure filings by one to two quarters.

Short Sales Rise as Pandemic Buyers Lose Equity

Short-sale transactions increased 16% in early 2026 as weakening prices trapped peak-market buyers, with Lakeland, Colorado Springs, and Pueblo emerging as hotspots.

Retail Bankruptcies Push Leases Into Negotiation

Corporate bankruptcies rose nearly 12%, allowing struggling retailers and restaurants to reject leases, demand lower rents, and force landlords to reprice weak locations.

$1.8B Office Loan Pulled Back From the Brink

Columbia Property Trust restructured debt on a seven-building portfolio after two defaults, canceling foreclosures and extending the loan to 2028.

Video of the week

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That opportunity is widening as new home inventory reaches levels unseen since the aftermath of the 2008 financial crisis, with builders cutting prices to move unsold homes.

Passive Cash-Flowing Properties

Buy shares of investment properties, earn rental income & appreciation for anywhere from $100 to $20k — let Arrived take care of the rest.

Browse Properties

At the same time, insurance premiums have doubled in Colorado since 2020, crushing cash flow as foreclosures jump 51%.

The pressure has reached commercial real estate too, where New York’s largest owners are selling minority stakes and teaming up as traditional equity dries up.

More supply is hitting the market while the cost of holding it keeps climbing.

Here’s where excess supply, rising expenses, and scarce capital are creating the next wave of discounted deals:

🏚️ Bank-Owned Homes Sell 27% Below Value

🏗️ New Home Inventory Hits 2008 Levels

🏙️ NYC Landlords Sell Stakes to Survive

🚪 Sellers Outnumber Buyers at Record Pace

📊 Colorado Insurance Premiums Double

Video of the Week: “Crash Pricing” Setting In As Distressed Home Sellers Capitulate

Chart of the Week: States Most Delinquent on Debt Payments

Podcast of the Week: Housing Distress Is About To Go National

REO Discounts Widen as Foreclosures Rise

Bank-owned homes are selling 27.2% below estimated value, and national foreclosures just hit their highest level in nearly seven years, per Realtor.com and MBA data. The steepest concentrations are showing up in Lake Charles, Tuscaloosa, Dayton, Davenport, and Montgomery.

Builder Inventory Creates Negotiating Power

Builders are blinking first. New-construction inventory has climbed to levels last seen in the aftermath of the 2008 crash, and 35% of builders cut prices in June while 62% layered on incentives to move unsold homes.

NYC Developers Trade Ownership for Liquidity

New York’s biggest owners are giving up full control to keep deals moving. With institutional equity scarce, players like SL Green and RXR are selling minority stakes and forming joint ventures to recapitalize major projects instead of funding them solo.

Housing Supply Builds Against Weak Demand

Home sellers now outnumber buyers by the widest margin Redfin has recorded since it started tracking the metric in 2013. Existing single-family inventory sits at decade highs, condo inventory at a twelve-year high, and rents are softening as affordability stays tight. One analyst tracking ATTOM data flagged 2025’s foreclosure rate as a six-year high and expects further pressure into Q4, a view worth watching rather than banking on.

Insurance Costs Push Colorado Into Distress

Colorado homeowners insurance has more than doubled since 2020, and foreclosures in the state climbed 51% year over year alongside it. Rising taxes and insurance premiums are emerging as the biggest drag on landlord cash flow nationwide.

Video of the week

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The refinancing wall is adding more pressure, with $875 billion in commercial and multifamily debt maturing this year and another $652 billion due in 2027.

Passive Cash-Flowing Properties

Buy shares of investment properties, earn rental income & appreciation for anywhere from $100 to $20k — let Arrived take care of the rest.

Browse Properties

Foreclosure pressure is rising too, especially in markets where affordability is already stretched by insurance, taxes, unemployment, and high monthly payments.

Underwater mortgages are also creeping higher across most states, giving investors a clearer map of which owners have fewer options if prices soften.

Here’s where residential defaults, CMBS stress, and refinancing pressure are starting to create motivated sellers and distressed pricing:

🏚️ Foreclosures Surge in Key Markets

📊 CMBS Distress Jumps to 11.86%

⏳ $1.5T CRE Debt Wall Hits

🏦 CMBS Maturity Defaults Keep Rising

🧭 Underwater Mortgages Creep Higher

Video of the Week: The BIGGEST Housing Market LIE BEING TOLD RIGHT NOW

Chart of the Week: Home Prices Are Falling Fastest in These Cities

Podcast of the Week: Where Investors Are Buying Cash Flow Real Estate in 2026

Mortgage Defaults Surge in Key Markets

Foreclosure pressure is rising fastest in states like Florida, South Carolina, Maryland, Nevada, and Indiana as insurance, taxes, unemployment, and high monthly payments push weaker owners closer to forced sales.

CMBS Distress Jumps to 11.86%

Commercial real estate stress is moving deeper into workouts, with CRED iQ’s CMBS distress rate rising 78 basis points in May as special servicing continues to run ahead of delinquency.

$1.5T CRE Debt Wall Forces Action

A massive refinancing cycle is turning into a deal catalyst, with $875B in commercial and multifamily debt maturing in 2026 and another $652B due in 2027 as borrowers face much higher refinancing costs.

CMBS Maturity Defaults Keep Building

Headline CMBS delinquency stayed flat at 7.55%, but the effective rate reached 9.17% when performing matured balloons are included, showing that refinancing friction remains the real pressure point.

Underwater Mortgages Creep Higher

Seriously underwater mortgages rose to 3.2% of mortgaged homes in Q1, with Louisiana, Kentucky, Mississippi, Oklahoma, and Arkansas showing where homeowners have the fewest exits if prices soften.

Video of the week

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• Stable income.

• Lower volatility.

• Away from the daily noise of stocks and bonds.

But 2026 is starting to test that story.

9fin reviewed 19 public BDCs and found that headline categories may not show the full risk picture.

Some exposure was sitting inside labels like healthcare technology, internet services, and prof…

Read more

CMBS distress has more than doubled since mid-2022, when it sat near 5%.

It climbed again in May to 11.86%, with new troubled loans entering the pipeline faster than existing ones are resolved.

Passive Cash-Flowing Properties

Buy shares of investment properties, earn rental income & appreciation for anywhere from $100 to $20k — let Arrived take care of the rest.

Browse Properties

CBDs are absorbing most of the damage.

Distressed assets now account for more than a third of transacted CBD square footage since 2024, and nearly three quarters of repeat-sale CBD properties have changed hands at a discount.

The proof is showing up in real deals.

A multifamily REIT’s $280 million apartment sale just fell through, forcing it to pull its payout estimate and restart marketing from scratch.

Here’s where stress is turning into price discovery, failed sales, and the next set of distressed opportunities:

🏢 CBD Office Distress Deepens

📉 CMBS Distress Jumps to 11.86%

🔄 New Stress Outpaces Loan Fixes

💥 REIT’s $280M Sale Falls Apart

🏘️ Housing Supply May Outrun Demand

Video of the Week: She Bought the Property Most People Ignore. It Makes $29,000/Month.

Chart of the Week: CRE Delinquency Rate by Bank Size

Podcast of the Week: The Simple Lead Gen Systems Behind a $30M Solo Agent

CBD Office Distress Deepens

Distressed sales now account for more than a third of transacted CBD office space since 2024, showing where falling values, hybrid work, and flight-to-quality pressure are creating the clearest price discovery.

CMBS Distress Jumps Again

The overall CMBS distress rate rose to 11.86% in May, more than double its mid-2022 level, as delinquency and special servicing both climbed across securitized commercial real estate.

New Stress Outpaces Loan Resolutions

Troubled CMBS loans are still being worked out, but new problem loans are entering the pipeline faster than old ones are being resolved, keeping pressure on office, mixed-use, lodging, and multifamily assets.

REIT Liquidation Hits a Wall

Elme Communities’ $280 million apartment sale fell through, forcing the dissolving REIT to withdraw its payout estimate and restart marketing on a key asset needed to repay its remaining loan balance.

Housing Supply May Outrun Demand

The MBA warns that slower household formation, aging demographics, reduced immigration, and new inventory could cause supply to outpace demand in some metros, putting pressure on future home prices.

Video of the week

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Foreclosure filings eased from April but are still 14% higher than last year, led by Florida, South Carolina, Maryland, Nevada, and Indiana, with FHA borrowers driving most of the new mortgage stress.

The same former boom markets are showing up again on the other side of the deal.

Passive Cash-Flowing Properties

Buy shares of investment properties, earn rental income & appreciation for anywhere from $100 to $20k — let Arrived take care of the rest.

Browse Properties

In Atlanta, Fort Worth, and Jacksonville, sellers now outnumber buyers by 60% to 70% or more, and roughly 1 in 5 contracts is falling apart before closing.

Builders are reading the room too, with single-family starts at an eight-month low and overall construction down to a six-year low.

Here’s where these threads are starting to point to the next pockets of opportunity:

🏚️ Foreclosures Rise 14% Yearly

⚠️ FHA Distress Drives Delinquencies

🚪 Boom Markets Lead Canceled Deals

🏗️ Single-Family Starts Hit 8-Month Low

🏢 Multifamily Starts Plunge 40%

Video of the Week: New Home Prices Are CRASHING

Chart of the Week: Defaults in debt markets are starting again

Podcast of the Week: NEW BILL Gives Huge Tax Break to Select Boomer Home Sellers

Foreclosure Rates Remain Elevated by State

Foreclosure filings eased from April but remained 14% higher than last year, with Florida, South Carolina, Maryland, Nevada, and Indiana showing where distress is most concentrated.

FHA Borrowers Drive New Mortgage Stress

National delinquencies are still below pre-pandemic levels, but serious FHA delinquencies are rising sharply and now account for most of the new borrower distress.

Former Boom Markets See Deals Fall Apart

Atlanta, Fort Worth, Jacksonville, San Antonio, and Orlando now lead the country in canceled contracts as buyer leverage grows and sellers struggle to keep deals together.

Single-Family Starts Hit an Eight-Month Low

Builders are pulling back as high rates, weak demand, elevated inventory, and rising construction costs pressure new-home markets, especially in the South and West.

Multifamily Starts Tumble 40%

Apartment and condo construction plunged in May as financing costs, insurance pressure, and economic uncertainty forced developers to slow new projects.

Video of the week

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They expected to refinance before the reset hit.

The rates never came down, but the resets did.

The State of Private Credit

Free Download

Private credit built its growth story on software, retail capital, and loose docs.

And right now, all three are under pressure simultaneously.

In our state of private credit 2026 whitepaper, we map where those pressures stand at the halfway point, and where they’re most likely to land in H2.

We look at:

1. Why secondary markets have quietly become the primary liquidity management tool in direct lending

2. What the BDC redemption wave actually tells us

3. The documentation shift happening in new facilities post-First Brands

4. Q1 2026 data: 540 US deals, spreads back to S+500bps, and what it means that private credit just outpaced BSL on deal count for the first time since Q2 last year

5. Where the opportunities lie in H2

That pressure is now showing up in the foreclosure data, with filings up 14% from a year ago and Florida now holding the worst foreclosure rate in the country.

It is also showing up in markets like Nashville, Miami, Austin, Houston, and San Antonio, where sellers now outnumber buyers by more than 100%.

Lender-controlled assets are starting to surface too, from a Freddie Mac-owned Austin site heading to auction to bankrupt hotel, office, and multifamily loans moving through foreclosure, special servicing, or the open market.

🏚️ Florida Foreclosures Lead Nation

🏗️ Austin Redevelopment Site Hits Auction

🏦 Lender-Controlled Assets Surface

📉 Boom Towns Turn Buyer-Friendly

📊 Demand Growth Masks Price Cuts

Video of the Week: How to Buy Cheap Rental Properties in ANY Market (Off Market)

Chart of the Week: CMBS Distress Rankings

Podcast of the Week: We Have 1-2 Months Before the Economy Breaks

Florida Leads the Nation in Foreclosures

Foreclosure filings rose 14% from a year ago, with Florida posting the worst foreclosure rate in the country as higher ownership costs, insurance pressure, and rate buydown resets push more borrowers toward default.

Freddie Mac-Owned Austin Site Heads to Auction

A vacant 20-acre apartment redevelopment site in southeast Austin is heading to auction after Freddie Mac took the property back from a defaulted borrower, creating a live test for distressed land pricing in a former boom market.

Lender-Controlled Assets Surface Across Property Types

Bankrupt hotel projects, downtown office towers, special-serviced Manhattan debt, and Freddie Mac multifamily loans are all moving through auctions, foreclosure, or workout activity as lender pressure becomes more visible.

Former Pandemic Boom Towns Turn Into Buyer Markets

Sellers now outnumber buyers by more than 100% in markets like Nashville, Miami, Austin, Houston, and San Antonio, giving investors more negotiating leverage in metros that were once defined by excess demand.

Demand Growth Splits Into Strength and Repricing

Positive sales growth is masking two different markets, with some metros growing from tight inventory and strong absorption while pandemic boom markets rely more heavily on price cuts, concessions, and seller adjustment.

Video of the week

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The former agency headquarters lost 97% of its value after foreclosure, turning years of refinancing pressure into a completed repricing event.

That pressure is spreading as bond volatility makes CRE capital harder to price and harder to secure.

At the same time, home prices are falling again, buyers are rejecting high asking prices, and sellers are pulling listings instead of cutting.

Builders are facing the same problem as new home inventory rises and sales cool.

Here’s where buyer demand is thinning out and where pressured sellers are starting to lose leverage:

🏚️ D.C. Office Value Drops 97%

📊 Bond Turbulence Hits CRE Deals

🚪 Sellers Pull Listings Near Record High

🏗️ New Home Supply Jumps to 9.4 Months

🏙️ D.C. Condo Owners Become Landlords

Video of the Week: How to Find Value-Add MultifamilyDeals in 2026

Chart of the Week: Mortgage Delinquencies by Neighbourhood Income

Podcast of the Week: Forced Selling Has Begun for This Part of the Real Estate Market

Vacant D.C. Office Value Drops 97% After Foreclosure

A former D.C. agency headquarters was reappraised from $18.1M to just $550K after foreclosure, showing how fast office values can collapse when a building loses its tenant and refinancing options disappear.

Bond Market Turbulence Hits CRE Deals

CRE transaction momentum is weakening as Treasury yields rise, debt costs stay elevated, and the pool of bidders gets shallower, making it harder for owners to refinance, sell, or justify old valuations.

Sellers Pull Listings at Near-Record Rates

A near-record 5.8% of U.S. home listings were pulled off the market in April as buyers rejected high prices, forcing sellers to either cut, wait, relist, or rent instead.

New Home Inventory Builds as Sales Fall

New home sales dropped 6.2% month over month and 11.3% year over year in April, pushing supply up to 9.4 months and adding pressure on builders to compete for fewer buyers.

D.C. Condo Owners Become Reluctant Landlords

D.C. condo sales have fallen to a decade low while new condo rentals hit a decade high, showing how stalled exits are turning would-be sellers into landlords just to avoid taking a loss.

Video of the week

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That is where stress starts turning into leverage.

The State of Private Credit

Free Download

The private credit market is busy, defensive, and under more scrutiny than it’s been in years.

9fin’s state of private credit 2026 whitepaper cuts through the noise — covering BDC redemption dynamics, software exposure, secondary market activity, and documentation risk post-First Brands, with a forward view on where H2 opportunity sits.

Written by the team that covers this market daily.

Download for free today

Zombie foreclosures are still sitting in the market, mortgage delinquencies are climbing in multiple states, and home purchase loans have dropped to a 12-year low.

At the same time, new-home sales are getting hit by surging rates and volatility, while office vacancy is only improving because buildings are being removed from the market.

Even JPMorgan is preparing to liquidate a 24-year-old real estate fund, which says something about how patient capital is getting.

Here’s where buyer demand is thinning out and where pressured sellers are starting to lose leverage:

🧟 Zombie Foreclosures Hit Double Digits

🏚️ Mortgage Delinquencies Climb in Vermont

📉 Purchase Loans Fall to 12-Year Low

🏦 JPMorgan Liquidates $1B Real Estate Fund

🏗️ Office Vacancy Falls as Buildings Vanish

Video of the Week: 5 States Quietly Adding an Exit Tax on Homeowners (Do This Before It’s Official)

Chart of the Week: Concession Dollars Hit a Record High

Podcast of the Week: 5 Paid-Off Rentals vs. 15 Rentals with Mortgages

Zombie Foreclosures Remain Concentrated by State

Vacant pre-foreclosure properties remain a small share of the national foreclosure pipeline, but states like Vermont, Kansas, Iowa, Ohio, Florida, and New York show where property-level distress is already visible.

Mortgage Delinquencies Rise in Multiple States

Homeowner stress is climbing fastest in states like Vermont, Delaware, Louisiana, Florida, and Texas, creating an early warning signal for where future foreclosure pressure could build.

Home Purchase Loans Fall to a 12-Year Low

Buyer demand is freezing across most major metros as high rates and elevated prices crush affordability, leaving fewer financed buyers available to absorb distressed inventory.

JPMorgan Moves to Liquidate 24-Year-Old Real Estate Fund

Institutional real estate stress is turning into fund-level liquidation, with JPMorgan winding down a $1B-plus core-plus fund after years of pressure on valuations and liquidity.

Office Vacancy Falls for the Wrong Reason

Office vacancy edged lower because demolitions and conversions removed more space than developers added, while actual tenant demand slowed sharply and absorption fell from the previous quarter.

Read more

By the time the market peaked, that number was $1,100.

Same building. Same 448 units. Same tenants.

Just a different cost structure, and one nobody had modeled.

That building survived because it carried very little debt.

But Irwin watched plenty of deals structured differently.

Bridge debt. Low going-in cap rates. Heavy renovation budgets.

Deals that needed, as he put it, “a perfect rocket trajectory” just to break even.

When insurance quadruples and a $10,000 renovation job becomes a $23,000 job for identical scope, a deal built on tight assumptions only needs one cost line to move.

Irwin started as a CPA, moved through multifamily management, loan origination, and asset management, and has been involved in more than $5 billion of transactions across apartments, hotels, industrial, office, and construction lending.

He has seen what works in a model, what survives in the field, and what breaks when the costs move.

That is what pulled him toward small-bay industrial.

Why the lease structure changes the math

In multifamily, the landlord absorbs operating cost increases.

Insurance goes up, the landlord absorbs it.

Taxes go up, the landlord absorbs it.

That is the exposure that cracked deals when costs moved faster than rents could follow.

In small-bay industrial, most leases are triple-net.

Tenants pay their proportional share of building operating costs based on square footage.

A 10,000-square-foot tenant in a 100,000-square-foot building pays 10% of what it costs to run that building.

In a true triple-net lease, those cost increases are meant to pass through rather than sit entirely on the owner’s side.

Lease length compounds this advantage. Apartment leases reset annually.

Industrial leases run three, five, seven, or ten years. And industrial tenants typically invest heavily in their space — equipment, employees tied to the location, supplier routes, customer relationships.

Moving creates business disruption that can cost far more than any rent savings.

What the spreadsheet cannot show you

Irwin usually does tenant interviews before closing on a building.

His questions: how long have employees been with the company, how far do they commute, where are the suppliers, where are the customers, how does the tenant move goods.

His team owns a building about two miles from a Honda factory in Marysville, Ohio.

Through tenant interviews they discovered that auto suppliers need to be within a certain proximity of the plant.

When supply contracts come up for rebid, competing vendors want to tour that building because winning the contract requires that location.

The question he wants answered is simple: why does this tenant need this specific building?

A compelling answer means a sticky tenant.

A weak answer is a different conversation entirely.

What a careful operator looks like

Irwin went 18 to 19 months without buying anything when rates were moving.

He thinks they probably could have found deals.

At the time he had uncertainty, and he was unwilling to ask investors to share it with him.

He over-reserves on every deal.

More cash held back for tenant improvements, leasing commissions, and capital work than a clean pro forma would suggest.

It lowers the projected return but also removes the chance of going back to investors for more capital.

When roof work on one building took three years due to post-COVID material backlogs, the completed project had excess cash.

Irwin returned $500,000 to investors.

Some thought they had been paid their distribution twice.

That same “no surprises” mindset shows up in his reporting.

Every month, investors receive the full property financial package: the balance sheet, income statement, general ledger, accounts receivable, accounts payable, rent roll, and property bank statements.

Some investors ask if they really need all of it.

His answer is simple:

“You’re an owner. You should have it every month.”

Questions to ask before you invest

Before looking at the projected IRR, ask what the deal pays from income already in place.

You want to know the day-one cash distribution because it shows whether the return is supported by current operations or depends mostly on future execution.

Then ask the operator the downside question:

Would you own this property forever?

That the real test.

If the upside case falls short, the property still needs to cash flow.

The goal is simple:

"Do not lose my principal"

Insurance going from $250 to $1,100 per unit is a cost category doing what cost categories do.

The question is whether the deal was built to absorb it.

Boring real estate, careful underwriting, and fewer assumptions that need to go perfectly right.

If that sounds like the kind of passive investment you’d be interested in, you can join Peykar Capital’s investor update list to learn more about his approach and see future opportunities as they become available.

Foreclosure filings rose 18% from a year ago in April, but the more important number is what happened deeper in the pipeline.

Foreclosure starts were up 12%, and completed foreclosures jumped 42%, which means more of the distress is moving from notices into actual lender inventory.

Passive Cash-Flowing Properties

Buy shares of investment properties, earn rental income & appreciation for anywhere from $100 to $20k — let Arrived take care of the rest.

Browse Properties

That pressure is showing up first in places like Delaware, South Carolina, and Florida, where taxes, insurance, HOA costs, and thin equity cushions are making it harder for some owners to hold on.

At the same time, Ginnie Mae is watching “risk-layered” FHA portfolios, with lower credit scores, higher DTIs, and elevated LTVs sitting inside a market where refinancing is harder and selling is no longer a clean escape.

This is where credit stress stops being theoretical.

Here’s where foreclosures are becoming inventory, and where the next layer of distressed supply is already starting to surface:

📉 Foreclosure Filings Rise 18%

🏢 CRE Sales Fall 33% as Debt Costs Climb

⚠️ Ginnie Mae Flags Risky FHA Portfolios

🏘️ San Antonio Values Drop as Taxes Rise

🔗 UK Lender Collapse Hits U.S. Credit Firms

Video of the Week: Pending Sales Just Spiked — And It’s Bad News

Chart of the Week: April Foreclosure Activity Report

Podcast of the Week: Flood Of Home Foreclosures Ahead This Year As “Dam Is Bursting”

Foreclosures Move Deeper Into Inventory

Foreclosure filings rose 18% year over year in April, but the sharper signal is that foreclosure starts climbed 12% and completed foreclosures jumped 42%, showing distress moving from early paperwork into actual lender-controlled supply.

CRE Sales Fall as Debt Costs Climb

Commercial real estate sales fell 33% in April as higher Treasury yields and fading rate-cut expectations made debt costs a bigger obstacle, especially for deals underwritten during the low-rate cycle.

FHA Risk Builds Inside Ginnie Mae Portfolios

Ginnie Mae is watching risk-layered FHA portfolios with lower credit scores, higher DTIs, and elevated LTVs, while trial payment plan loans are driving much of the recent FHA delinquency increase.

San Antonio Values Fall as Tax Pressure Builds

San Antonio property values have fallen enough to create a city budget shortfall, but homeowners could still face a tax hike, adding carrying-cost pressure in a market already working through excess supply and weaker buyer urgency.

Small UK Lender Shakes Big Credit Firms

The collapse of Market Financial Solutions left banks and investment firms exposed to hundreds of millions in potential losses, showing how hidden real estate credit risk can spread through private lending and specialty finance.

Read more

Seriously underwater mortgages rose in 45 states over the past year.

Arbor Realty Trust is sitting on roughly $1 billion in nonperforming assets.

Passive Cash-Flowing Properties

Buy shares of investment properties, earn rental income & appreciation for anywhere from $100 to $20k — let Arrived take care of the rest.

Browse Properties

In Florida, insurance premiums have become a frontline foreclosure driver with average annual premiums hitting $8,292.

In Detroit, a tax relief program that kept 13,000 families out of foreclosure is set to expire.

The equity cushion is getting thinner.

Ownership costs are getting heavier.

And the pressure is already moving from homeowners into lenders, tax offices, and brokerages.

Here is where that stress is turning into foreclosure risk, REO inventory, and weaker housing liquidity:

🏚️ Homeowner Equity Hits a Four-Year Low

🏦 Arbor Is Sitting on $1B in Problem Assets

🌪️ Insurance Costs Are Driving Florida Foreclosures

💸 Detroit’s Tax Relief Backstop Could Expire

📊 RE/MAX Revenue Falls as Debt Hits $436M

Video of the Week: NAR Slashes Home Sales Forecast, Zillow Downgrades Home Price Prediction

Chart of the Week: Multifamily Vacancy Projected to Rise in Q2

Podcast of the Week: A Commercial Lender Just Exposed The Market’s Biggest Problem

Homeowner Equity Plunges to 4-Year Low as Underwater Mortgages Rise

Equity-rich homes fell to 43.3% nationally, the lowest share since Q4 2021, while seriously underwater mortgages rose to 3.2% across 45 states.

The pressure is concentrated in the South, with Baton Rouge posting the worst numbers of any metro — only 17.4% equity-rich and 11.9% seriously underwater.

Arbor Realty Trust Targets $250M-$300M REO by End of 2026

Arbor ended Q1 with roughly $1 billion in nonperforming assets, split between $500 million in delinquencies and $500 million in REO, and is actively targeting $250M-$300M in REO dispositions by year end.

The dividend reset to $0.17 signals the company is prioritizing balance sheet cleanup over shareholder returns.

Insurance Premiums Emerge as Frontline Driver of Florida Foreclosures

Florida’s average annual home insurance premium reached $8,292 in 2025, an 18% increase year over year and roughly 40% higher in Central Florida since 2022.

Premiums have crossed from a budget strain into a direct foreclosure trigger, with Florida now leading the country in foreclosure filings.

A Property Tax Program Kept 13,000 Detroit Families in Their Homes But Now It Could Expire

The Pay As You Stay program erased $52 million in property tax debt and kept 13,000 Detroit families out of foreclosure between 2021 and 2025.

Its expiration in June removes one of the city’s only meaningful foreclosure prevention tools in a market where 31% of senior homeowners are already cost-burdened.

RE/MAX Q1 Financial Results Show $436M Debt, Declining Revenue

RE/MAX reported Q1 revenue of $70.2 million, down 5.7% year over year, alongside a $9.7 million net loss, $436 million in debt, and a U.S. agent count that fell 4.8% to 47,443.

The results reflect a brokerage under sustained pressure from low transaction volume and a shrinking domestic footprint.

Read more

Foreclosure filings are already at their highest level in six years. 119,000 properties received a notice in Q1 2026 alone, up 26% year over year.

Completed foreclosures are up 45% year over year.

Passive Cash-Flowing Properties

Buy shares of investment properties, earn rental income & appreciation for anywhere from $100 to $20k — let Arrived take care of the rest.

Browse Properties

More properties are now moving all the way through the process to repossession than at any point since before the pandemic.

The protection is gone and the filings are already moving.

🚨 The Federal Foreclosure Backstop Is Gone

📉 Insurance Premiums Are Up 64% Since 2021

⚖️ Foreclosure Auctions Hit a Six-Year High

🏦 KKR Flags Its Riskiest Loans and Cuts Its Dividend

🔑 An HOA President Stole $11 Million From 18,000 Residents

Video of the Week: Inflation Is Crushing Homeowners’ Equity in 2026

Chart of the Week: Increase in Homes With Foreclosure Filings

Podcast of the Week: How to Fail on Your First Rental Property

Trump Ends Federal Foreclosure Protection Measures

The federal backstop keeping distressed homeowners out of the foreclosure pipeline has been wound down.

Filings are at a six-year high and completed REOs are up 45% year over year.

Soaring Home Insurance Costs Add Pressure to Housing Affordability

Average homeowner premiums have climbed 64% since 2021.

The pressure is hitting hardest in markets where mortgage debt is already elevated, adding a second layer of carrying cost strain on owners already under pressure.

Which housing markets have the most—and least—mortgage distress right now?

Early-stage delinquencies have been rising since 2022, with the clearest stress showing up in Louisiana and Mississippi rather than the biggest pandemic boomtowns.

Federal Buildings Sell at Fire-Sale Prices

Federal office distress is turning into real disposition activity, but the lack of a coordinated redevelopment plan is creating risk around pricing, financing, and long-term value.

Residents Speak Out as HOA President Pleads Guilty in $11 Million Scam

An HOA president ran a sham vendor scheme across an 18,000-resident Miami community for four years.

Residents lost homes to fraudulent foreclosures while the board controlled access to financial records the law already required them to disclose.

Read more

That is a $5.1 billion real estate debt portfolio actively pushing troubled loans out the door to chase liquidity.

Passive Cash-Flowing Properties

Buy shares of investment properties, earn rental income & appreciation for anywhere from $100 to $20k — let Arrived take care of the rest.

Browse Properties

Also, foreclosure auction volume climbed 33% in the same quarter across 45 states.

That supply is sitting at its highest level in six years and it is still building.

Here is where the inventory is concentrating and what auction pricing looks like right now:

In this edition of the AltReports:

🔔 Auction Supply Hits Its Highest Level in Six Years

📋 KKR Dumps Troubled Loans and Slashes Its Dividend

🔺 NYC Landlords Are Being Squeezed Out

💰 Starwood Freezes $22B and Cuts Distributions

🏗️ Sun Belt Landlords Are Paying Tenants to Stay

Video of the Week: Florida Just Hit a DANGEROUS TIPPING POINT

Chart of the Week: Concessions Hit a 10-Year High

Podcast of the Week: Tax Liens vs Rentals

Foreclosure Auction Volume Up 33% in Q1 to a Six-Year High

Distressed inventory is moving from filings into actual sale events at a pace not seen since before the pandemic, with buyer price demand still below pre-pandemic levels in most markets.

KKR Mortgage REIT Slashes Dividend, Accelerates Troubled Loan Resolution

Institutional deleveraging at this scale feeds the same distressed pipeline retail investors are watching, with Minneapolis, Chicago, and Philadelphia loans already flagged at the highest default risk rating.

A Perfect Storm of Costs Is Squeezing NYC Landlords to the Brink

Small private owners are being slowly squeezed out of the market before the city has any replacement for what they provide, which is the bulk of rent-stabilized affordable housing stock.

Starwood Halts Redemptions at SREIT, Says Now Is Not the Time to Force Sales

Secondary buyers are already circling, offering to buy SREIT shares at discounts of 22% to 25%, which tells you where sophisticated money thinks the real value sits.

Concessions Intensify in High-Growth Markets as Competition Heats Up

The pressure is concentrated in Sun Belt and Mountain West markets where supply outpaced demand hardest, with Austin, Denver, San Antonio, Jacksonville, and Tampa leading the list.

Read more

Foreclosure filings jumped 26% year over year in the first quarter, while bank repossessions surged 45% as homeowner stress moved deeper into the system.

Auction volumes hit a six-year high, and scheduled foreclosure auctions rose 11% from the prior quarter, pointing to more distressed supply still working its way forward.

Passive Cash-Flowing Properties

Buy shares of investment properties, earn rental income & appreciation for anywhere from $100 to $20k — let Arrived take care of the rest.

Browse Properties

That pressure is also hitting prices: seller profit margins are at their lowest level since 2021, and condo values just posted their second-largest drop on record.

Here’s where financial pressure is turning into foreclosure supply, and where the pipeline is moving first:

In this edition of the AltReports:

⚠️ 118,000 Homes Hit Foreclosure Risk

📂 Foreclosure Starts Fill the Pipeline

🏚️ Auction Supply Reaches Six-Year High

📉 Seller Profits Lose Their Cushion

🌊 Condo Prices Crack Under Pressure

Video of the Week: The 90-Day Foreclosure Wave

Chart of the Week: Retail Vacancy by Property Type

Podcast of the Week: The War Has Changed the Housing Market

Foreclosure Pressure Hits 118,000 Homes

118,727 properties had a foreclosure filing in Q1, up 26% from a year ago, while bank repossessions jumped 45% to 14,020.

The bigger signal is that household financial stress is moving deeper into the foreclosure process, especially in South and Midwest markets like Indiana, South Carolina, Florida, Delaware, and Illinois.

Foreclosure Filings Accelerate as the Pipeline Tightens

Foreclosure starts rose 20% year over year to 82,631 properties, while March filings alone hit 45,921, up 28% from last year.

The key detail is that timelines are shrinking while volume rises, which means servicers, attorneys, and REO vendors are dealing with more distressed inventory moving through a faster process.

Auction Volumes Hit a Six-Year High

Completed foreclosure auctions rose 10% from the previous quarter and 33% from a year ago, bringing auction activity closer to pre-pandemic levels.

The investor signal is that distress is moving from filings into actual sale events, with scheduled foreclosure auctions up 11% quarter over quarter and more supply likely to flow through in coming quarters.

Seller Profit Margins Fall to a Five-Year Low

Homeowners made a 44.1% return on typical sales in Q1, down from 50.2% a year earlier and the lowest profit margin since the first quarter of 2021.

That matters because the equity cushion is thinning in key markets, especially in Florida metros like Ocala, Punta Gorda, Lakeland, and North Port-Sarasota, where profit margins fell sharply.

Condo Prices Post Their Second-Largest Drop

The median U.S. condo sale price fell 2.2% year over year in May, while condo sales dropped 11.9% and active condo supply hit the highest level in a decade.

The bigger signal is that HOA fees, insurance costs, special assessments, and weak buyer demand are turning condos into one of the clearest pressure points in the housing market, especially across Florida and Texas.

Read more

For a while, the pressure was building in places most investors could ignore.

It was sitting in servicing pipelines, delayed foreclosures, and extended office loans.

Passive Cash-Flowing Properties

Buy shares of investment properties, earn rental income & appreciation for anywhere from $100 to $20k — let Arrived take care of the rest.

Browse Properties

Now that pressure is starting to break into the open, with foreclosure starts rising, repossessions climbing, and office delinquencies pushing back toward record territory.

Home sales are still sluggish and mortgage demand is still thin, which means there is less room for fresh distress to pass through quietly.

In this edition of the AltReports:

🔨 Foreclosure Pressure Starts Breaking Through

🏢 Office Loans Slip Closer to the Edge

🏠 Home Sales Stay Soft as Inventory Builds

💸 Mortgage Demand Still Looks Too Thin

⛽ Moving Costs Start Squeezing Sellers Too

Video of the Week: Equity Rich Owners Are LOSING THEIR HOMES TO FORECLOSURE

Chart of the Week: Delinquencies Hit a New Cycle High

Podcast of the Week: How A $30K Property Turned Into Financial Freedom

Foreclosure Filings Accelerate as the Backlog Starts Moving

118,727 properties had a foreclosure filing in Q1, up 26% from a year ago, while starts rose to 82,631 and REO repossessions climbed 45% to 14,020.

The bigger signal is that timelines are shrinking at the same time volumes are rising, which means delayed distress is finally starting to move through the system.

Office Delinquencies Push Back Toward Peak Stress

U.S. CMBS delinquencies rose to 3.43% in March, but the real move came from office, where the delinquency rate jumped 69 basis points to 8.76%, the second-highest level on record.

Four of the five largest new delinquencies were office loans, which tells you exactly where refinance stress is still hitting hardest.

Existing-Home Sales Fell Again as Inventory Kept Rising

Existing-home sales fell 3.6% in March to a 3.98 million annual rate, while unsold inventory rose to 1.36 million units and a 4.1-month supply.

Sales are still sluggish, prices are still holding up, and that leaves the market with less room to absorb fresh distress quietly.

Mortgage Demand Is Still Soft Even After Rates Eased

Mortgage applications slipped another 0.8% last week, and purchase applications were down 7% from a year ago, the first annual decline since early 2025.

That tells you demand is stabilizing at a weaker level, not snapping back, which matters when more distressed supply starts coming through.

Diesel at $5 Is Raising the Cost of Moving Right Into Spring

Diesel just hit $5 per gallon for the first time since December 2022, pushing up costs for movers at the same time high mortgage rates are already slowing transactions.

That combination means fewer moves, higher moving costs, and more friction for households already stretched by housing expenses.

Read more

The borrower ran out of time.

Passive Cash-Flowing Properties

Buy shares of investment properties, earn rental income & appreciation for anywhere from $100 to $20k — let Arrived take care of the rest.

Browse Properties

The same thing is happening across multifamily real estate right now.

For three years, lenders kept kicking the can on troubled loans, waiting for interest rates to fall so borrowers could refinance.

That wait is over.

$300 billion in multifamily loans come due this year, and borrowers keep coming back to their lenders with the same answer: the numbers do not work.

The CMBS special servicing rate just hit 11%, the highest it has been in over a year.

Office and multifamily loans both saw sharp increases in a single month.

On the home loan side, 878,000 borrowers are now seriously behind on payments or in foreclosure, the highest number since 2018.

Two property types. Two pipelines. Both filling up at the same time.

The investors who know where distressed deals are building right now are the ones who buy at the best price.

Here’s where the deals are forming:

In this edition of the AltReports:

🏢 CMBS Distress Finds Its Next Targets

🏠 FHA Stress Starts Breaking Through

📦 Unsold Homes Keep Piling Up

🌪️ Insurance Costs Start Forcing Sales

🏘️ Multifamily’s Refi Wall Is Here

Video of the Week: How He Bought A 14-Unit With No Money Down

Chart of the Week: Multifamily Investors Pivot to Oversupply Risks

Podcast of the Week: Oil Shock, CMBS Issuance and Private Credit Signals

CMBS Special Servicing Rate Hits Highest Level in Over a Year

The CMBS special servicing rate just climbed to 11%, its highest point in over a year.

Office and multifamily loans drove the move, each posting nearly 45 basis point increases in a single month.

Here is what the loan-level data says about where distress is concentrating next.

FHA Delinquencies Push Seriously Distressed Loans to Highest Level Since 2018

878,000 borrowers are now seriously behind on payments or in foreclosure, the highest number since 2018, and FHA loans drove more than 80% of that increase.

Cure rates among FHA borrowers dropped sharply since last summer, pointing to a specific segment now running out of options.

This is where residential distress is building fastest.

52% of Homes Have Been Sitting Unsold for 60 Days or More

That represents $347 billion in unsold inventory and 630,000 more sellers than buyers.

Some of those sellers are getting anxious, and anxiety creates a very specific kind of opportunity for buyers who know where to look.

Find out where stale listings are concentrating and what that means for pricing.

Insurance Premiums Rose 70% Since 2019 and Are Now Pushing Mortgages Into Delinquency

A Dallas Fed study found that rising premiums pushed roughly 31,000 mortgages into delinquency in 2022 alone.

The households least able to absorb that increase are concentrated in specific markets, and those markets overlap with something distressed investors will want to see.

See which markets are tipping toward forced sales.

$300 Billion in Multifamily Debt Matures This Year. Lenders Are Done Waiting.

$300 billion in multifamily debt matures this year alone, and borrowers who counted on refinancing into a lower rate environment are running out of options.

The distress showing up in CMBS data right now is only the visible portion of what is moving through the system.

Read the full breakdown inside.

Read more