That portfolio is landing as $10.7 billion of still-performing office loans with sub-breakeven DSCRs reach hard maturity by 2029.

On the residential side, first-half foreclosure activity jumped 21% from last year.

Some of that distress is already visible in Midwest cities, where zombie foreclosure rates in Youngstown, Cedar Rapids, Fort Wayne, and Akron all run more than triple the 3.3% national average.

At the same time, fresh listings have hit a four-year high as pending sales lose momentum and price cuts rise with mortgage rates near 6.7%.

Here’s where forced sales, refinancing pressure, and weaker demand overlap:

🏚️ Bankrupt Empire Puts 50 Properties Up for Sale

🏢 $10.7B in Office Loans Faces Hard Maturities

👻 Zombie Foreclosures Cluster in Midwest Cities

📈 Foreclosure Activity Jumps 21% Nationwide

🏠 Fresh Listings Hit a Four-Year High

📉 Higher Mortgage Rates Stall Buyer Demand

Video of the Week: The Next 2008 Is Already Here

Chart of the Week: CMBS Delinquency Rates by Major Property Type

Podcast of the Week: I Built a $65,000/Year Rental Portfolio All From My Computer

Bankrupt Real Estate Empire Puts 50 Properties Up for Sale

A bankrupt landlord is preparing to sell nearly 50 properties across 22 states, including 5.8M SF of commercial space and almost 3,000 residential units, creating a large pool of distressed assets across multiple property types.

$10.7B in Weak Office Loans Faces Hard Maturities

About $10.7B of performing office loans with DSCRs below 1.00x reach hard maturity by 2029, leaving borrowers with insufficient property cash flow facing a major refinancing and repayment test.

Zombie Foreclosures Cluster in Midwest Cities

Vacant homes already in foreclosure are heavily concentrated in markets like Youngstown, Cedar Rapids, Fort Wayne, and Akron, where zombie rates run above 10% and can create deeply discounted opportunities for experienced investors.

Foreclosure Activity Jumps 21% Nationwide

More than 227,500 properties entered some stage of foreclosure in the first half of 2026, up 21% year over year, with Idaho, Colorado, Georgia, North Carolina, and Mississippi posting some of the fastest increases.

Fresh Listings Hit a Four-Year High

New listings climbed to their highest level since August 2022 while pending sales slipped to their lowest level since February, giving buyers more inventory and negotiating leverage as sellers compete for weaker demand.

Higher Mortgage Rates Stall Buyer Demand

Pending sales turned negative year over year in August after eight months of growth, while price cuts rose and asking prices declined as mortgage rates near 6.7% pushed more buyers to the sidelines.

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More than $5 billion of well-occupied office loans are already failing to cover their debt payments, and Wells Fargo just moved to foreclose on a $1.3 billion loan backed by a 75%-occupied portfolio.

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Foreclosure filings rose 10% from last year, REOs jumped 23%, and 14% of pending home sales fell apart as buyers gained more power.

Hotel sales climbed 28% as debt payments and renovation costs push more owners to sell rather than reinvest.

Here’s where cash-flow stress is turning into foreclosures, failed contracts, and forced sales:

🏢 Occupied Offices Miss Debt Coverage

⚖️ Wells Fargo Targets $1.3B Portfolio

🏚️ REOs Surge 23% Year Over Year

🚪 Home Cancellations Hit 3-Year High

🏨 Hotel Sales Jump 28% in First Half

Video of the Week: This Couple Made $650K in 90 Days Finding Owners to the Messiest Real Estate Deals

Chart of the Week: The Maturity Wall Is Getting Taller

Podcast of the Week: Home Builders Are Bleeding

Well-Occupied Offices Still Miss Debt Coverage

More than $5 billion of office loans with occupancy above 80% have DSCRs below 1.00x, exposing cash-flow problems tied to concessions, floating-rate debt and high operating costs rather than empty buildings alone.

Wells Fargo Moves to Foreclose on $1.3B Portfolio

A two-year extension failed to save Workspace Property Trust’s 143-property portfolio, with Wells Fargo now pursuing foreclosure after occupancy fell from nearly 89% at origination to about 75%.

REOs Rise 23% as Foreclosures Spread

Foreclosure activity continued climbing in July, with REOs up 23% from last year and Nevada, South Carolina and Florida posting the highest filing rates, even as national activity remains below pre-pandemic levels.

Home-Purchase Cancellations Hit a 3-Year High

Buyers are walking away most aggressively in supply-heavy markets such as Atlanta, Houston, San Antonio and Las Vegas, pushing the national cancellation rate to its highest level since 2023.

Capital Needs Push More Hotels to Market

Hotel transactions rose 28% in the first half as some cash-strapped owners chose to sell rather than fund costly renovations, while improving buyer demand is giving those properties an increasingly liquid exit.

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In California hotels, lender-linked deals already account for 28% of sales as 30% of U.S. hotel loans come due this year.

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The Groundfloor Bond Note offers accredited investors a fixed 9.5% annualized return over a six-month term, with potential for a 0.5% bonus if called early.

Over $5M invested in one week.

Previous Bond Note offerings reached full subscription within days.

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One NYC office REIT now says there is “substantial doubt” about its ability to stay in business over the next 12 months.

The pressure is reaching housing too, with pending sales falling to a six-month low and HOA foreclosures jumping nearly 40% in two years.

Here’s where defaults, maturities, and weaker demand are turning into forced sales first:

🏢 Office Delinquencies Hit Record 8.89%

🏘️ Multifamily Distress Doubles to 13%

🏨 California Hotel Distress Sales Hit 28%

🏙️ Manhattan Office Tower Trades Underwater

🏡 Pending Home Sales Slide to Six-Month Low

📋 HOA Foreclosures Jump 40% in Two Years

Video of the Week: 84,000 Homeowners Can’t Sell...And It’s Getting WORSE

Chart of the Week: Mall CMBS: Pre-2017 Loans Drive the Distress

Podcast of the Week: Is the Housing Market Crashing or Just Slowing Down?

Office CMBS Delinquencies Surpass 2012’s Record High

The office CMBS delinquency rate climbed to a record 8.89% in July, driven by new office defaults and a large mixed-use portfolio loan, pushing Fitch’s overall CMBS delinquency rate to 3.49%.

Multifamily Distress Doubles Across CMBS Markets

Multifamily’s balance-weighted distress rate rose from 6% to 13% in five months, with Minneapolis, Denver, and Oklahoma City posting the highest metro distress rates as Midwest markets lead the nation.

Maturing Debt Drives Wave of Distressed Hotel Sales

Lender-linked transactions account for 28% of California hotel sales in the first half of 2026, with 30% of U.S. hotel loans coming due this year as owners face refinancing gaps from the low-rate era.

NYC Office Investor Faces Going-Concern Warning

American Strategic Investment Co. carries “substantial doubt” about its ability to continue as a going concern, with its largest asset valued below the outstanding mortgage balance ahead of a March maturity.

Pending Home Sales Fall to Six-Month Low

Contract signings declined in every region during July as mortgage rates climbed to 6.66%, widening the gap between a growing workforce and shrinking home purchase activity.

HOA Foreclosures Climb Nearly 40% in Two Years

Homeowners associations filed 284,933 liens in 2025, roughly one every 90 seconds, as rising insurance costs and underfunded reserves push more communities toward aggressive collection tactics.

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Miami sits at the extreme end, with 154% more sellers than buyers and homes trading 4.7% below asking, while Florida and Texas hold the deepest discounts.

That imbalance is showing up in loan performance too, as FHA serious delinquencies jumped 227 basis points from a year ago and the broader serious delinquency rate rose for a fourth straight quarter.

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Browse Properties

The same pressure is building at the commercial level, where CMBS distress climbed to 7.86% in July and $65 billion in loans mature by year-end, leaving some owners to choose between injecting fresh equity and handing back the keys.

Flippers are catching the squeeze from both sides, taking longer to sell across Texas and the Southeast just as Texas homeowners absorb insurance premiums that climbed 30% in five years.

Here’s where buyer leverage is growing fastest and where owners are running out of room:

📉 38 Major Markets Sell Below Asking

⚠️ FHA Serious Delinquencies Continue to Climb

💸 $65B CMBS Maturity Wall Hits

🔨 Fix-and-Flip Market Weakens

👥 U.S. Homebuyers Hit Record Low

🌪️ Texas Insurance Premiums Jump 30%

Video of the Week: Who Will Buy All The Baby Boomers’ Houses?

Chart of the Week: Credit card delinquencies Hit a 14-year High

Podcast of the Week: How He Became The #1 Multifamily Developer In LA

Homes Sell Below Asking in 38 Major Markets

Miami and West Palm Beach post the nation’s steepest discounts, with homes trading roughly 4.6% below asking price.

Rising insurance costs, property taxes, and new construction across Florida and Texas are giving buyers more room to negotiate.

FHA Serious Delinquencies Jump 227 Basis Points

FHA serious delinquencies climbed 227 basis points from a year ago, the sharpest increase among major loan types.

Foreclosure inventory rose to 0.67% even as the overall delinquency rate ticked down slightly for the quarter.

CMBS Distress Climbs as $65B Maturity Wall Hits

CMBS distress rose to 7.86% in July, while commercial property prices climbed 5.2% over the past year.

Owners with $65 billion in loans maturing by year-end face a choice between injecting fresh equity, refinancing at higher rates, or handing the keys back to lenders.

Fix-and-Flip Market Weakens in Texas and Southeast

The fix-and-flip index fell for a second straight quarter as higher mortgage rates stretch flippers’ selling timelines.

Texas and the Southeast show the clearest strain, with 59% of flippers reporting longer days on market.

Homebuyer Demand Falls to a Record Low

The number of active U.S. homebuyers fell to roughly 967,000 in July, the lowest count on record, while sellers outnumbered them by 51%.

Miami, Nashville, and three Texas metros show the widest gaps between buyers and sellers in the country.

Texas Insurance Costs Outpace Income Growth

Texas homeowners insurance premiums climbed 30% over five years, ten times faster than incomes grew over the same period.

Roughly 7 million Texas households are priced out of the median-priced home in their county, while insurance now consumes nearly 4.7% of household income for the median homeowner.

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Texas now has more than $1.15 billion of CRE debt flagged for foreclosure, while a $1.1 billion Hollywood studio loan moved to special servicing even though the underlying properties are 95.5% leased.

Residential distress is further along.

Passive Cash-Flowing Properties

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Browse Properties

Lender repossessions rose 33% in the first half, with Colorado REOs up 177%, while New York City has already placed more than 600 buildings spanning roughly 2,000 units under vacate orders this year.

Across debt, foreclosures and aging housing stock, years of extensions are giving way to special servicing, auctions and lender-owned inventory.

📉 CMBS Delinquencies Jump to 7.86%

🏢 Texas CRE Foreclosures Top $1.15B

🎬 $1.1B Hollywood Loan Hits Special Servicing

🔑 Lender Repossessions Rise 33% Nationwide

🔥 NYC Vacate Orders Reach Record Pace

Video of the Week: Banks Are Now Dumping Buildings At 80 Cents On The Dollar!

Chart of the Week: CMBS Distress Hits a 2026 High

Podcast of the Week: A Deep Dive into Real Estate’s Best Performing Sector

CMBS Delinquencies Jump as Refinancing Fails

CMBS delinquencies rose 51 basis points to 7.86% in July, with 66% of newly delinquent balances tied to matured loans that failed to refinance and five large loans alone accounting for $2.6 billion of new distress.

Texas CRE Foreclosures Push Past $1.15B

More than $1.15 billion of Texas CRE debt was flagged for August foreclosure auctions, with struggling multifamily syndicators accounting for nearly $600 million after high-priced acquisitions financed with floating-rate debt came under pressure.

$1.1B Hollywood Loan Hits Special Servicing

A $1.1 billion CMBS loan backed by Hudson Pacific and Blackstone studio properties moved to special servicing ahead of maturity despite the portfolio remaining 95.5% leased, highlighting how refinancing stress can hit even well-occupied assets.

Lender Repossessions Rise 33% Nationwide

Nearly 28,000 homes were repossessed in the first half of 2026, up 33% from a year earlier, with Colorado REOs jumping 177% and Texas, California, and Florida recording the largest volumes of lender-owned inventory.

NYC Vacate Orders Reach Record Pace

More than 600 New York City buildings covering roughly 2,000 units have already received vacate orders this year, while nearly half of all orders issued since 2012 remain unresolved as aging and rent-stabilized properties struggle with fires, violations, and deferred repairs.

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Completed auctions rose 23% year over year in Q2, while scheduled volume reached its highest level in more than six years.

FHA-backed auctions led the increase, climbing 47%, and loans originated since 2022 accounted for 45% of completed volume.

Passive Cash-Flowing Properties

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Browse Properties

Foreclosure starts are also up 18% nationwide.

Here’s the part that matters: new FHA defaults fell 15%, which means existing distress is finally reaching the auction block, not a fresh wave of missed payments.

With mortgage rates at an 11-month high and applications down 6.4%, investors are seeing more distressed supply enter a market with fewer financed buyers and tougher exits.

🔨 Foreclosure Auctions Hit 6-Year High

📈 Foreclosure Starts Climb 18% Nationwide

📉 New FHA Defaults Drop 15% Year-Over-Year

🏢 CMBS Delinquencies Stay Stubbornly High

🔻 Mortgage Applications Plunge 6.4%

Video of the Week: Corporate Landlords Are Dumping Houses at MAJOR Discounts

Chart of the Week: America Has 4 Types Rental Markets

Podcast of the Week: 42 Years of Multifamily Real Estate Secrets in 1 Podcast!

Foreclosure Auctions Rise in Q2 2026, FHA Loans Driving Gains

Completed foreclosure auctions rose 23% year over year in Q2, with FHA-backed loans and 2022+ vintages driving the largest share of the increase, and scheduled volume points to more supply ahead.

Foreclosure Starts Climb in the First Half of 2026

Foreclosure filings hit 227,548 properties nationwide in H1 2026, up 21% year over year, with Idaho, Colorado, and Georgia posting the sharpest state-level increases.

FHA Loans Driving Annual Decline in New Default Activity

New FHA defaults fell 15% year over year in June, the largest annual decline in over four years, signaling that current foreclosure supply is existing distress moving through the pipeline rather than fresh missed payments.

CRE Loan Delinquencies Decline in Q2, CMBS Remains Elevated

Commercial mortgage delinquencies improved broadly in Q2, but CMBS loans stayed elevated at 4.82%, with office and lodging properties continuing to lag the recovery.

Mortgage Applications Plunge as Surging Interest Rates Deter Buyers

Mortgage application volume dropped 6.4% for the week ending July 24 as 30-year rates hit an 11-month high, squeezing both purchase and refinance activity.

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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.

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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.

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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.

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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.

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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.

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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.

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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…

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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.

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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.

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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.

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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.

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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

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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.

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