Buyers are finally getting the leverage they have been waiting for.
A record 42% of active listings now have price cuts, with 1.57 million homes currently on the market nationwide.
That extra choice is arriving as existing-home sales fall 2%, mortgage rate locks drop 9%, and more borrowers shift toward adjustable-rate loans as 30-year rates reach 6.85%.
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The pressure is even more concentrated in CRE, where CLO distress jumped from 19% to 28% in one month and just five deals now account for 38% of the entire CRE CLO special-servicing balance.
In New York alone, $5.9 billion of commercial mortgages come due over the next 12 months, while another $2.5 billion has already passed its stated maturity date and remains open on the record.
Here’s where sellers are giving ground, financing stress is concentrating, and distressed opportunities are becoming easier to identify:
🏢 Five Deals Drive 38% of CLO Distress
🏙️ NYC Faces $5.9B Maturity Wall
🏷️ 42% of Listings Get Price Cuts
🏠 Housing Supply Hits Decade-Plus High
📉 Mortgage Rate Locks Fall 9%
⚠️ ARM Share Climbs to 8.5%
Video of the Week: The Housing Market Is Finally CRACKING in These Cities
Chart of the Week: CRE CLO Distress Accelerates in August
Podcast of the Week: Cash Flow vs Appreciation: Which Builds More Wealth?
Five Deals Drive 38% of CLO Distress
Five CRE CLO deals now account for 38% of the market’s special-servicing balance, with much of the stress concentrated in 2021–2022 Sun Belt multifamily bridge loans across Texas, Florida, and Georgia.
NYC Faces a $5.9B Commercial Loan Maturity Wall
About $5.9B of NYC commercial mortgages come due over the next 12 months, while another $2.5B has already passed its stated maturity date and remains open, creating a large pool of loans facing refinancing or workout pressure.
42% of U.S. Listings Now Have Price Cuts
A record 42% of active listings have been marked down, with price reductions exceeding 50% in markets including Colorado Springs, Austin, San Antonio, and Denver as sellers compete for more selective buyers.
Housing Supply Hits a Decade-Plus High
Existing-home sales fell 2% in August while inventory climbed to 1.62M homes, equal to 4.9 months of supply and the highest level in more than a decade, giving buyers more choice and negotiating leverage.
Mortgage Rate Locks Fall 9% in August
Total mortgage rate-lock volume fell 9% month over month as purchase locks declined 10% and rate-and-term refinancing dropped 47% year over year, showing how elevated borrowing costs continue to suppress financing demand.
More Buyers Turn to Adjustable-Rate Mortgages
Mortgage applications fell as 30-year fixed rates reached 6.85%, while the ARM share climbed to 8.5%, its highest level since June, as borrowers sought lower initial payments through riskier loan structures.
Video of the week