Office CMBS delinquencies just hit a record 8.89%, while multifamily distress more than doubled from 6% to 13% in five months.
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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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.
Video of the week