🚨 The Market Is Losing Buyers
Zombie foreclosures, weak lending, and fund liquidations point to thinner liquidity
Buyers are getting harder to find.
That is where stress starts turning into leverage.
The State of Private Credit
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.
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)
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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.