The wave of commercial foreclosures is making a splash, especially in big cities like New York and Los Angeles.
September saw a surge in these foreclosures, with office buildings, retail centers, and warehouses struggling to keep the lights on.
Meanwhile, New York Community Bank (NYCB) is grappling with a massive jump in delinquencies within its multifamily portfolio, showing a staggering 990% increase.
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Borrowers are feeling the squeeze as high interest rates and vacant units keep climbing, and NYCBâs trying to weather the storm, though itâs not looking easy.
With Dallas and Houston also reeling from a combined $3 billion loss in office property values, the cracks are showing in cities across the country.
Adding to the real estate shake-up, new spec homes are flooding the market as builders pull out all the stops to try to clear their stock.
In this edition of the AltReports:
đ°Foreclosure Fallout
đ Default Dilemma Â
đ¸ Revenue Ruin
âď¸ CRE Cutbacks
đ§ Housing Hike
Video of the Week: Housing Market in Total Collapse!
Chart of the Week: What REIT Share Prices Say About Where CRE Values Are Headed
Podcast of the Week: How to Find Off-Market Properties WITHOUT Cold Calling!
U.S. Commercial Foreclosures Spike in September
Looks like the Great Office Apocalypse isnât over!Â
September saw a jump in commercial foreclosures, especially in big metros like NYC and LA, where office spaces, retail, and warehouses are taking a beating.Â
For distressed investors, itâs prime time to dig into the chaos and see what opportunities bubble up.
New York Community Bank Multifamily Delinquencies Up 990%
NY Community Bankâs multifamily portfolio is in free-fall with a sky-high 990% rise in delinquencies.Â
Translation? Their borrowers are sweating bullets over climbing rates and empty units, and the bankâs sweating harder trying to look calm.Â
If you donât mind the risk, this dumpster fire could be your next hot buy!â
$3B Of Lost Office Value In Dallas, Houston 'Hurts All Parties'
Dallas and Houston just canât catch a break with office spaces crashing by $3 billion in value.
Hybrid work strikes again, and these ghost-town skyscrapers are burning a hole in everyoneâs wallet â from landlords to the tax man.
NYCB Pushes Back Profitability Forecast As Its Problem Loans Skyrocket
New York Community Bank is throwing in the towel on CRE lending, admitting theyâd rather not play the âhow low can you goâ profit game.Â
With the new CEOâs focus on going ultra-safe, theyâre backing away from commercial deals.
Inventory of New Spec Houses Spikes to Highest since 2009
Builders are piling up âspecâ homes like thereâs no tomorrow, hitting the highest inventory level since 2009.
With price cuts, rate buydowns, and discounts galore, theyâre practically begging for someone to take these homes off their hands.Â
Itâs a full-on clearance sale out there.