🔎Foreclosure Finds: Prime Picks for Investors
Big Bank Bust: NYC Delinquencies, Foreclosures Soar
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 NYCB’s trying to weather the storm, though it’s 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:
😰Foreclosure Fallout
👇 Default Dilemma
💸 Revenue Ruin
✂️ CRE Cutbacks
🔧 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 isn’t over!
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.
For distressed investors, it’s prime time to dig into the chaos and see what opportunities bubble up.
New York Community Bank Multifamily Delinquencies Up 990%
NY Community Bank’s multifamily portfolio is in free-fall with a sky-high 990% rise in delinquencies.
Translation? Their borrowers are sweating bullets over climbing rates and empty units, and the bank’s sweating harder trying to look calm.
If you don’t mind the risk, this dumpster fire could be your next hot buy!”
$3B Of Lost Office Value In Dallas, Houston 'Hurts All Parties'
Dallas and Houston just can’t 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 everyone’s wallet – 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 they’d rather not play the ‘how low can you go’ profit game.
With the new CEO’s focus on going ultra-safe, they’re backing away from commercial deals.
Inventory of New Spec Houses Spikes to Highest since 2009
Builders are piling up ‘spec’ homes like there’s no tomorrow, hitting the highest inventory level since 2009.
With price cuts, rate buydowns, and discounts galore, they’re practically begging for someone to take these homes off their hands.
It’s a full-on clearance sale out there.