🔥 Foreclosure Frenzy Fuels Fire Sales
🔥 Foreclosure Frenzy Fuels Fire Sales
Office buildings up for grabs at record lows.
Office building foreclosures are stacking up and investors are sweating through their shirts.
This isn't just a few sad buildings getting boarded up; it's a full-blown epidemic hitting big cities everywhere.
If you've ever dreamt of scooping up some skyscrapers on the cheap, now might be your golden ticket.
While office towers are turning into ghost towns, the housing market isn't having much fun either.
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Mortgage rates have shot up past the 7% mark since early April, and would-be home buyers are not having it.
They've crossed their arms and decided to wait this one out, creating a standoff that has forced sellers to make more and more concessions to close the sale.
Across the U.S., the demand for mortgages continues to plummet, and the CRE industry is now panicking over AI—worrying it might turn office buildings into relics of a bygone era.
If you're in the market for some distressed properties, you might as well bring a big basket, because it looks like there's plenty to go around!
In this edition of the AltReports:
🌡️ Foreclosure Fever
🛑 Buyer Blockade
🧟 Neighborhood Nightmare
📉 Demand Dip
🤖 AI Anxieties
Video of the Week: Florida Inventory Spikes 1,000%. "It's Worse Than 2008
Chart of the Week: Home Prices Continue To Climb
Podcast of the Week: Will Fed Follow Canadian & European Rate Cuts?
Office Building Losses Start to Pile Up, and More Pain Is Expected
The CRE market is going through a rough patch as shown by a surge in office-building foreclosures and rising financial losses.
These foreclosures are not isolated incidents but part of a widespread trend impacting metropolitan hubs across the United States.
Investors are sweating bullets, but hey, if you're into picking up distressed properties on the cheap, it's your lucky day!
Mortgage Rates Rise, Over 7% since Early April, Buyers Remain on Strike
Mortgage rates have continued to increase, reaching over 7% since early April, causing potential homebuyers to back off and the housing market to stagnate.
High prices, despite the market freeze, are keeping buyers at bay, effectively halting the usual deal flow.
Sellers are reluctant to lower prices, leading to a standoff that has rendered the market almost inactive. .
Top 10 Zombified ZIPS in Q2 2024
The report highlights the spike in the number of zombified houses across states like Illinois, New York, Ohio, and Pennsylvania.
Widespread job losses and climbing interest rates have led to a surge in vacant homes.
If you're a distressed property hunter, grab your zombie survival kit and get ready to feast
Mortgage Demand Falls for the Second Straight Week
Mortgage demand fell for the second consecutive week, marking a continued decline as rates remain stagnant.
Refinancing applications slid 5% week-over-week and a significant 44% year-over-year, while applications for home purchases decreased by 2% from the previous week and 27% from last year.
CRE Industry Now Frets about Next Existential Threat to Office Towers: AI
The commercial real estate industry is having a collective freakout over AI, which could make office spaces as useful as a chocolate teapot.
With AI set to replace traditional office tasks, the demand for office space could vanish into thin air.
If you’re looking to scoop up distressed office buildings, the future's looking bright.