😱 Foreclosures Surge 117% in March
Burry Predicts Economic Pain Ahead
The commercial real estate market in the U.S. faces a significant upheaval, with a startling 117% increase in commercial foreclosures this March compared to the previous year.
Driven by soaring interest rates and the continuing trend of remote work, the sector is under considerable strain.
California, in particular, has felt the brunt of this downturn, witnessing a staggering 405% surge in foreclosures of commercial properties.
However, it's not just California that's experiencing these shifts.
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Over in Texas, the story takes a different turn, with the state outpacing the national average significantly.
Texas recorded a 42% increase in commercial foreclosures last month!
This could represent investors' strategic point of interest, as Texas might offer unique opportunities because of its rising foreclosure rates.
To top it all off, Michael Burry, the famous investor from "The Big Short," thinks that inflation will keep causing trouble, and the Fed might raise interest rates even more to handle it.
In this edition of the AltReports:
🔨 Foreclosure Fiasco
🌵 Cactus Commerce
😱 Panic Predictor
💸 Cash Catastrophe
💰 Sale Ship
Video of the Week: Proof We Are Headed For Worst Case Scenario!
Chart of the Week: Distressed Industrial and Logistics Real Estate Debt in the US
Podcast of the Week: Replace Your Six-Figure Salary with Real Estate Investing?
U.S. Commercial Foreclosures Up 117% in March 2024
The commercial real estate market is starting to buckle under the weight of higher interest rates and remote work.Â
California had the highest number of commercial foreclosures in March, with 187 properties.
That’s a 405% jump from last year!
Texas Racking Up Commercial Foreclosures, Outpacing National Average
The Lone Star State is waving a big 'we're No. 1' foam finger, with a foreclosure rate that's leaving the national average in the dust.
While the rest of the country is seeing foreclosure filings dip, Texas is bucking the trend and roping in a 42% increase.Â
Talk about Texas going big, even when it probably shouldn't.
'Big Short' investor Michael Burry warned inflation would spike again. Prices just jumped.
Michael "Doomsday Doc" Burry — yep, the same gloom merchant from "The Big Short" who struck it rich off the 2008 crisis — is back with more buzzkill vibes.Â
Apparently, the dude's crystal ball shows the Fed's gonna need to jack up rates 'cause the inflation monster won't go quietly into the night.Â
Burry's Twitter prophecy? Pain's coming in 2024 and the party might end with a recession.
Beneath the Skin of CPI Inflation, March: Inflation Behaves Very Badly, Saga Far from Over
Oh boy, another inflation report, and guess what? It's still acting up!Â
In March, Food and energy prices pushed CPI up 8.5% year-over-year
But even if you strip them out, the 'core' CPI is still up 6.5%.Â
Rent? Don't even start, it's running like it stole something.
Carnival Lists 470K SF Miami Headquarters For Sale
Ahoy, corporate landlubbers! Carnival is ditching its big boat – we mean, its huge Miami HQ – and slapping a For Sale sign on it.Â
With 470K square feet of primo office space, it's like they’re selling a small city!
So if your treasure chest is overflowing and you're itching for some sunny Miami real estate, step right up and make an offer.