🚨 Foreclosures Hit Highest Level Since 2019
Homeowners, builders and lenders are running out of time
Distress is becoming harder to postpone.
Foreclosure filings rose 21% in the first half of the year, while short sales jumped 16% in the first quarter as more underwater owners looked for a way out.
Pending home sales fell 5.4% in June, and major builders are cutting prices to their lowest level in nearly a decade to move inventory.
Miss This Whole Foods-Anchored Deal?
Did you catch this week’s deal breakdown?
The project’s developer just broke ground on a Whole Foods-anchored district backed by over $35 million in private equity.
The site sits at a major interstate interchange in one of the fastest-growing regions in the country.
We covered the five reasons this project stood out, including a major corporate headquarters relocation and three decades of local development history behind the sponsor.
In commercial real estate, years of extensions are giving way to paydowns, note sales, foreclosures and fresh equity.
CLO managers are also facing new questions: did they resolve troubled loans, or just move them off the books?
Here’s where homeowners, builders and lenders are being forced to accept today’s price.
🏠 Foreclosures Jump 21% in Six Months
🚨 Short Sales Surge 16% in Just One Quarter
📉 Pending Home Sales Sink 5.4% in June
🏗️ Builders Slash Prices to Decade Low
🏢 CRE Loans Hit Make-or-Break Point
🔍 CLO Managers Face New Debt Scrutiny
Video of the Week: Is Washington State Facing A Housing Crash As Inventory Explodes?
Chart of the Week: Delinquent Multifamily Balances Hit $9.78 billion
Podcast of the Week: Next Big Downdraft For Housing Market To Start Soon
Foreclosures Jump 21%, but Timelines Tell the Real Story
Filings hit their highest first-half total since 2019, and Florida, South Carolina, and Indiana lead the nation. Faster processing points mostly to a market normalizing after 2021’s freeze, with rising strain among a smaller share of homeowners.
CRE Borrowers Run Out of Room to Wait
After years of extensions, commercial lenders are starting to ask a harder question: can this property refinance today, or does it need a paydown, new equity, or the exit ramp? The answer is splitting winners from losers fast.
Underwater Owners Are Choosing the Exit Before It’s Made for Them
Short-sale transactions accelerated 16% in the first quarter, concentrated in post-2020 boomtowns like Lakeland, FL. Stagnant prices and rising insurance costs are eating into what little equity these owners have left.
Builders Are Discounting at the Steepest Pace in Nearly a Decade
Over a third of builders cut prices in June and most are throwing in incentives, dragging Lennar’s average sale price down to roughly $371,000. For investors, that’s the widest discount window in years, not a decade-low price.
Buyers Are Sitting Out, and Pending Sales Just Proved It
NAR’s pending sales index fell 5.4% in June, dropping in every region as high mortgage rates and record prices push buyers back to the sidelines. The Midwest took the hardest hit.
CRE CLO Managers Are Playing a Different Game Than Everyone Else
While CMBS servicers face pressure to resolve troubled loans, CRE CLO managers have been quietly buying bad debt off their own securitizations and reworking it with little outside visibility.
Video of the week