Something is afoot here. And someone is going to be wrong.
At the time of securitization into CMBS a few years ago, inflated collateral values led to soothingly low loan-to-value ratios. Then trouble hit.
As seen by indicators that have sprung up as a result of the Pandemic.
Depicted by my 13 whiplash-charts.
Efforts to redevelop dying Stonestown Galleria in San Francisco turn into mess. The beating of landlords will continue until mood improves.
Out-of-money-date for Cineworld — owner of Regal, second largest movie theater chain in the US — is in November or December, but it’s hoping for a US taxpayer bailout.
Office Workers Are Again Told to Work from Home, Retailers Don’t Pay Rents, UK Commercial Property Owners Sink Deeper into the Mire.
Illustrated with 13 whiplash-inducing charts.
New York City, San Francisco, Honolulu are still down over 80% from a year ago in terms of “seated diners.” Then there is the “LN-shaped” recovery in Pittsburgh.
Incomes from wages, interest, and dividends sagged from pre-Pandemic era. But stuffed with stimulus, Americans broke records splurging on Goods, as spending on Services, the biggie, lagged far behind.