Revenge of the Variable-Rate Commercial Debts by Wolf Richter • Jun 28, 2023 • 121 Comments Most people in finance today cut their teeth in the era of Easy Money, when history books were thrown out the window. But that era is over.
US National Debt Hits $32 Trillion, up $572 billion since Debt Ceiling Suspended. TGA Starts Refilling, Drains Liquidity from Markets by Wolf Richter • Jun 17, 2023 • 269 Comments Debt doesn’t matter. Until it does. And now it does.
I’ve Had it with Stupid Stuff about Hotels in San Francisco: Park Hotels & Wall Street Screwed Shareholders, Bond-Fund Holders, and Pension Funds, but Blame San Francisco? by Wolf Richter • Jun 12, 2023 • 127 Comments The clueless WSJ reporter needs to be taken to the woodshed. That kind of BS article doesn’t belong in the WSJ.
Commercial Real Estate Woes in the Stock Market: Office REITS by Wolf Richter • Jun 9, 2023 • 113 Comments But the dividends are so sweet – until they get cut or “suspended.”
What Are Older Office Towers Worth in the New Era? Second San Francisco Office Tower Sells for 70% Off Original Listing Price by Wolf Richter • Jun 5, 2023 • 125 Comments And nearly 60% off the purchase price in 2005. Price discovery sets in. Deals are being made.
What Are Manhattan’s Older Office Towers Worth? First Benchmark Prices in the New Era by Wolf Richter • May 30, 2023 • 76 Comments Whoever buys the defaulted loan gets the tower. So far, investors and specialized lenders have been on the hook, not commercial banks.
What Are Older Office Towers Worth? Here’s the First Sale in San Francisco’s New Era of Office CRE by Wolf Richter • May 9, 2023 • 116 Comments Union Bank made a deal to sell its tower at 75% off original listing price, setting the first new benchmark. Other towers waiting in the wings.
Trouble in Multifamily CRE: Two Big Messes, and Investors Are on the Hook, not Banks by Wolf Richter • Apr 11, 2023 • 118 Comments A REIT specializing in CRE loans foreclosed on 3,200 apartments in Houston. CMBS investors hit by default of 62 multifamily buildings in San Francisco.
Banks and Commercial Real Estate Debt, a Deep Dive: Investors and Government on the Hook for the Majority of CRE Debt by Wolf Richter • Apr 10, 2023 • 95 Comments Retail CRE debt has been crappy since 2017, and banks managed without collapsing. Now Office goes to heck. Multifamily, the biggie, is following.
What Are Older Office Towers Worth When They Finally Sell amid Record Vacancy Rates? Not Much. Huge Losses Everywhere by Wolf Richter • Apr 8, 2023 • 160 Comments But foreclosure sales are far worse, including a total wipeout of CMBS investors.