The multifamily hangover nobody puts on the front page
Apartment buildings bought with floating-rate debt and a rent growth assumption are the quietest large problem in commercial property.
Section
Real Estate Crash
Housing: a market that will not clear, and the costs deciding who can buy at all.
When the data centre becomes the next office tower
Purpose-built property financed against a single tenant and a single use has a specific failure mode, and commercial real estate has run it before.
Builder incentives are the price cut nobody counts
New home prices look stable because the discount is being paid through the mortgage rate instead of the sticker.
Commercial real estate's slow-motion repricing
Offices did not crash. They are being repriced one refinancing at a time, which is slower, quieter and harder to stop.
The residential market that will not clear
Housing has stopped functioning as a market and started functioning as a queue. Insurance is doing more damage than interest rates.