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Tuesday, March 19, 2024

CRE: I Think the Shoe Just Dropped

CRE: I Think the Shoe Just Dropped

Courtesy of Jake’s Econompic Data

The worry that commercial real estate was the "next shoe to drop" goes back a long time, but after this additional data point, I think we’re here. How banks and other financial institutions are hiding this level of damage has me scratching my head. Calculated Risk with the details:

Moody's Commercial Real Estate Index

Source: MIT

From Dow Jones: Moody’s: Commercial Real-Estate Prices Fall 7.6% In May

Commercial real-estate prices fell 7.6% in May … The indexes are down 29% from a year ago and 35% from their October 2007 peak.

According to Moody’s, CRE prices fell in 8.6% in April (about 16% in two months).
Talk about cliff diving!

 

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