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30.04.26 - 21:06
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Sternlicht′s Starwood Real Estate Fund Gates Redemptions (ZeroHedge)
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Sternlicht's Starwood Real Estate Fund Gates Redemptions
Earlier this month, when much of the attention was largely focused on private credit, we warned that one of the old, familiar credit market time-bombs, commercial real estate which for many years had been penned as the "Next Big Short", was deteriorating rapidly: according to the latest TREPP CMBS monthly report, March saw a surge in the CMBS delinquency rate, which jumped by 41bps to 7.55%, the highest in years, led by a surge in the lodging rate, a category which until now was not a source of concern.
It now appears that this particular time bomb is about to go off, as the huge redemptions wave that rocked private credit in recent months is making a move into commercial real estate.
According to Bloomberg, Barry Sternlicht's high-profile Starwood Capital Group Management is halting redemptions from a $22 billion real estate fund aimed at retail investors as it seeks to prevent a flight of assets amid mounting pressure ...
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30.04.26 - 20:01
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Average US long-term mortgage rate rises to 6.3%, ending a 3-week slide (The Hill)
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The average long-term U.S. mortgage rate rose this week, pushing up borrowing costs for prospective homebuyers in the midst of the spring homebuying season. The benchmark 30-year fixed rate mortgage rate rose to 6.3% from 6.23% last week, mortgage buyer Freddie Mac said Thursday. That's still down from one year ago, when the rate averaged......
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30.04.26 - 18:27
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The Most Splendid Housing Bubbles In America (ZeroHedge)
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The Most Splendid Housing Bubbles In America
Authored by Wolf Richter via Wolf Street,
In 27 of the 33 big and expensive cities we track here, mid-tier home prices in March were down from their respective peaks in prior years, led by Austin (-26%), Oakland (-25%), and New Orleans (-19%).
Now also filtering into these mid-tier home prices is the “mansion shortage” in San Francisco, the epicenter of the AI investment bubble. Total employment in the city dropped and the unemployment rate ticked up. But a relatively small number of super-highly paid people get hired by AI companies, and they're chasing down expensive homes, and there aren't enough expensive homes for sale, and so they throw easy-come-easy-go money around in the realm of mid-tier homes and drive up their prices. Despite the recent spike in mid-tier home prices, they're still 11% below the all-time high of 2022. By contrast, prices dipped in San Jose, where mid-tier homes are even more expensive than in San Francisco.
For one...
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