Banks Back Out—Buyers Step In
April saw a 23% jump in REO activity compared to last year, and it’s the second month in a row we’re seeing annual increases.
For buyers waiting on the sidelines, the distressed inventory pipeline is starting to fill up again.
Multifamily isn’t escaping the pain either—CMBS delinquencies on apartment loans just hit their highest rate since 2015.
Combine that with banks pulling back on CRE lending, and you’re looking at a storm forming for overleveraged landlords with balloon notes coming due.
Top stories of the week
Click any headline to read the full story.
U.S. Foreclosure Activity Increases Annually in April 2025
Lenders repossessed 3,580 U.S. properties through completed foreclosures (REOs) in April 2025, down 2.9% from last month but up 23.3% from a year ago – marking the second month of REO numbers increasing annually.
CMBS Delinquencies for Apartments Reach Highest Point Since 2015
Multifamily commercial mortgage-backed securities loan delinquencies for apartments jumped 113 basis points to 6.57% in April. A year ago, the delinquency rate for apartments was 1.33% — meaning it has risen 524 basis points over the past 12 months.
CRE Bank Lending Growth Drops to 11-Year Trough
Unless there is an almost immediate change, the volume of CRE loans held by banks will soon begin to decline from its current levels. That last time that happened was in September 2009, when the real estate industry began to implode.
US Housing Market Warned of Mortgage Rate Hikes, Foreclosures
Mortgage lenders could lose $1.2 billion in weather-driven mortgage foreclosures this year, found researchers at the company. Things are projected to get even worse in the next decade, with this number expected to grow fourfold to $5.4 billion by 2035.
Here Come the HELOCs: Mortgages, Housing-Debt-to-Income-Ratio, Serious Delinquencies, and Foreclosures in Q1 2025
Balances of Home Equity Lines of Credit rose by 1.6% quarter-to-quarter in Q1, and by 6.9% year-over-year, to $402 billion. Over the past three years, HELOC balances have shot up by 27%.
Moody’s Cuts US Government Credit Rating due to Deficits & Debt
Successive US administrations and Congress have failed to agree on measures to reverse the trend of large annual fiscal deficits and growing interest costs. Moody’s expects the federal deficits to reach “nearly 9% of GDP by 2035.
