The percentage of US office sector commercial real estate (CRE) commercial mortgage backed securities loans tracked by Bloomberg that are 90 or more days delinquent rose to 2.42% on Oct. 26. The last time the delinquency rate was this high was in 2013, when the economy was still climbing out from the aftermath of the 2008 global financial crisis.
The Washington, Philadelphia, and Chicago metropolitan statistical areas are reporting particularly high levels of distress, each with 90-day plus delinquency rates between 9% and 10%.
Real estate market watchers have been contemplating a severe collapse in the office CRE market. Undoubtedly, ...
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