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Housing Is So Unaffordable That Banks Are Losing Money For Each Mortgage They Finance For The First Time Ever

“The rapid rise in mortgage rates over a relatively short period of time, combined with extremely low housing inventory and affordability challenges, meant that both purchase and refinance volume plummeted,” Walsh said. “The stellar profits of the previous two years dissipated because of the confluence of declining volume, lower revenues, and higher costs per loan…. Read more »

The Coming Commercial Real Estate Crash That May Never Happen

This year’s refinancing cliff is the real rub, says Scott Rechler, CEO of RXR, a closely-held Manhattan development firm. Loans that come due will have to be financed at higher interest rates, which will mean higher payments even as vacancy rates rise or remain high. Higher vacancies mean some buildings are worth less, so banks… Read more »

Buckeye Partners Sells Bronx Petroleum Storage Site for $74M

Petroleum distributor Buckeye Partners sold its Bronx gas storage site at 1020 and 1040 East 149th Street for $73.5 million, having purchased it for just $10 million in 2013 from energy firm Hess, according to property records. An entity that shares an address with energy supplier Sprague Energy bought the three buildings, used to store… Read more »

Meet the New Normal in Commercial Real Estate Investment

In 2022, the real estate and real estate capital markets suffered their third major disruption in just 15 years. The real estate market has benefited from crisis management, responded to by the Federal Reserve. Mezzanine loans and preferred equity have been the go-to subordinate financing for owners in need of additional funds to restructure and/or… Read more »

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