The delinquency ratio for CRE loans across banks rose 16 basis points in the second quarter, to 1.4% the seventh consecutive quarterly increase. Also year-over-year CRE loan growth across U.S. banks slowed to 2.2% in the second quarter, compared to 2.9% the prior quarter and down substantially from a recent peak of 12.1% in the third quarter of 2022.

Biotech and pharmaceutical buildings became one of the hottest investments in commercial property at the start of the pandemic. Now, the glut of life-sciences properties has gotten so bad that some developers are exploring the unthinkable: marketing the space for office use.

In July, the annual pace of multifamily-building starts was down 22% from the same month a year earlier, and down 41% from an April 2022 peak. Apartment starts fell to less than 61,000 units in the second quarter, the lowest level in the past decade.

Owning a home was a record 47% more expensive than renting for the 12 months ending in June.

Many landlords support eviction diversion program goals, especially when tied to rental assistance. They can often recover unpaid rent that is otherwise difficult to obtain in court.

Sales of previously owned homes in July rose 1.3% from the prior month to a seasonally adjusted annual rate of 3.95 million. That was the lowest level for any July since 2010. On an annual basis, existing-home sales, which make up most of the housing market, fell 2.5%.

Now, 8.5% of U.S. homes have an estimated value of $1 million or more, a record high. That is up from 7.6% a year ago and more than double the 4% recorded before the pandemic.

The average rate on the standard 30-year fixed mortgage dropped below 6.5% last week in the sharpest decline of the year. That was more than a percentage point lower than its peak last year of nearly 8%.

More than $40 billion of office loans were in distress at the end of the second quarter, which is around three times the value of distressed apartment loans. But the pool of apartment mortgages that could get into difficulty in the future is larger—$56.9 billion are at risk of distress, compared with $50.9 billion for offices.

Major department stores now occupy less than half of all anchor spaces at enclosed shopping malls, with roughly 500 vacant department-store spaces nationwide.