The double defaults show that “extend and pretend” strategies lenders have used to avoid taking write-offs on property loans could backfire as interest rates remain elevated.
Banks have roughly $2T in commercial real estate loans, but the value of delinquent loans has increased by 25% to hit $26B in the first three quarters of 2024 — spelling potentially heightened difficulty in the near future.
Source: Growing Number Of CRE Borrowers At Risk Of Double Defaulting On Loans
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