Bank of America's clients pulled $451 million from real-estate stocks last week as troubles in the commercial property sector heat up.
"Outflows from real estate were the largest since July 2021 amid concerns around commercial real estate," bank's strategists led by Jill Carey Hall wrote in a Tuesday note. Worries about the health of the commercial property sector are building as it faces a string of headwinds, from higher interest rates and work-from-home trends to tighter credit conditions.
High borrowing costs and higher standards for obtaining loans — part of the fallout from the turmoil that hit banks in March — could raise hurdles for big property owners as they seek to refinance a pile of loans. Nearly $450 billion in commercial real-estate debt is due to mature in 2023, per data cited from Trepp by JPMorgan. That means a final payment on those loans is scheduled to be paid before the end of the year.
Canada Canada Latest News, Canada Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
China luxury market is starting to make a comeback: BofAChina is home to one of the world's biggest luxury markets, and it's starting to make a comeback after the country's 3-year COVID lockdowns
Source: BusinessInsider - 🏆 729. / 51 Read more »
The Fed has so far saved the stock market from crashing after SVB: YardeniThe Fed has so far saved the stock market from crashing after SVB's implosion by injecting billions to backstop deposits, market veteran Ed Yardeni says And tqxpayers pay the bill for rich gambling billions. Yet wage increases benefits decent health insurance off the table
Source: BusinessInsider - 🏆 729. / 51 Read more »
Source: ladailynews - 🏆 332. / 59 Read more »
Stock market news today: S&P 500 falls after jobs reportUS stocks fall as investors weigh how Friday's jobs data will impact the Fed's next rate decision stocks didn't 'fall', they were UP!
Source: BusinessInsider - 🏆 729. / 51 Read more »