The Rabid Capitalist

Professor Glenn A. Okun

The Journal caught up with the Rabid Capitalist today with its coverage of the commercial real estate debt time bomb. Subscribers were informed of this threat in early August (see https://therabidcapitalist.com/2023/08/07/another-approaching-storm-multifamily-commercial-mortgages/).

According to today’s coverage:

The collapse of the commercial real estate market poses a significant risk to the financial industry and the economy. Banks’ exposure to commercial real estate is even greater than commonly reported, with a total exposure of $3.6 trillion, representing roughly 20% of their deposits. This is due to indirect lending, foreclosed properties, trading portfolios, and other assets linked to commercial properties. As of the second quarter of 2023, three-quarters of all commercial real estate loans were held by banks with less than $250 billion in assets, accounting for 74% of the total increase in lending since 2015. This exposure could lead to further declines in property prices and additional losses.

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