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Investors know there are billions of dollars of underwater U.S. office loans sitting on banks’ books. But the scale of losses at lenders like New York Community Bancorp has still come as a nasty shock.
HEARD ON THE STREET Why are U.S. commercial real estate problems rapidly going global? The reasons are actually quite local. Many of the problems identified in the property market, such as low occupancy rates for office buildings and the challenge of higher interest rates on refinancing, aren’t evenly spread around the country.
Big lenders to real-estate owners and developers are on the front line of the downturn in office building use and falling valuations.