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Nationwide restaurant chain tries desperate bid to avoid bankruptcy https://t.co/Q5vPXNuPhg
6 DFW office properties, including former HQ, face potential foreclosure tied to $265M loan https://t.co/UYxWzEMGSp
Offices were the only commercial segment where delinquencies kept rising in the first quarter, with rates unchanged for all other sectors. 6.8% of office loan balances were 30 or more days late, an increase from last quarter's 6.5%, per Mortgage Bankers Association.
Delinquencies are rising for autos and credit cards, but remain below pre-GFC levels. Fitch Ratings estimates 75% of US conduit office loans will default by 2024. Over $38 billion of US office buildings face distress. Office-loan defaults are near historic levels, with $265M loan tied to potential foreclosure for 6 DFW office properties. Office delinquencies are rising, while other sectors remain stable. The office market sees historic defaults due to high interest rates and weak demand.