Foreclosures are the new wake-up call for landlords: When liquidity dries up and values drop, even the big fish get tossed back. 𝐈𝐭'𝐬 𝐚 𝐠𝐨𝐨𝐝 𝐫𝐞𝐦𝐢𝐧𝐝𝐞𝐫—𝐝𝐞𝐛𝐭 𝐡𝐚𝐬 𝐧𝐨 𝐟𝐫𝐢𝐞𝐧𝐝𝐬, 𝐣𝐮𝐬𝐭 𝐭𝐢𝐦𝐞𝐥𝐢𝐧𝐞𝐬. "Starting in June 2023, foreclosures have been rising sharply. Last month, foreclosures were filed or executed on 695 properties nationally, according to Attom Data Solutions. Ninety-two of those were in New York, a 59% rise from August and a 48% increase year-over-year. Meanwhile, more than $1T, or nearly 20%, of U.S. commercial mortgages will need to be refinanced by the end of 2025, according to a report by Moody’s Ratings, indicating that more foreclosure filings could be on the way. “Foreclosures remain the last resort and generally signal hopelessness that the market or property dynamics will change,” Trepp Vice President Sumit Grover said in an email. “Foreclosure rates have ticked up, but the universe of properties underperforming with negative cashflow is still much higher.” A growing plethora of real estate moguls are facing efforts by lenders to claw away their properties. That list already includes RFR Holding’s Aby Rosen, billionaire Charles Cohen, JDS Development, Shorenstein Properties and companies run by different members of the Chetrit family. Loan servicers have less patience with well-funded property owners claiming to be unable to pay off their debt than with smaller companies scrambling to save their buildings, experts said. And with more liquidity in the market, lenders are starting to see more potential to recover debt, incentivizing such takeovers." https://lnkd.in/eJEqCSF6