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Investors still underestimate the wide-reaching implications of a COVID-driven commercial real estate (CRE) meltdown (continued).

A recent report by research firm Trepp found that nearly one in four U.S. hotels is now at risk of foreclosure. As of July, 23.4% of all hotels had failed to pay their mortgage for at least 30 days. That’s the highest percentage on record, and a stunning 1,746% increase versus July 2019. More than $20 billion in hotel commercial mortgage-backed securities (CMBS) loans are now 30 or more days delinquent.  During the GFC, that number never exceeded $14 billion and the peak wasn’t reached until two years after the crisis began. Yet, hotels are just one severe pain point amongst many in the CRE market. More than 25 major retailers have filed for bankruptcy already this year. CoreSight projects more than 25,000 stores will close in the U.S...

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