Park Avenue Numismatics
5084 Biscayne Blvd, Suite 105
Miami, FL 33137
Toll Free: 888-419-7136
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Over 30 Years Experience
Park Avenue has over 30 years
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Rare Coin and Precious Metals.
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ability to provide our customers
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6.7.23 - US National Debt Spikes by $359 billion on Day One
Gold last traded at $1,939 an ounce. Silver at $23.44 an ounce.
Commercial real estate crash still looming over US economy -Yahoo! Finance
More bad news for commercial real estate. A balloon of commercial mortgage debt comes due in 2025 which could trigger massive defaults. According to a recent tweet by Elon Musk, he believes the residential market is right behind it.
The threat of a commercial real estate market crash is hanging over the already fragile U.S. economy.
About $1.5 trillion in commercial mortgage debt is due by the end of 2025, but steeper borrowing costs, coupled with tighter credit conditions and a decline in property values brought on by remote work, have increased the risk of default.
Fitch Ratings already estimated that 35% - or $5.8 billion - of pooled securities commercial mortgages coming due between April and December 2023 will not be able to be refinanced.
"Commercial real estate is melting down fast," Tesla CEO Elon Musk said in a recent tweet. "Home values next."
Office and retail property valuations could ultimately plummet as much as 40% from peak to trough this year as higher interest rates make it harder for investors to refinance trillions in looming debt, according to Lisa Shalett, chief investment officer for Morgan Stanley Wealth Management.