New York Community Bank (NYCB) reported its second consecutive quarterly loss as it struggles to stabilize operations and reassure investors. Hours before its earnings call, NYCB announced it sold its mortgage warehouse loan business to JPMorgan Chase for $5.9B and its residential mortgage servicing business to Mr. Cooper Group for $1.4B. NYCB’s CFO stressed that the bank now holds a "fairly strong liquidity position." #multifamily #loans #banke
CRE Daily
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Miami, Florida 11,267 followers
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CRE Daily is a fast-growing digital media company covering commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 60,000 investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us the fastest growing media channel in commercial real estate.
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www.CREDaily.com
External link for CRE Daily
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Updates
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U.S. industrial construction starts saw a significant decline in 1H24, according to CommercialEdge’s July 2024 National Industrial Market Report.
U.S. Industrial Construction Slumps 33.5% YoY in 1H24
https://www.credaily.com
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Watch the full episode on YouTube 🔗 https://lnkd.in/eEmZ3m46
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A proposed NYC bill aims to regulate nonunion hotels, sparking controversy in the country’s third-largest lodging market.
NYC Hotel Owners and Union Clash Over Nonunion Hotels
https://www.credaily.com
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Deutsche Bank (DB) anticipates its #office credit portfolio will feel more pressure in 2H24 from CRE, increasing its guidance for full-year credit losses.
Deutsche Bank Warns of More Credit Losses Due to CRE
https://www.credaily.com
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According to a new report from WalletHub, Bismarck, North Dakota, is the most affordable rental market, with renters spending only 15% of their income on rent.
Bismarck, ND, Tops List of Most Affordable Rental Markets in U.S.
https://www.credaily.com
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C-PACE is gaining popularity among developers. Josh Sasouness explains its appeal and the challenges with senior lenders. Listen to the full episode: https://lnkd.in/eyvhg-zF
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#Denver’s industrial availability rate hit a decade-high 9.5% in Q2, thanks to 2 MSF of new construction. #industrial #construction
Denver Industrial Availability Hits 10-Year High Due to Construction
https://www.credaily.com
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According to a report from data software company Placer.ai, major retailers—particularly discount stores and fitness centers—enjoyed surging foot traffic in Q2. Overall, retail visits rose 4.2% YoY, as reported by GlobeSt.com.
Discount Retailers and Fitness Centers Drive Q2 Foot Traffic Surge
https://www.credaily.com