Not only do the dynamics differ by state, but by city and by which financial measure you take into account.

44% of CMBS property auctions with final bids were distressed sales facilitated by a special servicer.

Products include lumber and finished components like doors and windows.

Keeping the properties would have meant a $255 million paydown.

If many people can't afford to live in Sunbelt and Western states, the long-term impact could be significant.

The move comes as office owners look for ways to attract and keep tenants and their employees.

A tend that first appeared in 2021 grew through 2022 and was even stronger in the first quarter of 2023.

A separate core inflation measure suggests that core inflation could be 110 basis points lower.