PPCC: Pisitófilos Creditófagos. Primavera 2024

[Derby]

https://www.bloomberg.com/news/articles/2024-06-11/bank-leaders-say-real-estate-pain-is-still-confined-to-office

Bank Leaders Say Real Estate Pain Is Still Confined to Office

Commercial real estate risks remain manageable across most sectors, though office buildings will continue to plague lenders, according to executives at Wells Fargo & Co. and PNC Financial Services Group Inc.

“Most of the portfolio is performing pretty well,” Wells Fargo Chief Financial Officer Mike Santomassimo said at a Morgan Stanley conference Tuesday, citing multifamily residences, data centers, logistics and industrial buildings, and even hotel and retail outlets. Institutional office space is a problem area, although some office buildings are outperforming, he said.

“You go to Hudson Yards in New York City — they’re doing really well,” Santomassimo said. “You go to Times Square in New York City — not doing as well, right? And so older office buildings that are not renovated in certain areas of different cities are the places that you’re seeing the most stress.”

Uncertainty over when the Federal Reserve will cut interest rates has added to the challenges faced by the commercial real estate sector, where high borrowing costs have hammered valuations and triggered defaults, leaving lenders stuck with assets that are tough to sell. Regional banks have been especially hard-hit.

Still, commercial real estate is “fine” outside of office lending, PNC CFO Robert Reilly said at the conference. In the office sector, where most of the stress lies, PNC is working through its loan book and expects charge-offs will occur, he said.

Pacific Investment Management Co. expects more regional bank failures in the US because of a “very high” concentration of troubled commercial real estate loans on their books, John Murray, Pimco’s head of global private commercial real estate team, said in an interview.

[Derby]

https://www.bloomberg.com/news/articles/2024-06-11/irish-property-shock-may-be-amplified-by-funds-makhlouf-warns

Irish Property Shock May Be Amplified by Funds, Makhlouf Warns


Office and apartment buildings in Dublin, Ireland.Photographer: Paulo Nunes dos Santos/Bloomberg

The large share of Irish commercial real estate held by property funds could amplify market stress if those funds are forced to sell assets during a downturn, the country’s central bank has warned.

“Irish property funds with high leverage or significant liquidity mismatch can amplify market stress,” the bank’s Financial Stability Review 2024 cautioned. “In some cases, Irish property funds borrow from domestic banks, creating an interconnection between segments of the domestic financial system.”

The Central bank estimates that the value of commercial properties connected to entities under its regulation and supervision comprise between €55 billion and €60 billion, of which €29 billion is held by Irish property funds.

Irish commercial real estate prices sharply fell in the aftermath of the pandemic when working from home increased, meaning the need for office space dropped. That has had an acute impact on Ireland, a small open economy that hosts an outsized number of multinationals.

Valuations in commercial real estate are down an estimated 27% since late 2019, the report said. The Dublin office market has seen one of the largest increases in vacancy rates in Europe, said the review.

The impact of the downturn on the financial system has been “contained to date,” Central Bank Governor Gabriel Makhlouf said on Tuesday, pointing to resilience in the domestic banking sector and diversification of non-bank financing sources.

Domestic banks now have a more diversified loan book making up a smaller share of their total balance sheet, a deliberate post-2008 move. Much of the financing this time around has been provided by private credit firms.

“Looking ahead,” the report said, “there remains significant uncertainty over the market outlook, stemming particularly from structural developments in the office sector and the risk that financial conditions could remain tighter for longer than currently expected.”

[Cadavre Exquis]

https://www.expansion.com/mercados/2024/06/10/666713b4468aeb170d8b4584.html

https://www.expansion.com/mercados/2024/06/10/66671403468aebca678b4576.html

Saludos.

[Cadavre Exquis]

https://www.expansion.com/economia/2024/06/11/66676037468aebd7158b457f.html

Saludos.

[Cadavre Exquis]

https://www.expansion.com/inmobiliario/mercado/2024/06/11/66673e33e5fdea40628b4575.html

Saludos.

[Cadavre Exquis]

https://www.expansion.com/mercados/2024/06/11/666755e6468aebd5758b4588.html

Saludos.

[Cadavre Exquis]

https://www.pressreader.com/spain/expansion-nacional/20240611/page/52/textview

La flexibilización del cambio de uso, ¿parte de la solución al problema de la vivienda?

El absentismo laboral: un problema de todos

Saludos.

[Cadavre Exquis]

https://www.lavozdegalicia.es/noticia/galicia/2024/06/10/xunta-invertira-432-millones-suelo-levantar-20000-viviendas-protegidas-5000-libres/00031718037889402573367.htm

https://www.lavozdegalicia.es/noticia/vigo/2024/06/11/concello-vigo-deniega-ayudas-proyecto-pisos-turisticos/0003_202406V11C2994.htm

Saludos.

[Cadavre Exquis]

https://www.lavozdegalicia.es/noticia/economia/2024/06/11/viviendas-okupadas-venden-60-debajo-valor/0003_202406G11P28991.htm

Saludos.

[Cadavre Exquis]

https://www.diariovasco.com/gipuzkoa/tres-municipios-plan-general-urbano-situacion-irregular-20240611065431-nt.html

https://www.diariovasco.com/gipuzkoa/flexibles-deben-regularizarse-ayuntamientos-20240611070126-nt.html

Saludos.

[Cadavre Exquis]

https://www.elcorreo.com/bizkaia/monjas-cismaticas-atrincheran-belorado-entregaran-llaves-convento-20240610164104-nt.html

Saludos.

[Cadavre Exquis]

https://elpais.com/economia/2024-06-10/malaga-pone-freno-a-las-nuevas-viviendas-turisticas.html

Saludos.

[sudden and sharp]

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[sudden and sharp]

 

[saturno]

Con lo que nunca contó PPCC es que España es el país de la resistencia.

El país de la resistencia
http://polobrazo.blogspot.com/2024/04/el-pais-de-la-resistencia.html

Gracias. Estoy devorándolo
Es la primera vez que me explican (y entiendo) la historia de España (y de Europa) medieval de forma inteligible.

No soy ni de lejos historiador pero expone y utiliza claves sencillas que interpelan.
Comparen lo que lees en la Wkipedia con un artículo como el que citas

O esta entradas
https://polobrazo.blogspot.com/2012/06/la-estructura-del-sistema-europeo.html
y
https://polobrazo.blogspot.com/2012/06/el-imperio-transversal.html

Pregunta a los historiadores:
(A riesgo de resaltar mi ignorancia de ese periodo)

Su tesis de la función borgoñana (el gendarme de Europa con los Habsburgo), la de los 3 imperios (Habsburgo, transversal americano y mediterránea, contra los Turcos) hasta la Paz de Westfalia -
¿hasta qué punto esa articulación interpretativa es consistente con las corrientes historiografícas modernas?

La sospechaba por fuerza, pero R. Polo la expone llanamente, de forma coherente y encima, de forma SENCILLA. Me quito el sombrero.

Por otro lado, Polo expone la dinámica historica como la de un ecosistema : así las leyes de la historia dependen del ecosistema geográfico, social e ideológico. En algún artículo (el de Colón o en España puente o frontera), compara el Descubrimiento a las predicciones climatológicas.
Y aclarando que es su método interpretativo.
Pero -- ¿hasta qué punto ese método interpretativo tiene acreditación entre historiadores?

Por ejemplo, le conduce a escribir un post como éste:
https://polobrazo.blogspot.com/2015/07/el-capitalismo-como-consecuencia-logica.html

Dicho esto, el método parece una Navaja de Ockham.
R. Polo explica de forma sencilla y pone en orden un cúmulo de lecturas inconexas. Comparen con la Wikipedia : te dice que hay peces, pero R.Polo te dice con qué método puedes ir a pescarlos.

Ese blog me parece brillante.

Quería darle las gracias a AbiertoPorDemolición y pedir a todos que no se corten en aportar como hacen.

Edit: he visto que otros dos foreros e incluso Austadísimos han reaccionado.