Commercial real estate finance company Blackstone Mortgage Trust saw shares drop 10% on Wednesday as the firm cut its dividend 24% in the face of continued strain from vacancy-ravaged office spaces. It is the latest sign of mounting woe for commercial real estate, which analysts say is set for a multi-decade reckoning as American workers stay rooted in their pandemic-era remote work habits, leaving wide swaths of office space empty at a time when interest rates remain elevated in the Federal Reserve's higher-for-longer world. "For Blackstone to have to come out and cut dividends, I have to imagine that's going to weigh on some people's minds," said Stephen Buschbom, research director at Trepp, an industry data provider.
Sales of newly built homes fell 0.6% to 617,000 annual pace in June, according to government data released Wednesday.
(Bloomberg) -- One of the least affordable US housing markets in decades is freezing residential real estate sales and shutting out a generation of aspiring homeowners. But one group remains unfazed by the crisis: the wealthy.Most Read from BloombergWhat Initial Polling Data Show About the Trump-Harris MatchupHarris Just Showed Why Trump Is So Afraid of HerI Changed My Mind. The Fed Needs to Cut Rates Now.Tesla Slumps as Musk Tethers Its Future to Delayed RobotaxisSingapore Has World’s Most Powe
