Declining energy prices have already battered Houston’s real estate market. Now, Hurricane Harvey is making it even worse.
Some $8.9 billion of loans packaged into commercial mortgage-backed securities since the financial crisis are supported by Houston-area offices, malls and hotels, Morgan Stanley analyst Richard Hill said in a note Monday. And, across Texas, almost $30 billion of these loans have exposure to official disaster areas, according to Trepp, a specialist firm that tracks such debt.
Read more...Harvey Hurts Houston Mortgage Bonds Already Feeling Oil Pain - Bloomberg
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