As the US banking sector prepares to report second-quarter earnings, focus will once again be on institutions’ commercial real estate exposure, and in particular the performance of their outstanding loans.
The problem is that much of the data may well not be reflecting the reality, or at least not the most worrying part of that reality. The latest clue – if fears about the long-term sustainability of areas such as office property were not enough – comes from the fact that reports are growing of banks looking to sell performing loans at a loss.
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