The Federal Reserve Open Market Committee announced that they are keeping the federal funds rate the same, albeit with rare dissents from two FOMC members. At the same time, commercial real estate borrowers are increasingly pushing past their maturity dates. With rates staying high and stagnant CRE asset fundamentals not providing enough of a recovery for troubled borrowers, it’s easy to imagine that distress could rise as the year progresses, but a growing number of CRE borrowers have been able to navigate past the usual point-of-no-return for their loans. Can this last forever?

Multifamily, the Nation, and the Economy

Loan Maturity Drag in Commercial Real Estate

Trepp: “A growing number of loans are going past their maturity dates—either through formal extensions or by lingering unresolved beyond term. Extensions are well known, but the striking shift is the surge in loans stalling with no resolution. More than $23 billion in CMBS loans now sit past maturity without payoff, liquidation, or extension—up from virtually zero in 2019.”

• Fed holds rates steady but sees first double dissent in three decades (The Hill) 
   
• Multifamily Construction Momentum Shifting in Top U.S. Markets (RealPage)
  
• Why CRE Fundamentals Are Poised To Improve (Marcus & Millichap)

Multifamily and the Housing Market

July 2025 Single Family Rental Report

Yardi Matrix: “Amenity levels such as on-site maintenance and leasing staff and pools, clubhouses, fitness centers, ball courts, all-purpose rooms and jogging trails are a topic of scrutiny among single-family rental operators, which are increasingly focused on new construction rather than acquisitions.”

• Mortgage Applications Today: Home Loans Decreased 3.8% but More Homeowners Opted To Refinance (Realtor.com) 
   
• Mortgage Rate and Home Price Growth Forecasts Revised Lower (Fannie Mae)
  
• Market Flip: Existing Homes Outprice New Homes (NAHB)

Multifamily Markets and Reports

National Rent Report: July 2025

Apartment List: “The late spring and summer months are normally the peak season for moving activity, and rent growth tends to ramp up at this time of year in tandem with demand. The fact that we’ve instead seen rent growth get increasingly sluggish indicates softness in the market, possibly reflecting declining consumer confidence amid a more uncertain macroeconomic outlook.”

• 200 Cities, $1,500 Rent: How Much Space Can You Get? (RentCafe) 
   
• 2H 2025 Manufactured Home National Report (Institutional Property Advisors)
   
• Unseasonably Cool Rent Growth for the Summer of 2025 (Zillow)

Commercial Real Estate and the Macro Economy

Repeat-Sale Prices Were Mostly Lower in the Second Quarter of 2025

Via CoStar: “The value-weighted U.S. Composite Index, which is more heavily influenced by high-value trades common in core markets, fell 0.9% over the prior month to 232, the fourth consecutive month of declines. The index also sank 3.4% in the 12 months ending in June 2025, declining 22.6% below the July 2022 all-time high.”

• Private Assets Helped Wealth Managers Elevate Returns with Similar Risk (MSCI)
   
• Who (really) owns the homebuyer? (Cotality)
   
• Investors Face Major Losses if Fannie, Freddie Conservatorships End (GlobeSt)

Other Real Estate News and Reports

Q2 2025 U.S. Office Market Statistics

Via Colliers: “Net absorption for the second quarter was negative 152,000 SF, ending the run of three consecutive quarters of positive growth. This brought the year-to-date total to 1.5 million SF.”

• Federal Real Estate Head Leaving GSA Amid Leadership Shake-Up (Bisnow)
    
• Washington’s Bond Strategy Keeps Commercial Real Estate Guessing (GlobeSt)
   
• Architecture firms report decline in billings for commercial real estate (CNBC)