Before Tuesday's Senate Banking Committee, Fed ChairJerome Powellsaid that the commercial real estate sector will remain under stress for some time.
"It is a risk that has been with us and will be with us for some time, probably for years," Powell said. "And banks need to be honestly assessing what their risk is."
Many real estate assets purchased before the pandemic with loans from banks and other financial institutions are now worth less than the loans.
This is forcing many commercial real estate owners to sell their properties in distress, bringing about a new era of...
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