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Industry Pulse · Free & public

The state of commercial real estate credit, market by market.

A live, data‑backed read on every U.S. market with a securitized CRE footprint — CMBS distress by property type, the maturity wall, locally‑headquartered bank stress, and the on‑the‑ground feed of store closures, layoffs and CRE bankruptcies. Built from public disclosure, updated continuously. Start with the national read, or pick a market.

The National Pulse Week of July 27, 2026

The Frontier Blinks Before the Core Does

Floating-rate CLO stress sits at 10.1% while the fixed-rate CMBS book holds at 6.2% — the leading half is telling you where the lagging half is headed.

Read the national picture →
Every market with a CRE pulse — 127 metros
bubble size = CMBS balance · color = distress rate · / = distress rising/falling (1yr) · click to open
Markets, ranked by securitized CRE balance
MetroCMBS UPBDistressedLoans
New York-Newark-Jersey City, NY-NJ $57.6B 6.5% 2,458
Los Angeles-Long Beach-Anaheim, CA $17.5B 3.9% 647
Washington-Arlington-Alexandria, DC-VA-MD-WV $9.3B 12.0% 239
Chicago-Naperville-Elgin, IL-IN $8.3B 15.1% 368
San Francisco-Oakland-Fremont, CA $8.2B 11.2% 216
Houston-Pasadena-The Woodlands, TX $7.6B 8.4% 343
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD $6.7B 4.9% 263
Miami-Fort Lauderdale-West Palm Beach, FL $6.5B 0.2% 253
San Jose-Sunnyvale-Santa Clara, CA $6.4B 8.0% 99
Las Vegas-Henderson-North Las Vegas, NV $6.3B 0.7% 181
Dallas-Fort Worth-Arlington, TX $6.0B 5.2% 264
Boston-Cambridge-Newton, MA-NH $5.9B 3.3% 88
Detroit-Warren-Dearborn, MI $5.7B 2.5% 272
Seattle-Tacoma-Bellevue, WA $5.1B 7.9% 151
Atlanta-Sandy Springs-Roswell, GA $4.6B 3.6% 266
Phoenix-Mesa-Chandler, AZ $4.3B 0.0% 207
Riverside-San Bernardino-Ontario, CA $3.7B 1.2% 191
San Diego-Chula Vista-Carlsbad, CA $3.1B 0.0% 146
Cleveland, OH $2.1B 22.5% 99
Charlotte-Concord-Gastonia, NC-SC $2.1B 3.4% 95
Sacramento-Roseville-Folsom, CA $2.0B 1.7% 99
Minneapolis-St. Paul-Bloomington, MN-WI $1.9B 14.3% 66
Tampa-St. Petersburg-Clearwater, FL $1.9B 0.6% 102
Denver-Aurora-Centennial, CO $1.8B 15.7% 96
St. Louis, MO-IL $1.8B 33.8% 75
Orlando-Kissimmee-Sanford, FL $1.7B 2.5% 92
Baltimore-Columbia-Towson, MD $1.7B 5.3% 76
Pittsburgh, PA $1.7B 14.0% 78
Austin-Round Rock-San Marcos, TX $1.6B 14.3% 79
Indianapolis-Carmel-Greenwood, IN $1.6B 13.6% 92
Columbus, OH $1.6B 0.5% 83
Nashville-Davidson--Murfreesboro--Franklin, TN $1.6B 4.0% 67
New Orleans-Metairie, LA $1.6B 0.0% 57
Virginia Beach-Chesapeake-Norfolk, VA-NC $1.5B 8.8% 66
Portland-Vancouver-Hillsboro, OR-WA $1.5B 4.0% 64
Cincinnati, OH-KY-IN $1.4B 17.0% 59
Kansas City, MO-KS $1.3B 1.5% 67
San Antonio-New Braunfels, TX $1.2B 5.8% 68
Bridgeport-Stamford-Danbury, CT $1.2B 14.6% 40
Urban Honolulu, HI $1.2B 3.2% 15
Milwaukee-Waukesha, WI $1.1B 5.6% 79
Richmond, VA $1.1B 15.7% 50
Jacksonville, FL $0.9B 5.4% 47
Trenton-Princeton, NJ $0.9B 10.1% 28
Tucson, AZ $0.8B 4.2% 54
Baton Rouge, LA $0.8B 8.3% 36
Birmingham, AL $0.8B 14.6% 33
Memphis, TN-MS-AR $0.8B 6.2% 45
Oxnard-Thousand Oaks-Ventura, CA $0.8B 0.0% 45
Reno, NV $0.8B 0.0% 36
Charleston-North Charleston, SC $0.8B 0.0% 30
Allentown-Bethlehem-Easton, PA-NJ $0.7B 0.6% 31
Salt Lake City-Murray, UT $0.7B 4.2% 40
Dayton-Kettering-Beavercreek, OH $0.7B 5.7% 31
Grand Rapids-Wyoming-Kentwood, MI $0.7B 13.2% 31
Buffalo-Cheektowaga, NY $0.6B 3.2% 32
Hartford-West Hartford-East Hartford, CT $0.6B 9.8% 28
Louisville/Jefferson County, KY-IN $0.6B 5.7% 27
Rochester, NY $0.6B 16.4% 28
Boise City, ID $0.6B 0.0% 22
Durham-Chapel Hill, NC $0.6B 15.1% 25
Raleigh-Cary, NC $0.6B 0.0% 36
Akron, OH $0.5B 3.7% 29
Huntsville, AL $0.5B 1.2% 29
Worcester, MA $0.5B 0.0% 14
Savannah, GA $0.5B 0.0% 26
Fresno, CA $0.5B 49.0% 21
Harrisburg-Carlisle, PA $0.5B 0.0% 28
Ann Arbor, MI $0.5B 0.0% 29
Tallahassee, FL $0.5B 0.0% 17
Santa Rosa-Petaluma, CA $0.4B 2.2% 29
Lexington-Fayette, KY $0.4B 1.1% 23
Colorado Springs, CO $0.4B 0.0% 32
Greenville-Anderson-Greer, SC $0.4B 2.8% 30
Greensboro-High Point, NC $0.4B 6.9% 30
Kiryas Joel-Poughkeepsie-Newburgh, NY $0.4B 0.0% 19
North Port-Bradenton-Sarasota, FL $0.4B 0.0% 20
Anchorage, AK $0.4B 0.0% 22
Cape Coral-Fort Myers, FL $0.4B 0.0% 22
Albany-Schenectady-Troy, NY $0.4B 0.0% 23
Oklahoma City, OK $0.4B 20.5% 27
Stockton-Lodi, CA $0.4B 0.0% 21
Des Moines-West Des Moines, IA $0.4B 0.0% 15
Chattanooga, TN-GA $0.4B 6.1% 22
Deltona-Daytona Beach-Ormond Beach, FL $0.4B 0.0% 26
Palm Bay-Melbourne-Titusville, FL $0.4B 7.0% 23
Omaha, NE-IA $0.3B 0.0% 16
Fayetteville, NC $0.3B 1.0% 17
Modesto, CA $0.3B 0.0% 19
Albuquerque, NM $0.3B 7.9% 28
Asheville, NC $0.3B 0.0% 20
Little Rock-North Little Rock-Conway, AR $0.3B 0.0% 21
Providence-Warwick, RI-MA $0.3B 2.2% 18
Tulsa, OK $0.3B 11.5% 18
Fayetteville-Springdale-Rogers, AR $0.3B 0.0% 11
Augusta-Richmond County, GA-SC $0.3B 0.0% 25
Columbia, SC $0.3B 0.0% 27
Jackson, MS $0.3B 25.1% 16
Lubbock, TX $0.3B 21.1% 26
Syracuse, NY $0.3B 9.2% 16
Winston-Salem, NC $0.3B 6.4% 16
Vallejo, CA $0.3B 0.0% 18
Fort Wayne, IN $0.3B 0.0% 16
New Haven, CT $0.3B 13.9% 22
El Paso, TX $0.3B 0.0% 20
Knoxville, TN $0.2B 0.0% 18
Lakeland-Winter Haven, FL $0.2B 0.0% 21
Lansing-East Lansing, MI $0.2B 0.0% 15
Bloomington, IN $0.2B 0.0% 11
Charleston, WV $0.2B 15.5% 10
Toledo, OH $0.2B 0.0% 17
McAllen-Edinburg-Mission, TX $0.2B 0.0% 12
South Bend-Mishawaka, IN-MI $0.2B 0.0% 4
Montgomery, AL $0.2B 0.0% 12
Lafayette, LA $0.1B 0.0% 12
Davenport-Moline-Rock Island, IA-IL $0.1B 0.0% 9
Ocala, FL $0.1B 0.0% 12
Wichita, KS $0.1B 0.0% 10
Waco, TX $0.1B 0.0% 6
Gulfport-Biloxi, MS $0.1B 0.0% 11
Peoria, IL $0.1B 0.0% 10
Rockford, IL $0.1B 0.0% 9
Mobile, AL $0.1B 0.0% 9
Norwich-New London-Willimantic, CT $0.1B 0.0% 7
Tyler, TX $0.0B 0.0% 5
Chico, CA $0.0B 29.9% 5
Texarkana, TX-AR $0.0B 0.0% 3
See the whole picture, not just the pulse.
Metro Pulse is the free, public read. The Verstavo platform goes loan‑by‑loan — stress scores, maturity walls, special‑servicing transfers, bank CRE, and your own portfolio benchmarked against the market.
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