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 6, 2026

The frontier blinks

The floating-rate CLO half that hadn't flinched just hit a cycle-high 13.2% troubled — and the fixed-rate core added another $0.34 billion behind it.

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Every market with a CRE pulse — 121 metros

bubble size = CMBS balance · color = distress rate · ▲/▼ = distress rising/falling (1yr) · click to open

Markets, ranked by securitized CRE balance

Metro	CMBS UPB	Distressed	Loans
New York-Newark-Jersey City, NY-NJ	$55.7B	3.9%	3,281
Los Angeles-Long Beach-Anaheim, CA	$17.0B	2.3%	821
Washington-Arlington-Alexandria, DC-VA-MD-WV	$9.0B	2.1%	431
San Francisco-Oakland-Fremont, CA	$8.2B	2.2%	368
Chicago-Naperville-Elgin, IL-IN	$8.1B	7.0%	680
Houston-Pasadena-The Woodlands, TX	$7.4B	2.6%	595
San Jose-Sunnyvale-Santa Clara, CA	$6.4B	7.0%	209
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD	$6.4B	1.9%	488
Miami-Fort Lauderdale-West Palm Beach, FL	$6.3B	0.3%	366
Las Vegas-Henderson-North Las Vegas, NV	$6.2B	0.0%	292
Dallas-Fort Worth-Arlington, TX	$5.8B	1.6%	477
Boston-Cambridge-Newton, MA-NH	$5.7B	2.8%	214
Detroit-Warren-Dearborn, MI	$5.4B	2.2%	438
Seattle-Tacoma-Bellevue, WA	$5.0B	11.1%	223
Phoenix-Mesa-Chandler, AZ	$4.0B	0.0%	322
Atlanta-Sandy Springs-Roswell, GA	$4.0B	0.1%	433
Riverside-San Bernardino-Ontario, CA	$3.6B	0.1%	286
San Diego-Chula Vista-Carlsbad, CA	$3.1B	0.0%	193
Cleveland, OH	$2.1B	2.3%	172
Sacramento-Roseville-Folsom, CA	$2.0B	2.6%	165
Charlotte-Concord-Gastonia, NC-SC	$2.0B	1.4%	179
Tampa-St. Petersburg-Clearwater, FL	$1.9B	0.0%	243
Denver-Aurora-Centennial, CO	$1.8B	8.5%	130
Orlando-Kissimmee-Sanford, FL	$1.7B	0.5%	142
Baltimore-Columbia-Towson, MD	$1.7B	2.6%	113
Minneapolis-St. Paul-Bloomington, MN-WI	$1.7B	2.4%	128
Austin-Round Rock-San Marcos, TX	$1.7B	4.8%	149
St. Louis, MO-IL	$1.6B	1.5%	163
Indianapolis-Carmel-Greenwood, IN	$1.6B	0.3%	186
Columbus, OH	$1.5B	0.7%	170
Nashville-Davidson--Murfreesboro--Franklin, TN	$1.5B	0.0%	131
New Orleans-Metairie, LA	$1.5B	0.0%	91
Pittsburgh, PA	$1.5B	16.4%	122
Virginia Beach-Chesapeake-Norfolk, VA-NC	$1.5B	3.1%	144
Portland-Vancouver-Hillsboro, OR-WA	$1.5B	5.2%	95
Cincinnati, OH-KY-IN	$1.4B	6.6%	133
Kansas City, MO-KS	$1.2B	0.0%	194
San Antonio-New Braunfels, TX	$1.2B	4.8%	106
Milwaukee-Waukesha, WI	$1.1B	3.0%	118
Urban Honolulu, HI	$1.0B	0.0%	761
Richmond, VA	$1.0B	0.0%	91
Jacksonville, FL	$0.9B	1.8%	79
Trenton-Princeton, NJ	$0.9B	0.0%	40
Baton Rouge, LA	$0.9B	3.8%	98
Tucson, AZ	$0.8B	0.0%	77
Memphis, TN-MS-AR	$0.8B	0.0%	107
Oxnard-Thousand Oaks-Ventura, CA	$0.8B	0.0%	46
Birmingham, AL	$0.8B	0.0%	59
Charleston-North Charleston, SC	$0.8B	0.0%	68
Allentown-Bethlehem-Easton, PA-NJ	$0.7B	0.0%	59
Salt Lake City-Murray, UT	$0.7B	0.0%	60
Grand Rapids-Wyoming-Kentwood, MI	$0.7B	5.7%	88
Buffalo-Cheektowaga, NY	$0.6B	0.0%	56
Dayton-Kettering-Beavercreek, OH	$0.6B	5.1%	77
Reno, NV	$0.6B	0.0%	50
Akron, OH	$0.6B	0.0%	74
Louisville/Jefferson County, KY-IN	$0.6B	4.7%	71
Rochester, NY	$0.6B	4.1%	64
Durham-Chapel Hill, NC	$0.5B	1.2%	52
Boise City, ID	$0.5B	0.0%	36
Fresno, CA	$0.5B	0.0%	35
Worcester, MA	$0.5B	0.0%	30
Raleigh-Cary, NC	$0.5B	4.1%	47
Lexington-Fayette, KY	$0.5B	0.0%	36
Harrisburg-Carlisle, PA	$0.5B	0.0%	62
Kiryas Joel-Poughkeepsie-Newburgh, NY	$0.5B	0.0%	33
Greensboro-High Point, NC	$0.5B	6.2%	55
Savannah, GA	$0.5B	0.0%	41
Ann Arbor, MI	$0.5B	0.0%	60
Colorado Springs, CO	$0.4B	0.0%	50
North Port-Bradenton-Sarasota, FL	$0.4B	0.0%	36
Cape Coral-Fort Myers, FL	$0.4B	0.0%	39
Greenville-Anderson-Greer, SC	$0.4B	2.5%	61
Santa Rosa-Petaluma, CA	$0.4B	0.0%	48
Albany-Schenectady-Troy, NY	$0.4B	0.0%	49
Deltona-Daytona Beach-Ormond Beach, FL	$0.4B	0.0%	55
Huntsville, AL	$0.4B	0.0%	44
Des Moines-West Des Moines, IA	$0.4B	0.0%	42
Chattanooga, TN-GA	$0.4B	6.0%	33
Oklahoma City, OK	$0.4B	4.0%	92
Albuquerque, NM	$0.4B	5.0%	52
Palm Bay-Melbourne-Titusville, FL	$0.4B	0.0%	44
Providence-Warwick, RI-MA	$0.3B	0.0%	37
Stockton-Lodi, CA	$0.3B	0.0%	34
Fayetteville-Springdale-Rogers, AR	$0.3B	0.0%	27
Omaha, NE-IA	$0.3B	0.0%	38
Jackson, MS	$0.3B	6.1%	52
Asheville, NC	$0.3B	0.0%	36
Columbia, SC	$0.3B	0.0%	57
Tulsa, OK	$0.3B	0.0%	42
Modesto, CA	$0.3B	0.0%	25
Augusta-Richmond County, GA-SC	$0.3B	0.0%	45
Lakeland-Winter Haven, FL	$0.3B	0.0%	46
Little Rock-North Little Rock-Conway, AR	$0.3B	0.0%	30
Atlantic City-Hammonton, NJ	$0.3B	0.0%	28
Vallejo, CA	$0.3B	0.0%	27
Fayetteville, NC	$0.3B	0.0%	27
Winston-Salem, NC	$0.3B	0.0%	25
Fort Wayne, IN	$0.3B	0.0%	33
Lubbock, TX	$0.3B	6.4%	28
El Paso, TX	$0.3B	0.0%	45
Syracuse, NY	$0.2B	1.0%	26
Knoxville, TN	$0.2B	0.0%	37
Lansing-East Lansing, MI	$0.2B	0.0%	40
Bloomington, IN	$0.2B	0.0%	33
Montgomery, AL	$0.2B	0.0%	29
Charleston, WV	$0.2B	0.0%	35
South Bend-Mishawaka, IN-MI	$0.2B	0.0%	25
Toledo, OH	$0.2B	0.0%	50
McAllen-Edinburg-Mission, TX	$0.2B	0.0%	25
Lafayette, LA	$0.1B	0.0%	52
Davenport-Moline-Rock Island, IA-IL	$0.1B	0.0%	25
Ocala, FL	$0.1B	0.0%	26
Wichita, KS	$0.1B	0.0%	44
Waco, TX	$0.1B	0.0%	43
Peoria, IL	$0.1B	0.0%	29
Rockford, IL	$0.1B	0.0%	32
Mobile, AL	$0.1B	0.0%	29
Fort Smith, AR-OK	$0.0B	0.0%	25
Tyler, TX	$0.0B	0.0%	31
Chico, CA	$0.0B	29.9%	30

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