Commercial Real Estate Credit —
Rockford, IL
The state of disclosed CRE credit in this market · IL
The read
$88M of CMBS across 9 loans. The heaviest maturity load lands in 2031 ($58M, 66% of the book). Distress is flat in the filed record — 0.0% as of 2026-07. 7 on-the-ground distress events in the past year (402 jobs).
Overview
CMBS
Submarkets
Local Banks
Jobs & Demand
On The Ground
Loading map…
The CMBS properties our stress model flags here, plus recent store closures and layoffs. Stressed is a wider net than distressed — the distressed figure above counts only loans already in special servicing or 60+ days delinquent, while these dots also include performing loans facing maturity or coverage pressure. Property dots sit at the center of their ZIP code, not the building — they show where stress concentrates, not which asset. Closures and layoffs are pinned to address where we have it. Open any dot to the building and the loan behind it →
CMBS Distressed UPB
under $1M / 0.0%
in special servicing or 60+ days delinquent
CMBS Maturing ≤ 24mo
under $1M
Local Banks (stressed)
0 / 1
Bank Early-Warning
1 flagged
Store Closures (1y)
3
Layoff Notices (1y)
4 / 402 jobs
0.33% of metro employment
CMBS Loans / UPB
9 / $88M
Unemployment · Jul 2026
4.3%
-1.2pp yr
Office-Using Jobs · 2024
16,844
-0.2% yr
How much CRE distress is there in Rockford, IL right now?
Rockford, IL shows no elevated commercial real estate distress across any of the four tracked signals right now, with 0 of 6 metric pairs both elevated and 0 signals elevated out of four. Store closures sit at 3 closures over the trailing year (rank 128 of 392, rate 2.44 per 100k jobs), WARN layoff notices at 4 notices (rank 113 of 386, rate 0.28%), bank CRE noncurrents at $0.0mm (rank 358 of 393) and securitized loans in special servicing at 0 rows (rank 220 of 335). All 6 pairwise comparisons agree on a quiet reading, with no disagreements and no blind legs affecting the assessment.
The figures behind this answer
| Signal | Level | Rate | Rank by count | Rank by rate | Reading |
|---|---|---|---|---|---|
| store closures store closures per 100,000 jobs |
3 closures | 2.44 per 100k jobs | 128 of 392 | 128 of 392 | quiet trailing 365 days to today
|
| layoff notices (WARN) workers on layoff notices as a share of the metro's employment |
4 notices | 0.28% | 113 of 386 | 81 of 386 | quiet trailing 365 days to today
|
| bank CRE at lenders over the noncurrent line share of the CRE lent into this metro that sits at a lender over the blended-noncurrent line |
$0 | 0% | 358 of 393 | 358 of 393 | quiet
allocated 2026-03-31
|
| securitized loans in special servicing share of the securitized balance read here that is in special servicing |
0 loan records | 0% | 220 of 335 | 220 of 335 | quiet 2026-07-29
|
6 pairs compared
0 both elevated
6 both quiet
0 disagreeing
0 unreadable — a side is blind
0 of four legs elevated
one metro, four independent feeds, each on its own denominator
{'coverage': "114 of 441 metros have at least one blind leg and 48 are blind on all four. Those 48 are the same metros the board's map cannot place and the metro resolver cannot name: one ZIP-to-CBSA crosswalk boundary, showing up three ways.", 'a_count_ranks_by_size': 'Elevation is computed on the COUNT, over a flat threshold, which is a size filter. New York is 2nd of 392 by store closures and 264th of the same 392 by closures per job — both true, and which one you lead with decides what the reader believes. Every leg carries both ranks over ONE population; quote the rate beside the count.', 'disagreement_is_not_severity': 'Where two legs disagree, that is usually a fact about WHICH mechanism is running, not an error in either feed and not a worse metro. The six pairs read different populations, and each note is a STRUCTURAL prior about those populations — nothing here measures a lead or a lag between two legs, so never report one as timing.', 'a_blind_leg_is_not_a_quiet_one': "A leg with no denominator, or whose numerator cannot be measured, reads LOW and means nothing. Each leg publishes a measurement state (allocated, floor, measured, no denominator, no rate, not measurable) for that reason. Never report a blind leg as 'no distress'."}
{'leg': 'closures', 'unit': 'jobs', 'as_of': 'trailing 365 days to today', 'value': 122732, 'measures': 'store closures', 'available': True, 'as_of_kind': 'window', 'what_it_is': "all metro jobs, QCEW annual average — a SIZE normaliser, not a matched population: the feed spans retail, food service and pharmacy and no single QCEW sector covers it. The MATCHED read sits beside it as this leg's second reading"}
{'leg': 'warn', 'unit': 'employed', 'as_of': 'trailing 365 days to today', 'value': 145955, 'measures': 'layoff notices (WARN)', 'available': True, 'as_of_kind': 'window', 'what_it_is': 'employed persons, BLS LAUS, not seasonally adjusted'}
{'leg': 'bank', 'unit': '$mm', 'as_of': '2026-03-31', 'value': 3164.0, 'measures': 'bank CRE at lenders over the noncurrent line', 'available': True, 'as_of_kind': 'stamp', 'what_it_is': 'bank CRE allocated to this metro by branch deposits'}
{'leg': 'cmbs', 'unit': '$mm', 'as_of': '2026-07-29', 'value': 88.0, 'measures': 'securitized loans in special servicing', 'available': True, 'as_of_kind': 'stamp', 'what_it_is': "current balance on the non-pari-passu rows of this tape — the trust's slice, not the whole loan, on both sides of the ratio"}
Written from the figures above · CBSA 40420 · stress_metro · last changed 28 Aug 2026
· Ask your own question →
Which distress signals are elevated in Rockford, IL, and which cannot be read?
In Rockford, IL, distress signals are not elevated: bank CRE exposure stands at $3.16bn with a 3.7% 90th-percentile at-risk share, while CMBS special servicing is $0.0mm (a 0.0% share of metro UPB), and distressed bank assets and lender CRE are both zero. However, the reading on actual distressed-bank counts and CMBS loans in special servicing is "unavailable" — the stated figures provide no count for these, only the aggregate dollar and percentage values above.
The figures behind this answer
- CMBS in special servicing
- $0.0mm
- … as a share of this metro's CMBS balance
- 0.0%
- Bank CRE lent into this metro
- $3.16bn
- … at risk at the 90th percentile
- 3.7%
- CRE at lenders over the noncurrent line
- $0.0mm
- Assets at those lenders
- $0.00bn
- … share needing no branch-deposit allocation
- 15.6%
- Legs agreeing
- 0
- Phase
- watch
- CMBS loans in special servicing
- 0
- Distressed banks
- 0
- Store closures (past year)
- 3
- WARN notices (past year)
- 4
an isolated signal, not a convergence
little to no distressed CRE dollars behind the signals
signals are present but neither credit-material nor ground-heavy
Written from the figures above · CBSA 40420 · geo_metro_signals · last changed 27 Aug 2026
· Ask your own question →
Jobs & Demand — the labor market under the collateralWatch it change →
Every other zone on this page reads the credit — what the loan is doing.
This one reads the demand underneath it. Office jobs pay office rent;
office rent services the office loan. When the jobs go, the DSCR follows — but not for another year or two.
That lag is the whole point of looking here.
Unemployment · Jul 2026
4.3%
-1.2pp yr
Last 24 months
4.3%6.7%
Monthly metro unemployment (BLS LAUS) — the freshest labor signal there is,
about six weeks behind. Read the direction, not the level: a 4% metro that is rising and a 6% metro that is
falling are not telling you the same thing.
Jobs by CRE-relevant sector · 2024
Annual employment by sector (BLS QCEW, 2024; 122,732 jobs in the metro).
QCEW lags — it is the structural read, not the current one, and we pair it with the monthly unemployment above on purpose.
Office-using sums five supersectors; where BLS withholds any one of them for
disclosure, we show nothing rather than a number we know is too low — so a missing sector here means
“suppressed at the source,” not “zero.”
Sector Heat — CMBS distress rate by property type (metro vs national)See the loans behind the bar →
Too few CMBS loans here (9) to say whether this metro's rate is explained by its property mix — that comparison needs 25.
No CMBS sector data for this metro.
Maturity Wall — CMBS coming due by year, distress within eachSee what’s maturing →
under $1M — 0% of the metro's balance — matures within two years; the red slice of each bar is already distressed.
Distress Trend — is this market turning?Track it quarter by quarter →
Realized distress is FLAT — 0.0% now (2026-07), +0.0pp over the year.
Same definition as the cards above — distressed means in special servicing or 60+ days delinquent, dollar-weighted — on a different clock. The cards are today’s tape; this is the disclosed history panel, quarter by quarter, so you can read direction rather than level. Trusts file monthly, so a quarter is usually well covered within weeks of opening and the newest one shown is normally the current one; it is withheld only when its filed book falls below 60% of recent quarters.
Share of the metro’s CMBS in special servicing or 60+ days delinquent, by quarter — a firmer, backward-looking read. A loan under 1.0x DSCR that is still paying is not counted here.
Submarket Heat — where in the metro the distress sitsOpen the submarket →
The top three submarkets hold $88M of the metro's $88M; each bar's colored share is its distress rate.
Local Lenders — banks headquartered here, worst CRE noncurrent firstUnlock each bank’s early-warning flag →
| Bank | Total CRE | CRE / Capital* | Noncurrent CRE | Early Warning |
|---|---|---|---|---|
| Foresight Bank | $415M | 123% total 215%
|
2.07% | 🔒 |
* Two ratios, two perimeters.
The large figure is supervisory CRE over total risk-based capital —
construction, multifamily and non-owner-occupied nonfarm nonresidential. That is the book SR 06-26 draws its
300% line against, and it is what the red coloring and the room contributed are both measured on.
Total beneath it adds owner-occupied CRE — lending to a business on
its own premises — which the guidance deliberately leaves out. A bank can sit well above 300% on total CRE and
still be inside the line, with real room to lend; both are shown so the gap is visible rather than surprising.
Banks are matched to their HQ metro (a proxy for footprint). Noncurrent CRE = CRE-balance-weighted blend of multifamily / nonresidential / construction noncurrent (distress already arrived). Early Warning is a validated leading signal — the bank’s 30-89 early-delinquency rank among all CRE lenders this quarter, which has predicted ~2.3× forward CRE distress. Per-bank flags are on a plan.
On The Ground — recent closures, layoffs & CRE bankruptciesTie these events to loans →
7 local distress events in the past year (402 jobs) — store closures, layoffs, and commercial real estate bankruptcies near this metro's collateral.
2026-12-31
CLOSURE
Rockford
2026-07-31
BANKRUPTCY
CRE-linked bankruptcy
2026-07-03
CLOSURE
Rockford
2026-06-30
LAYOFF
204 jobs · Rockford
2026-04-23
LAYOFF
114 jobs · Belvidere
2026-01-27
LAYOFF
47 jobs · Beloit
2025-12-31
CLOSURE
Beloit
2025-09-12
LAYOFF
37 jobs · Rockford
2025-09-07
CLOSURE
Rockford
2025-03-28
LAYOFF
297 jobs · South Beloit
2024-11-18
LAYOFF
327 jobs · Rockford
2024-10-31
LAYOFF
57 jobs · Loves Park
2024-10-18
LAYOFF
104 jobs · Rockford
2024-09-24
LAYOFF
69 jobs · Rockford
2024-08-22
LAYOFF
33 jobs · Machesney
What has actually happened on the ground in Rockford, IL recently?
In Rockford, IL, the past 365 days have seen limited on-the-ground commercial real estate distress: there was 1 CRE bankruptcy, 3 store closures, and 4 WARN notices, affecting a total of 402 jobs. These figures are exact as reported, though the job count is a floor since notices without stated headcounts contribute zero jobs, and the bankruptcy figure is a state-level proxy, not a metro-native count—so the actual reading for locally filed CRE bankruptcies is unavailable on that basis.
The figures behind this answer
- Store closures
- 3
- WARN layoff notices
- 4
- Jobs on those notices
- 402
- CRE-related bankruptcies
- 1
- Window, in days
- 365
STATE PROXY — bankruptcy filings carry the filer's state, not the property's location, so this counts CRE-likely filings in the states this metro's collateral sits in. It is not a metro-native count.
affected_employees is nullable — notices that state no headcount are counted but contribute 0 jobs, so this is a floor.
Closures are matched ZIP -> CBSA and only APPROVED rows count (a pending, machine-extracted row is not yet a closure). This mirrors the Metro Pulse page, not the convergence board — the board applies neither filter and counts higher. Layoffs take the same ZIP -> CBSA and review treatment, and a WARN notice counts if it affects >= 10 people or does not state a headcount (a NULL is not 'fewer than 10').
Written from the figures above · CBSA 40420 · geo_events · last changed 27 Aug 2026
· Ask your own question →
What this page can’t do
Everything above is a snapshot — one market, as it stands today, and
it’s yours to read. What a snapshot can’t tell you is when it moves: which loan slipped a DSCR band
this month, which bank’s early-warning rank crossed into the top quartile, which submarket started turning
while the headline number still looked fine. Distress doesn’t announce itself on the day you happen to check.
This page
One metro · one moment · you come looking.
Verstavo
Every metro · every month · it comes looking for you.
CMBS covers the securitized slice of CRE; bank, closure and layoff signals widen the view.
“No data” in a zone means we don’t observe it here, not that there is no stress.
Employment is BLS (QCEW annual, LAUS monthly) — public data, and the demand leg under all of it.
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.