Wall Street is worried about another regional banking crisis
CNN
The collapse last year of three US regional lenders left financial institutions and regulators scrambling to prevent a wider banking crisis. Investors are worried again, and this time the risk is coming from commercial real estate.
A version of this story first appeared in CNN Business’ Before the Bell newsletter. Not a subscriber? You can sign up right here. You can listen to an audio version of the newsletter by clicking the same link. Wall Street is experiencing a case of déjà vu. It’s been nearly a year since the collapse of three US regional lenders left financial institutions and regulators scrambling to prevent the spread of a banking crisis. Today, investors are worried they’re back on familiar territory. But while the last crisis was all about interest rate risk, this one revolves around the $20 trillion commercial real estate market. What’s happening: After decades of growth bolstered by low interest rates and easy credit, commercial real estate has hit a wall. Office and retail property valuations have been falling since the pandemic changed where people live and work and how they shop. The Fed’s efforts to fight inflation by raising interest rates have also hurt the credit-dependent industry.
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