This is just amazing. It seems people were pulling equity out of their homes to finance vacations. As now people have to use their real wages the hotel industry is hurting. Here's the breakdown of specific investment classes.
Of the $3.1 billion new delinquencies in August, $1.1 billion (36%) corresponded to hotel-backed loans, pushing the hotel-specific delinquency rate past 20%. Current delinquency rates by property type are as follows:
--Hotel: 20.80% (from 18.64%)
--Multifamily: 14.18% (from 13.87%)
--Retail: 6.11% (from 6.35%)
--Industrial: 5.55% (from 5.20%)
--Office: 5.06% (from 5.08%)
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