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

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.

Read the national picture →

Every market with a CRE pulse — 120 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	$41.4B	3.7%	1,956
Los Angeles-Long Beach-Anaheim, CA	$15.0B	2.4%	727
Washington-Arlington-Alexandria, DC-VA-MD-WV	$8.4B	3.6%	396
San Francisco-Oakland-Fremont, CA	$7.4B	1.9%	303
Chicago-Naperville-Elgin, IL-IN	$7.1B	8.0%	634
Houston-Pasadena-The Woodlands, TX	$7.0B	2.7%	579
San Jose-Sunnyvale-Santa Clara, CA	$6.0B	5.5%	198
Las Vegas-Henderson-North Las Vegas, NV	$6.0B	0.0%	272
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD	$5.9B	2.1%	449
Miami-Fort Lauderdale-West Palm Beach, FL	$5.8B	0.4%	341
Dallas-Fort Worth-Arlington, TX	$5.3B	1.8%	465
Detroit-Warren-Dearborn, MI	$5.0B	2.0%	423
Seattle-Tacoma-Bellevue, WA	$4.6B	6.6%	207
Atlanta-Sandy Springs-Roswell, GA	$3.9B	0.1%	428
Phoenix-Mesa-Chandler, AZ	$3.8B	0.0%	320
Riverside-San Bernardino-Ontario, CA	$3.6B	0.5%	280
Boston-Cambridge-Newton, MA-NH	$3.1B	5.1%	133
San Diego-Chula Vista-Carlsbad, CA	$2.7B	0.0%	164
Tampa-St. Petersburg-Clearwater, FL	$1.9B	0.0%	246
Sacramento-Roseville-Folsom, CA	$1.9B	2.8%	164
Charlotte-Concord-Gastonia, NC-SC	$1.7B	0.0%	167
Cleveland, OH	$1.7B	2.8%	163
Austin-Round Rock-San Marcos, TX	$1.6B	4.9%	146
St. Louis, MO-IL	$1.6B	1.5%	157
Orlando-Kissimmee-Sanford, FL	$1.6B	0.5%	137
Baltimore-Columbia-Towson, MD	$1.5B	2.9%	107
Nashville-Davidson--Murfreesboro--Franklin, TN	$1.5B	0.0%	131
Indianapolis-Carmel-Greenwood, IN	$1.5B	0.3%	179
Pittsburgh, PA	$1.5B	16.5%	123
Minneapolis-St. Paul-Bloomington, MN-WI	$1.5B	0.0%	124
Columbus, OH	$1.5B	0.7%	167
New Orleans-Metairie, LA	$1.5B	0.0%	86
Denver-Aurora-Centennial, CO	$1.5B	10.4%	121
Virginia Beach-Chesapeake-Norfolk, VA-NC	$1.4B	2.3%	142
Cincinnati, OH-KY-IN	$1.3B	4.1%	129
Portland-Vancouver-Hillsboro, OR-WA	$1.3B	6.1%	90
San Antonio-New Braunfels, TX	$1.2B	4.6%	108
Kansas City, MO-KS	$1.1B	0.0%	191
Milwaukee-Waukesha, WI	$1.1B	3.0%	117
Richmond, VA	$1.0B	0.0%	90
Jacksonville, FL	$1.0B	1.7%	79
Baton Rouge, LA	$0.9B	3.8%	98
Trenton-Princeton, NJ	$0.8B	0.0%	37
Urban Honolulu, HI	$0.8B	0.0%	81
Memphis, TN-MS-AR	$0.8B	0.0%	106
Tucson, AZ	$0.8B	0.0%	76
Birmingham, AL	$0.8B	0.0%	59
Charleston-North Charleston, SC	$0.8B	0.0%	68
Oxnard-Thousand Oaks-Ventura, CA	$0.7B	0.0%	42
Salt Lake City-Murray, UT	$0.7B	0.0%	58
Grand Rapids-Wyoming-Kentwood, MI	$0.7B	5.7%	89
Akron, OH	$0.6B	0.0%	72
Reno, NV	$0.6B	0.0%	45
Allentown-Bethlehem-Easton, PA-NJ	$0.6B	0.0%	54
Louisville/Jefferson County, KY-IN	$0.6B	5.0%	70
Harrisburg-Carlisle, PA	$0.5B	0.0%	63
Buffalo-Cheektowaga, NY	$0.5B	0.0%	52
Rochester, NY	$0.5B	4.4%	63
Fresno, CA	$0.5B	0.0%	35
Raleigh-Cary, NC	$0.5B	4.1%	46
Lexington-Fayette, KY	$0.5B	0.0%	36
Worcester, MA	$0.5B	0.0%	29
Kiryas Joel-Poughkeepsie-Newburgh, NY	$0.5B	0.0%	32
Durham-Chapel Hill, NC	$0.5B	1.4%	49
Dayton-Kettering-Beavercreek, OH	$0.5B	7.3%	72
Greensboro-High Point, NC	$0.4B	6.6%	53
Savannah, GA	$0.4B	0.0%	38
North Port-Bradenton-Sarasota, FL	$0.4B	0.0%	37
Cape Coral-Fort Myers, FL	$0.4B	0.0%	38
Boise City, ID	$0.4B	0.0%	34
Stockton-Lodi, CA	$0.4B	0.0%	35
Greenville-Anderson-Greer, SC	$0.4B	2.5%	61
Colorado Springs, CO	$0.4B	0.0%	48
Huntsville, AL	$0.4B	0.0%	44
Ann Arbor, MI	$0.4B	0.0%	46
Deltona-Daytona Beach-Ormond Beach, FL	$0.4B	0.0%	54
Albany-Schenectady-Troy, NY	$0.4B	0.0%	47
Des Moines-West Des Moines, IA	$0.4B	0.0%	43
Chattanooga, TN-GA	$0.4B	6.1%	32
Albuquerque, NM	$0.4B	5.0%	52
Palm Bay-Melbourne-Titusville, FL	$0.3B	0.0%	44
Providence-Warwick, RI-MA	$0.3B	0.0%	37
Omaha, NE-IA	$0.3B	0.0%	39
Fayetteville-Springdale-Rogers, AR	$0.3B	0.0%	27
Oklahoma City, OK	$0.3B	4.7%	93
Tulsa, OK	$0.3B	0.0%	40
Santa Rosa-Petaluma, CA	$0.3B	0.0%	43
Columbia, SC	$0.3B	0.0%	55
Lakeland-Winter Haven, FL	$0.3B	0.0%	46
Little Rock-North Little Rock-Conway, AR	$0.3B	0.0%	30
Jackson, MS	$0.3B	6.9%	51
Atlantic City-Hammonton, NJ	$0.3B	0.0%	28
Augusta-Richmond County, GA-SC	$0.3B	0.0%	43
Vallejo, CA	$0.3B	0.0%	27
Fayetteville, NC	$0.3B	0.0%	27
Fort Wayne, IN	$0.3B	0.0%	33
Winston-Salem, NC	$0.3B	0.0%	25
Lubbock, TX	$0.3B	6.4%	28
El Paso, TX	$0.2B	0.0%	44
Knoxville, TN	$0.2B	0.0%	35
Syracuse, NY	$0.2B	1.0%	25
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
McAllen-Edinburg-Mission, TX	$0.2B	0.0%	25
Toledo, OH	$0.2B	0.0%	49
Asheville, NC	$0.2B	0.0%	31
Davenport-Moline-Rock Island, IA-IL	$0.1B	0.0%	25
Lafayette, LA	$0.1B	0.0%	51
Ocala, FL	$0.1B	0.0%	26
Waco, TX	$0.1B	0.0%	43
Peoria, IL	$0.1B	0.0%	29
Mobile, AL	$0.1B	0.0%	29
Wichita, KS	$0.1B	0.0%	47
Rockford, IL	$0.1B	0.0%	31
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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Built on statutorily-open public data — CMBS disclosure, bank call reports, court and bankruptcy filings. Every figure traces to a source you can pull yourself.