Many thought that a housing price crash and another financial crisis was a long shot. Until Q2 GDP crashed by 32.9%. And it turns out that the FHFA purchase-only house price index declined by -0.3% in May.
On the commercial real estate side, multifamily and hotel (both hit hard by the Covid-19 shutdown) are in CMBX series 9 while CMBX series 6 has a large share of retail properties.
While CMBX BBB- S9 is ad 79.360, CMBX BBB- S6 is down to 67.310. March and Covid were a disaster.