Crash By The Dashboard Light? US Q2 GDP Crashes -32.9% QoQ As Home Prices Decline -0.3% In May (CMBX Prices Crashing)

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.

I can see a crash by the dashboard light.

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