PKB News and Press, Invesco Dynamic Building & Construction From 04/19/23

2023-04-19 12:30:00 ET Summary Underbuilding has been a common theme of the housing optimists, who think that we have not been building enough. For the nation as a whole, there does seem to have been some underbuilding, but not too much, in the era before the pandemic. Houses ...

2023-04-18 00:30:00 ET Summary Homebuilder sentiment from the National Association of Home Builders (NAHB) was updated yesterday morning. Homebuilder sentiment’s improvement over the past four months marks the longest streak of monthly increases since another streak lasting...

2023-04-15 02:25:00 ET Summary One of the recurring themes I’ve focused on in recent years is the inherently long nature of a credit bust cycle like the one we’ve been experiencing since 2021. The commercial real estate market is just one piece of a much larger overa...

2023-04-14 10:30:00 ET Summary Storage REITs are the best-performing property sector this year after lagging in late 2022, lifted by surprisingly solid earnings results and a thawing of the previously icy-cold housing market. Storage demand is driven largely by housing activity &#...

2023-04-13 02:25:00 ET Summary Exacerbated by the recent banking crisis, sentiment around commercial real estate (CRE) has turned so weak that these assets are almost perceived to be uninvestible. However, the CRE market has been no stranger to distress since the Global Financial ...

2023-04-13 02:23:00 ET Summary The Consumer Price Index for March was marked by plunging energy prices and surging services prices. Core CPI jumped by 5.6% year over year, hotter than the 5.5% increase in the prior month, and the first year-over-year increase since September. ...

2023-04-12 22:30:00 ET Summary Headline inflation is now running at about a 3.5-4% rate, not the 5% rate cited by most news sources today. If Owners' Equivalent Rent continues to moderate, as it almost undoubtedly will, headline inflation will all but vanish in coming months. ...

2023-04-12 13:49:00 ET Summary The rising interest rate environment was already weighing on the outlook for construction activity, but the recent stresses in the US and European banking sectors have added to fears that lenders will increasingly step back. The US looks especially v...

2023-04-12 00:08:00 ET Summary A negative US 10-year minus 3-month yield spread has signalled every incoming recession of the last 60 years. In the real world, global PC shipments were -29% year over year in the first quarter, and the average work week in March’s payroll re...

2023-04-11 05:30:00 ET Summary As long as banks have existed, banks have failed, just like other companies have failed, even the most splendid ones. Special servicing rates are a precursor for potential defaults for CRE mortgages that have been securitized into CMBS. CRE is un...