Expert: Fed Rate Hikes Have Destroyed Commercial Real Estate Market
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Fed interest rate hikes have "destroyed" the commercial real estate market, says expert Don Peebles.
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Peebles warns of significant vacancy and stress in office and apartment markets due to rate hikes.
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Investors who bought properties at low rates now face problems as rates rise.
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Lenders are trying to avoid taking back distressed properties but defaults are starting.
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Peebles suggests Treasury and Fed need new approach to control inflation besides rate hikes.