In This Issue
Feature — CMBS hotel exposure – cyclical, front, and center in a recession. And Houston has a problem.
Economy — Remains positive amid slowing in both growth and job creation.
Concerns as yield curve inverts. Record budget deficits, trade wars, price volatility. Q2 2019 construction deliveries down 30% year over year.
Three Trends We Are Watching:
- Cyclical highs in property prices
- Slowing construction deliveries
- Economic uncertainty
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