The Stealth Build-Up

What you don't see is often more important than what you do. Right now, banks are holding thousands of foreclosed properties off the market.

It's a mystery to the public, but a calculated move for the institutions. They are waiting, watching, and hoping to avoid a local price collapse.

Class B Office - Hiding in plain sight.

CLEVELAND

Legacy towers at 50% occupancy. Lenders are holding paper to avoid massive write-downs on Public Square.

High Special Servicing Concentration

CINCINNATI

The I-75 corridor is seeing retail anchor "ghosts." CMBS 2.0 maturities are creating a 'silent' wave of transfers.

Watch the Northern KY border

COLUMBUS

New Albany supply is massive. The shadow here is in the bridge-loan debt, not physical vacancy.

Hilliard/Dublin 'A/B' Workouts

$1.8T Maturity Wall

That's a lot of debt hitting the fan by 2027.

Lenders are opting for loan modifications rather than foreclosures. Why? To keep the loan "performing" on paper. It avoids the dreaded NPL label.

"I've seen regional banks hold assets for 18 months without a single public listing. They're playing the long game."

Ready to hunt ghosts?

I'm tracking the shadow inventory so you don't have to.