There's more news that increases the food for thought about multifamily stability. Bill McBride's CalculatedRisk Newsletter reported a large relative jump in the Freddie Mac multifamily mortgage serious delinquency rate between December 2023 and January 2024.

McBride called the change "no surprise" while rightly calling the monthly increase "very large."

"The multifamily rate increased recently as rent growth has slowed (and rents are falling in some areas), vacancy rates have increased, and borrowing rates have increased sharply," he wrote.

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