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Top Headlines: Delivered by Leonard Steinberg

July 02, 2024

01  Some Wall Street banks, worried that landlords of vacant and struggling office buildings won’t be able to pay off their mortgages, have begun offloading their portfolios of commercial real estate loans hoping to cut their losses. Is ‘extend and pretend’ running out of steam? The banking industry most recently reported that just under $37 billion in commercial real estate loans - or 1.17% of all loans held by banks - were delinquent.

(NY Times)

02  "California’s Business Climate Is As Vibrant As Its Landscapes, Making It A Prime Spot For Real Estate Growth."

03  10% of households in the U.S. with someone 65 or older earned rental income in 2022, compared with 7% of households of people under 65.

04  The number of American homeowners without insurance has more than doubled to 12% from 5% in 2019. The spike in uninsured homes is being driven by a dramatic rise in the cost of coverage. Higher premiums are putting a strain on households already struggling to afford life’s staples. Some bet that something bad won’t happen to them. Some bet that government will rescue them. The fewer people paying into the insurance system the higher rates are bound to go for everyone else?

(USA Today)

05  Waymo - the driverless robotaxi company that operates for all users in Phoenix and is available in limited capacity in Los Angeles and Austin, Texas - has driven about 20 million fully autonomous miles and nearly 2 million paid ride-hail trips. It has already logged 3.8 million rider-only miles in San Francisco as of the end of March.

(CNBC)