Shares of New York Community Bancorp (NYCB) plunged 5.30% during intraday trading on Thursday, as concerns mounted over the bank's exposure to the troubled commercial real estate market.
The decline came after the bank disclosed another quarterly net loss and warned of further challenges in its commercial real estate lending portfolio. According to a report by The Wall Street Journal, banks and lenders are seizing control of distressed commercial properties at the highest rate in nearly a decade, signaling that the sector's downturn is entering its next phase and approaching a bottom.
The surge in commercial property foreclosures has been driven by high interest rates and the slow return of workers to office buildings, leading to a significant decline in property values. As a result, many lenders are now taking over properties and conducting short sales to mitigate losses.
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