Still have a little ways to go for this, but yeah, agree. IMO, CMBS has the highest likelihood of being the next MBS catastrophe. https://finance.yahoo.com/quo

Still have a little ways to go for this, but yeah, agree. IMO, CMBS has the highest likelihood of being the next MBS catastrophe. https://finance.yahoo.com/quote/HPP/ https://finance.yahoo.com/quote/HPP/ Hudson Pacific is who I've been following to track the health of San Francisco's commercial real estate market. I believe they have the largest public position in SF real estate. They're down 85% since 2020. This tracks with articles like https://www.wsj.com/articles/san-francisco-commercial-real-estate-office-buildings-471742ea https://www.wsj.com/articles/san-francisco-commercial-real-e... implying some commercial real estate in downtown SF is being devalued by 60-80%. As a counter-point, https://fred.stlouisfed.org/series/DRCRELEXFACBS https://fred.stlouisfed.org/series/DRCRELEXFACBS commercial real estate delinquency rates haven't begun ticking up yet and are nowhere near the levels of '08. May we live in interesting times and all that. :)