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Searching for Volatile Macro Environments with Alfonso Peccatiello, The Macro Compass

The Derivative

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The Housing Market Is Frozen

In February, down at eye connections at the hedge fund conference and had 15 private credit meetings, my takeaway was they're all doing mezzanine debt on commercial real estate projects. The answer was, well, what happens in a big crash and you can't get your money out? Oh, well, then we take possession and usually we actually make more when that happens. So this anecdotal evidence feeds into this narrative. And look, the housing market is frozen. It's just on stances waiting for something to happen before the banking stress,. There were some clear signs that the stasis was about to be resolved on the way down.

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