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☆ Commercial real estate foreclosures have spiked 117% over the past year
▼ + stars: | 2024-04-18 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Commercial foreclosures jumped 117% year-to-date in March, data from ATTOM shows. AdvertisementThe commercial real estate market is still struggling, made all the more clear by the rapid upswing in property foreclosures. Foreclosure activity jumped by 117% year-over-year in March, real estate data provider ATTOM reported on Wednesday. While high, commercial foreclosures are still under a 2014 peak of 889. AdvertisementEarlier this month, Fitch Ratings warned of a rising global contagion risk from commercial real-estate losses.

Persons: —, moratoriums, it's, delinquencies, Jamie Woodwell Organizations: Service, Mortgage Bankers Association, Real, Fitch

☆ Venezuela battles record wildfires worsened by Amazon drought
▼ + stars: | 2024-04-02 | by ( Billy Stockwell | Story Reuters | ) edition.cnn.com time to read: +6 min

Reuters —Venezuela is battling a record number of wildfires, according to data released on Monday, as a climate change-driven drought plagues the Amazon rainforest region. An aerial view shows a burned forest after a forest fire in Henri Pittier National Park on March 30. Leonardo Fernandez Viloria/ReutersA Bolivarian National Police helicopter flies over during a wildfire in the Henri Pittier National Park on March 29. The fires are blanketing with smoke Guayana City, Venezuela’s largest urban center in the Amazon, according to a Reuters witness. In Venezuela, Lozada, firefighters and other experts said the government response was lacking.

Persons: Manoela Machado, ” Machado, “, ”, Carlos Carruido Perez, Henri Pittier, Leonardo Fernandez Viloria, Henri, Jose Rafael Lozada, Michael Coe, Lozada, Juan Carlos Hernandez, ” Lozada, Oxford’s Machado, William Lopez Organizations: Reuters —, Satellites, University of Oxford, Henri, Reuters, Bolivarian National Police, NASA, Universidad de Los, Research, AFP, Getty, “ Firefighters Locations: Reuters — Venezuela, Venezuela, South America, Pacific, Brazil’s, Brazil, Henri, Uverito, Manhattan, Universidad de Los Andes, Merida, Brazil’s Roraima, Roraima, Naguanagua, Carabobo State

Since 1979, global heat waves are moving 20% more slowly — meaning more people stay hot longer — and they are happening 67% more often, according to a study in Friday's Science Advances. The study found the highest temperatures in the heat waves are warmer than 40 years ago and the area under a heat dome is larger. From 1979 to 1983, global heat waves would last eight days on average, but by 2016 to 2020 that was up to 12 days, the study said. Eurasia was especially hit harder with longer lasting heat waves, the study said. “Those heat waves are traveling slower and so slower so that basically means that ... there's a heat wave sitting there and those heat waves could stay longer in the region," Zhang said.

Persons: Wei Zhang of, Gabriel Lau, ”, Lawrence, Michael Wehner, Zhang, Kathy Jacobs, Jennifer Francis, ” ___ Read, Seth Borenstein Organizations: Wei Zhang of Utah State University, Princeton University, North, Lawrence Berkeley, Lab, University of Arizona, Climate Research, Associated Press Locations: Eurasia, Africa, North America, Australia, AP.org

☆ The 4% mortgage rate and other sweet offers from lenders hoping to stave off commercial real estate doom
▼ + stars: | 2024-03-27 | by ( Daniel Geiger | ) www.businessinsider.com time to read: +8 min

Instead a deal is now being negotiated to trim the size of the property's $240 million mortgage and potentially extend the loan at below-market interest rates in an attempt to revive the property's fortunes. The negotiations show that as hundreds of billions of dollars of commercial real estate debts come due or have already tumbled into default, deals are being arranged behind the scenes to try to stave off financial catastrophe. More borrowers and lenders have sought to buy timeThere is mounting evidence that such negotiations are taking place more widely. There have been concerns that trillions of dollars of upcoming commercial property debt maturities could inflict heavy losses that could weigh on investors and lenders across the property market and even cause systemic issues in the banking sector. The deal is part of a growing number of sales by some lenders to cut down their exposure to commercial real estate.

Persons: Realty, Michael Maturo, we'd, Maturo, Jack Terzi, Terzi, Jamie Woodwell, Stephen Buschbom, Trepp, Alan Todd, David Blumberg, Raymond Boyd, Blumberg, Robert Ivanhoe, Greenberg Traurig, Ivanhoe Organizations: New, Aareal Bank, Business, JTRE Holdings, Mortgage Bankers Association, Treasury Department, Bank of America, 601W Companies, Aon, Aon Center, Federal Reserve Locations: New York, Lower Manhattan, Manhattan, New York City, Chicago

And February, as well the previous two winter months, soared well past the internationally set threshold for long-term warming, Copernicus reported Wednesday. February 2024 averaged 13.54 degrees Celsius (56.37 degrees Fahrenheit), breaking the old record from 2016 by about an eighth of a degree. Climate scientists say most of the record heat is from human-caused climate change of carbon dioxide and methane emissions from the burning of coal, oil and natural gas. Additional heat comes from a natural El Nino, a warming of the central Pacific that changes global weather patterns. The three-month period was the most any season has been above pre-industrial levels in Copernicus record keeping, which goes back to 1940.

Persons: Copernicus, El, it’s, ”, Jennifer Francis, ” Francis, El Nino, Francesca Guglielmo, “, Brian McNoldy, Natalie Mahowald, Francis, ___ Read, Seth Borenstein Organizations: WASHINGTON, European Union, El Nino, El, Climate, University of Miami, Cornell University, Associated Press Locations: European, Paris, El, El Ninos, AP.org

☆ A new company is shipping Arctic ice from Greenland to chill posh drinks in Dubai
▼ + stars: | 2024-03-01 | by ( Laura Paddison | ) edition.cnn.com time to read: +5 min

The startup company, Arctic Ice, shipped its first container of around 22 tons of Greenland ice to Dubai this year for sale to high-end bars and restaurants. Founded in 2022 by two Greenlanders, Arctic Ice has an interesting — and controversial — business model. Arctic Ice claims it’s offering a novel way to harness a natural resource, carving out new economic opportunities and raising awareness of the Arctic. Various attempts have been made over the past few decades to bring back natural ice commercially, but with little success. But perhaps inevitably for a business model that involves shipping a diminishing natural resource halfway across the world, Arctic Ice has attracted controversy.

Persons: ”, Malik V, Rasmussen, ” Rasmussen, “, Jennifer Francis, Francis, It’s, Jason Box Organizations: CNN, glitzy, Climate Research, Geological Survey Locations: glitzy Dubai, Dubai, Nuuk, Greenland, Europe, people’s freezers, Norway, Denmark

☆ The number of new commercial mortgages plummeted 47% last year
▼ + stars: | 2024-02-13 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

Mortgage originations in commercial real estate fell 47% through 2023, Mortgage Bankers Association said. AdvertisementMortgage originations for commercial properties dropped 47% in 2023, the Mortgage Bankers Association reported. The drawdown came as weak confidence bears down on commercial real estate. Despite these obstacles, MBA previously anticipated that commercial mortgage lending would climb into 2024, gaining 29% to an expected volume of $476 billion. Advertisement"2023 is likely to go into the record books as the slowest year for commercial real estate borrowing and lending in roughly a decade," MBA Head of Commercial Real Estate Research Jamie Woodwell said in January's report.

Persons: —, Jamie Woodwell, Woodwell, Morgan Stanley Organizations: Mortgage Bankers Association, Service, Healthcare, Real

☆ NYC gets hit by the biggest snowstorm in 2 years. It's part of a growing trend of extreme weather events.
▼ + stars: | 2024-02-13 | by ( Ellyn Lapointe | ) www.businessinsider.com time to read: +7 min

Winter storm Lorraine is the latest event in this growing trend, which experts say is driven largely by global climate change. The polar vortex is like a figure skaterThe polar vortex can unleash cold Arctic temperatures upon Canada and the US. AdvertisementBut in reality, the impact of climate change on winter weather is much more complex. AdvertisementThat could explain why the US is still experiencing episodes of record-breaking low winter temperatures despite an overall rise in annual average temperatures, Cohen explained. AdvertisementAnd as climate change continues to warm the Arctic, Francis anticipates we will see more of these events.

Persons: Lorraine, Judah Cohen, It’s, Cohen, ” Cohen, “, Matthew Williams, Ellis, David Becker, Brace, Joe Pool, Julio Cortez, Jennifer Francis, ” Francis, Francis Organizations: Service, NOAA, MIT, Getty, . Research, Boston, Climate Research Locations: New York, East, Philadelphia, Boston . New, Montana, Minnesota, Canada, California, Eurasia, America, Portland , Oregon, Joe

☆ Commercial mortgage lending to jump 29% in 2024 after slowest year in a decade, Mortgage Bankers Association says
▼ + stars: | 2024-01-23 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Commercial mortgage borrowing will rise 29% this year, the Mortgage Bankers Association estimates. AdvertisementCommercial and multifamily mortgage borrowing and lending is forecast to surge 29% from last year's estimated total of $444 billion, the Mortgage Bankers Association estimates. "2023 is likely to go into the record books as the slowest year for commercial real estate borrowing and lending in roughly a decade," MBA Head of Commercial Real Estate Research Jamie Woodwell said in the report. AdvertisementTighter monetary policy since 2022 has pushed up borrowing costs across the commercial real estate market, and resulted in stricter lending standards among mortgage originators. Raichura expects prices to drop off another 10% this year, while a December outlook from NBER outlined that total commercial real estate losses could amount to $160 billion.

Persons: —, Jamie Woodwell, Kiran Raichura, Woodwell Organizations: Mortgage, Association, Service, Real, Federal Reserve

☆ Office properties lead surge in commercial real estate delinquency rates
▼ + stars: | 2024-01-16 | by ( Aruni Soni | ) www.businessinsider.com time to read: +3 min

Delinquency rates on loans backed by office properties jumped to 6.5% in the fourth quarter, an MBA survey found. Out of all the commercial real estate loan delinquency rates tracked by the survey, office loans led the pack. AdvertisementFinancial troubles continue to plague the office market, which led an increase in commercial real estate loan delinquency rates. Zooming out, the commercial real estate sector has been in a pinch ever since interest rate hikes made borrowing money a lot more expensive. AdvertisementStill, MBA's survey found that while the office market segment of commercial real estate is still wobbling, other slices of the sector are recovering.

Persons: —, multifamily, Jamie Woodwell Organizations: Service, Financial, Mortgage Bankers Association, Capital Economics

However strange it sounds, that contradiction fits snugly in explanations of what climate change is doing to Earth, scientists said. But when the polar vortex weakens, the arms start flailing out, the skater slips and “all the cold air then gets released away from the center of the polar vortex," Cohen said. The current cold outbreak is consistent with Arctic change and the polar vortex, Cohen said. Cohen and others have done studies that show the polar vortex outbreaks have become more frequent in recent decades. But another polar vortex looks like it's coming at the end of the month, though not as strong as this one, they said.

Persons: turvy, ”, Jennifer Francis, Judah Cohen, Cohen, Steve Vavrus, It's, Francis, Marshall Shepherd, “, Victor Gensini, Gensini, ___ Read, Seth Borenstein Organizations: North Dakota, NFL, Amplification, Atmospheric Environmental Research, University of Wisconsin, University of Georgia, Northern Illinois University, Associated Press Locations: United States, Asia, Africa, East, South America, North, Miami, Kansas City, Melbourne, Aruba, Curacao, Argentina, Oman, Iran, Texas, Boston, Madison, Chicago, Denver, Lincoln, Omaha , Oklahoma City, Dallas, Houston, AP.org

☆ Climate change: Why we still have extreme cold despite global warming
▼ + stars: | 2024-01-15 | by ( Laura Paddison | ) edition.cnn.com time to read: +4 min

But scientists are clear: cold extremes will still occur even as winters warm overall. When the jet stream swings south, it can push cold Arctic air into North America, Europe and Asia. In its normal state it rotates very fast, keeping blisteringly cold air locked in the Arctic region. But it can get disrupted and knocked off course, becoming stretched and distorted, spilling out cold air and influencing the path of the jet stream. The area of science remains very unsettled, however, and others have said the links between Arctic warming and cold snaps are far from clear.

Persons: Jeffrey T, Barnes, There’s, Jennifer Francis, Judah Cohen, ” Cohen, ”, James Screen, Nouran Salahieh, Allison Chinchar Organizations: CNN, Northern, Climate Research, Massachusetts Institute of Technology, Exeter University Locations: United States, Orchard Park , New York, North America, Europe, Asia, Texas, Massachusetts, Siberia

The latest calculations from several science agencies showing Earth obliterated global heat records last year may seem scary. Former NASA climate scientist James Hansen, often considered the godfather of global warming science, theorized last year that warming was accelerating. That’s 0.27 degrees (0.15 degrees Celsius) warmer than the previous record set in 2016 and 2.43 degrees (1.35 degrees Celsius) warmer than pre-industrial temperatures. NASA and the United Kingdom Meteorological Office had the warming since the mid-19th century a bit higher at 2.5 degrees (1.39 degrees Celsius) and 2.63 degrees (1.46 degrees Celsius) respectively. It’s the third time in the last eight years that a global heat record was set.

Persons: Nature, ”, Katharine Jacobs, Gavin Schmidt, El, NASA's Schmidt, Schmidt, Samantha Burgess, Europe's, Burgess, James Hansen, Daniel Swain, Russ Vose, Jennifer Francis, Katharine Hayhoe, Randall Cerveny, “, ” Cerveny, Natalie Mahowald, “ I've, Kim Cobb, ” ___ Read, Seth Borenstein Organizations: Associated Press, University of Arizona, El Nino, Service, NASA, AP, UCLA, U.S . National Oceanic, Administration, NOAA’s National Centers for Environmental, United Kingdom Meteorological Office, . Records, World Meteorological Organization, Climate Research, Conservancy, NOAA, Arizona State University, WMO, Cornell University, The Associated Press Locations: British, El, Paris, Brown, AP.org

Finally Souza, an innkeeper and community leader in Bela Vista do Jaraqui, said he rallied two dozen neighbors to drill a 60-meter well in the heart of the world's largest freshwater basin. With rivers forming the backbone of transportation across the Amazon region, the drought has disrupted access to food and medicine in dozens of cities. The Amazon, the world's largest rainforest, is regarded by scientists as a bulwark against climate change because its dense vegetation absorbs carbon and emits oxygen. The five researchers predicting a 2026 recovery said the effects of the drought could endure even longer if El Nino is prolonged. That would release huge amounts of carbon dioxide, contributing to climate change and wiping out a wealth of plant and animal species found only in the Amazon.

Persons: Bruno Kelly, Raimundo Leite de Souza, Souza, Luiz Inacio Lula da Silva, Michael Coe, we're, El Nino, Coe, El, Philip Fearnside, Henrique Barbosa, Eduardo Taveira, Taveira, Paulo Brando, Brando, Barbosa, Brad Haynes, Jake Spring, Ana Mano, Andre Romani, Suzanne Goldenberg Organizations: REUTERS, Rights, Rio, cobras, United, Reuters, Research Center, National Institute of, Research, University of Maryland, Honda, LG, Positivo, GIANTS, Yale University, Sao Paulo, Thomson Locations: Tefe, Amazonas, Brazil, Rights MANAUS, caimans, Bela Vista, Guyana, Suriname, French Guiana, Venezuela, Colombia, United Nations, U.S, South America, South, Pacific, North America, El Nino, University, Baltimore, Western Europe, Brazil's Amazonas, Manaus, Itacoatiara, Madeira Rivers, Sao Paulo, Sao

☆ How AI could power the climate breakthrough the world needs
▼ + stars: | 2023-11-26 | by ( Clare Duffy | Rachel Ramirez | ) edition.cnn.com time to read: +14 min

The tool uses data on the climate, water and soil of a particular location to measure how viable the landscape will be for growing in the coming years. “The way we think about AI is it’s a time and effectiveness multiplier to the solutions for climate change,” Gupta told CNN. But for all of AI’s promise, the infrastructure that supports the technology — data centers filled with rows of powerful, energy-sucking computers — could itself be a strain on the environment. For now, the amount of energy used to power AI is relatively small compared to what’s consumed by transportation or buildings. Data center operators like Google are already thinking about how to reduce the resources needed to power the computing behind their AI models.

Persons: David Rind, ClimateAi, Himanshu Gupta, ” Gupta, ”, Fengqi, “, Kara Lamb, Aditya, Dan Keeler, ” Keeler, Anna Liljedahl, ” Liljedahl, Keeler, Daniel Leal, ClimateAi’s Gupta, Anna Robertson, ” Robertson, Alex de Vries, Alex Kraus, Adam Selipsky, —, Gupta Organizations: David Rind . New York CNN, Farmers, CNN, Cornell, Getty, Technology, Climate Research, Google, Bloomberg, Web Services, —, “ Regulators, ” Tech Locations: David Rind . New York, India, Maharashtra, Columbia, American, Ireland, Oregon, United States

☆ Has climate change made utilities a risky bet? What income investors need to know
▼ + stars: | 2023-08-21 | by ( Michelle Fox | ) www.cnbc.com time to read: +6 min

The wildfires in Maui are just the latest example of severe weather and the peril facing utilities. However, investors can pick up about 4% yield on stocks that have dividends that are considered safe, which makes them attractive to investors seeking income. Climate change's impact Climate change is altering not only the Earth's temperature, but also precipitation patterns, said Zachary Zobel, risk associate director at Woodwell Climate Research Center. Climate change could impact utilities in other areas, like sustaining damage during hurricanes and floods. "You don't have to just rely on just one sector to get dividend income," said Cheng.

Persons: hasn't, Michael Lonegan, Neil Kalton, Kalton, Zachary Zobel, Zobel, Berkshire Hathaway, PacificCorp, Wells Fargo's Kalton, it's, Marguerita Cheng, Cheng, — CNBC's Michael Bloom Organizations: Hawaiian Electric, Maui Electric, Electric, NBC News, Evercore ISI, Wall Street, Wells, Wells Fargo Securities, FEMA, Woodwell Climate Research Center, Gas & Electric, Blue, Global, CNBC, & $ Locations: Maui, Lahaina, Wells Fargo, California, Berkshire

☆ Global heat in ‘uncharted territory’ as scientists warn 2023 could be the hottest year on record
▼ + stars: | 2023-07-08 | by ( Laura Paddison | ) edition.cnn.com time to read: +8 min

It works like this: As the world burns fossil fuels and pumps out planet-heating pollution, global temperatures are steadily warming. David J. Phillip/APWhile the record temperatures may have been expected, the magnitude by which some have been broken has surprised some scientists. Historically, global heat records tend to topple in El Niño years, and the current record-holder, 2016, coincided with a strong El Niño. The world gets hung up on blockbuster records but “these heat records are not exciting numbers,” she told CNN. CFOTO/Future Publishing/Getty ImagesUnheeded warningsFor climate scientists, this is the “I told you so” moment they never wanted.

Persons: –, Jennifer Francis, ” Carlo Buontempo, Copernicus, “, we’ve, ” Francis, El, ”, Friederike Otto, Andres Matamoros, David J, Phillip, Peter Stott, There’s, Robert Rohde, ” Otto, Prashanth Vishwanathan, Niño, El Niños, ” Stott, Otto said, “ Organizations: CNN, Climate Research, World Meteorological Organization, Grantham Institute, Climate, UK’s Met, ”, Bloomberg, Getty, Publishing Locations: Europe, Antarctica, Pacific, El, Houston, Berkeley, Patna, Bihar, India, Texas, Mexico, China, Beijing, Northern, Zhonghua, Handan, North China's Hebei

CNN —The planet’s temperature soared again on Thursday to levels not seen in the modern record-keeping era, marking the fourth straight day of record temperatures. On Monday, the average global temperature reached 17.01 degrees Celsius (62.62 degrees Fahrenheit), the highest in the NCEP’s data, which goes back to 1979. On Tuesday it climbed to 17.18 degrees Celsius, where it remained on Wednesday. Before this week, the record in NCEP’s data was 16.92 degrees Celsius and was set in August 2016. Temperature records aren’t just numbers, “but for many people and ecosystems it’s a loss of life and livelihood.”

Persons: Jennifer Francis, Francis, Angel Garcia, Robert Rohde, Niño, “ It’s, ” Friederike Otto, ” Otto Organizations: CNN, University of Maine’s, US National Centers for Environmental, Climate Research, Bloomberg, Getty, Berkeley, El, Grantham Institute, Climate Locations: “, Seville, Spain

Fires are burning across the breadth of Canada, blanketing parts of the eastern United States with choking, orange-gray smoke. So much wildfire smoke pushed through the border that in Buffalo, schools canceled outdoor activities. The average global temperatures today are more than 1.1 degrees Celsius (2 degrees Fahrenheit) higher than in the preindustrial era. The trees and grasses of eastern Canada turned to tinder. “We should expect a stunning year of global extremes,” he wrote.

Persons: It’s, El Niño, Justin Trudeau, ”, Alexandra Paige Fischer, Park Williams, Wiliams, Brendan Rogers, haven’t, La, Jeff Berardelli, El, Ada Monzón Organizations: Northern, University of Michigan, Stanford, University of California, Climate Research, El, Twitter Locations: Canada, United States, Puerto Rico, North America, El, Buffalo, Detroit, Los Angeles, Alberta, Vietnam, China, Siberia, WFLA, Tampa Bay, Fla, WAPA

☆ Commercial and multifamily mortgage delinquencies rose in the first part of 2023
▼ + stars: | 2023-06-02 | by ( Anna Bahney | ) edition.cnn.com time to read: +3 min

Washington, DC CNN —Commercial and multifamily mortgage delinquencies increased in the first quarter of 2023, according to a new report from the Mortgage Bankers Association. “Ongoing stress caused by higher interest rates, uncertainty around property values, and questions about fundamentals in some property markets are beginning to show up in commercial mortgage delinquency rates,” said Jamie Woodwell, MBA’s head of commercial real estate research. Freddie Mac had a delinquency rate of 0.13%, an increase of 0.01 percentage points from the fourth quarter of 2022. Commercial mortgage-backed securities had a delinquency rate of 3%, an increase of 0.10 percentage points from the end of 2022. The FDIC delinquency rates for bank and thrift held mortgages reported here do include loans backed by owner-occupied commercial properties.

Persons: ”, Jamie Woodwell, ” Woodwell, Fannie Mae, Freddie Mac, Banks, thrifts Organizations: DC CNN —, Mortgage, Association, Federal Reserve Locations: Washington

☆ Commercial real estate lending plunged 56% last quarter as 'logjam' of uncertainty clogged the market
▼ + stars: | 2023-05-10 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

Commercial real estate lending more than halved last quarter compared to the prior year. In the first quarter, commercial real estate mortgage loans plunged 56% compared to a year ago, and loans dropped 42% from the fourth quarter. "Uncertainty and volatility in regards to interest rates and property values, and supply demand imbalances for some property types, has led to a logjam in commercial real estate sales and financing markets," MBA's head of commercial real estate research Jamie Woodwell said in a statement. Meanwhile, there's nearly $450 billion in commercial real estate loans that's set to mature in 2023 and will need to be renegotiated. JPMorgan estimated around 20% of commercial real estate loans could default.

☆ Climate woes bad and getting worse faster, UN weather report says
▼ + stars: | 2022-11-06 | by ( ) www.cnbc.com time to read: +3 min

Earth's warming weather and rising seas are getting worse and doing so faster than before, the World Meteorological Organization warned Sunday in a somber note as world leaders started gathering for international climate negotiations. "The latest State of the Global Climate report is a chronicle of climate chaos," United Nations Secretary-General Antonio Guterres said. "The melting (of ice) game we have lost and also the sea level rate," WMO chief Petteri Taalas told The Associated Press. The data on sea level and average temperatures are nothing compared to how climate change has hit people in extreme weather. The rate of warming the last 15 years is 67% faster than since 1971, the report said.

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