(Bloomberg) -- One of the least affordable US housing markets in decades is freezing residential real estate sales and shutting out a generation of aspiring homeowners. But one group remains unfazed by the crisis: the wealthy.Most Read from BloombergHarris Just Showed Why Trump Is So Afraid of HerI Changed My Mind. The Fed Needs to Cut Rates Now.Stocks Tumble as Wall Street Gets AI Wake-Up Call: Markets WrapWhat Initial Polling Data Show About the Trump-Harris MatchupHarris Targets Trump by Rais
NEW YORK (Reuters) -Shares of commercial real estate finance company Blackstone Mortgage Trust fell 10% on Wednesday as the firm cut its dividend 24%, facing continued strains from vacant offices. It is the latest sign of mounting woes in commercial real estate. The shift has left broad swaths of office space empty, while elevated interest rates have left many borrowers struggling to make timely payments on their loans.
Sales of newly built homes fell 0.6% to 617,000 annual pace in June, according to government data released Wednesday.