Xander Snyder
@xandersnyder.bsky.social
Senior Commercial Real Estate Economist at First American Financial
“Progress without a breakout.”
This, in essence, is what to expect of the housing market in 2026. In @odetak.bsky.social latest, she covers First American's housing outlook for 2026. It'll be characterized by a slow improvement in affordability via...
This, in essence, is what to expect of the housing market in 2026. In @odetak.bsky.social latest, she covers First American's housing outlook for 2026. It'll be characterized by a slow improvement in affordability via...
November 13, 2025 at 6:36 PM
“Progress without a breakout.”
This, in essence, is what to expect of the housing market in 2026. In @odetak.bsky.social latest, she covers First American's housing outlook for 2026. It'll be characterized by a slow improvement in affordability via...
This, in essence, is what to expect of the housing market in 2026. In @odetak.bsky.social latest, she covers First American's housing outlook for 2026. It'll be characterized by a slow improvement in affordability via...
CRE lending activity is continuing to grow. MBA’s 3Q25 origination report shows most asset classes and lender types stepping back in, albeit from different levels of activity.
By Asset Class
Across asset classes, origination activity expanded broadly in the third quarter. Office lending surged...
By Asset Class
Across asset classes, origination activity expanded broadly in the third quarter. Office lending surged...
November 11, 2025 at 5:27 PM
CRE lending activity is continuing to grow. MBA’s 3Q25 origination report shows most asset classes and lender types stepping back in, albeit from different levels of activity.
By Asset Class
Across asset classes, origination activity expanded broadly in the third quarter. Office lending surged...
By Asset Class
Across asset classes, origination activity expanded broadly in the third quarter. Office lending surged...
On this special, spooky, post-Halloween edition of REconomy, Mark Fleming and @odetak.bsky.social discuss whether the housing market is haunted or just misunderstood. Join as they take a flashlight to spooky housing headlines and separate myth from market reality.
November 7, 2025 at 5:20 PM
On this special, spooky, post-Halloween edition of REconomy, Mark Fleming and @odetak.bsky.social discuss whether the housing market is haunted or just misunderstood. Join as they take a flashlight to spooky housing headlines and separate myth from market reality.
I recently had the opportunity to connect with
Gordon Lamphere on his Real Finds podcast to discuss trends in Midwestern industrial markets. Among the topics we discussed:
-- What markets are best positioned to handle the rebalancing that lots of new supply is causing?
Gordon Lamphere on his Real Finds podcast to discuss trends in Midwestern industrial markets. Among the topics we discussed:
-- What markets are best positioned to handle the rebalancing that lots of new supply is causing?
November 6, 2025 at 4:59 PM
I recently had the opportunity to connect with
Gordon Lamphere on his Real Finds podcast to discuss trends in Midwestern industrial markets. Among the topics we discussed:
-- What markets are best positioned to handle the rebalancing that lots of new supply is causing?
Gordon Lamphere on his Real Finds podcast to discuss trends in Midwestern industrial markets. Among the topics we discussed:
-- What markets are best positioned to handle the rebalancing that lots of new supply is causing?
Midwestern industrial markets are resetting. After years of record demand and construction, investors are finding that less might actually be more.
A quick thread on why industrial investment strategies are shifting.
A quick thread on why industrial investment strategies are shifting.
November 4, 2025 at 6:32 PM
Midwestern industrial markets are resetting. After years of record demand and construction, investors are finding that less might actually be more.
A quick thread on why industrial investment strategies are shifting.
A quick thread on why industrial investment strategies are shifting.
Despite elevated levels of distress in CRE, big banks aren't panicking over CRE. That doesn't mean the trouble is over, though. Last week, I joined Marketplace to discuss how loan maturities, rising rates, and shifting ownership could actually set up the next phase of the CRE reset.
November 3, 2025 at 5:29 PM
Despite elevated levels of distress in CRE, big banks aren't panicking over CRE. That doesn't mean the trouble is over, though. Last week, I joined Marketplace to discuss how loan maturities, rising rates, and shifting ownership could actually set up the next phase of the CRE reset.
Every time I get the chance to talk with Michael Bull on America's Commercial Real Estate show, we have a great conversation. In this episode, we talked about where in the CRE business cycle we are, and what that means both for market activity in the new year and beyond.
Has the Next CRE Cycle Begun? What to Expect in 2026 with Xander Snyder
open.spotify.com
October 31, 2025 at 4:41 PM
Every time I get the chance to talk with Michael Bull on America's Commercial Real Estate show, we have a great conversation. In this episode, we talked about where in the CRE business cycle we are, and what that means both for market activity in the new year and beyond.
The Fed just cut its benchmark Fed Funds rate by 25 bps to 3.75%–4.00% and pivoted on the balance sheet. Starting December 1st, Treasury runoff will stop (those maturities will be rolled). MBS runoff will continue, with those proceeds being reinvested into Treasuries.
October 29, 2025 at 7:07 PM
The Fed just cut its benchmark Fed Funds rate by 25 bps to 3.75%–4.00% and pivoted on the balance sheet. Starting December 1st, Treasury runoff will stop (those maturities will be rolled). MBS runoff will continue, with those proceeds being reinvested into Treasuries.
Despite ongoing affordability challenges, homeownership continues to be a major vehicle for wealth accumulation over time. Even homeowners who bought at the 2006 peak have built roughly $181K in equity, according to First American Data & Analytics, outpacing what renters paid over that same period.
October 29, 2025 at 4:29 PM
Despite ongoing affordability challenges, homeownership continues to be a major vehicle for wealth accumulation over time. Even homeowners who bought at the 2006 peak have built roughly $181K in equity, according to First American Data & Analytics, outpacing what renters paid over that same period.
Are we at peak CRE distress?
On Ep. 127 of The REconomy Podcast, Odeta Kushi and I dig into the data:
-- Office CMBS delinquencies hit a record 11.6% in August before easing ~50 bps in September.
-- Multifamily distress is primarily in private label CMBS & CLOs (which are typically floating rate)
On Ep. 127 of The REconomy Podcast, Odeta Kushi and I dig into the data:
-- Office CMBS delinquencies hit a record 11.6% in August before easing ~50 bps in September.
-- Multifamily distress is primarily in private label CMBS & CLOs (which are typically floating rate)
October 24, 2025 at 5:42 PM
Are we at peak CRE distress?
On Ep. 127 of The REconomy Podcast, Odeta Kushi and I dig into the data:
-- Office CMBS delinquencies hit a record 11.6% in August before easing ~50 bps in September.
-- Multifamily distress is primarily in private label CMBS & CLOs (which are typically floating rate)
On Ep. 127 of The REconomy Podcast, Odeta Kushi and I dig into the data:
-- Office CMBS delinquencies hit a record 11.6% in August before easing ~50 bps in September.
-- Multifamily distress is primarily in private label CMBS & CLOs (which are typically floating rate)
📈 Tentative good news for hopeful homebuyers: affordability in the U.S. has improved for the fifth month in a row, rising ~2.3% year-over-year in July. That improvement was driven by a combination of lower mortgage rates, slower home price growth, and rising incomes.
October 2, 2025 at 6:51 PM
📈 Tentative good news for hopeful homebuyers: affordability in the U.S. has improved for the fifth month in a row, rising ~2.3% year-over-year in July. That improvement was driven by a combination of lower mortgage rates, slower home price growth, and rising incomes.
Industrial properties are getting bigger in most major Midwestern cities. Over the years, the delivery of large industrial properties has increased the average industrial property size in most major Midwestern cities.
September 29, 2025 at 5:00 PM
Industrial properties are getting bigger in most major Midwestern cities. Over the years, the delivery of large industrial properties has increased the average industrial property size in most major Midwestern cities.
Did you know that, though homes may have looked cheaper in the 80s, they were actually less affordable once you factor in interest rates and changes in income? In the latest REconomy episode...
September 25, 2025 at 4:48 PM
Did you know that, though homes may have looked cheaper in the 80s, they were actually less affordable once you factor in interest rates and changes in income? In the latest REconomy episode...
Existing home sales are stuck in a slump, hovering near 4 million annually, or roughly 21% below the pre-pandemic average rate of 5.4 million. What's causing this persistent slowness?
September 24, 2025 at 4:07 PM
Existing home sales are stuck in a slump, hovering near 4 million annually, or roughly 21% below the pre-pandemic average rate of 5.4 million. What's causing this persistent slowness?
How has the wave of new industrial supply impacted Midwestern markets, and where do the largest cities stand in the supply-demand rebalancing process ? I investigate these questions in detail in my latest X-Factor blog post, which is part one of a three-part series on Midwest industrial markets.
September 22, 2025 at 5:32 PM
How has the wave of new industrial supply impacted Midwestern markets, and where do the largest cities stand in the supply-demand rebalancing process ? I investigate these questions in detail in my latest X-Factor blog post, which is part one of a three-part series on Midwest industrial markets.
I'll be in Indianapolis next week giving three separate presentations on the CRE economy. The first will be at the Indianapolis Lant Title Association, on Monday in the morning. Registration for this event has closed, but if you are planning to go I'll see you there.
There other two...
There other two...
September 8, 2025 at 5:37 PM
I'll be in Indianapolis next week giving three separate presentations on the CRE economy. The first will be at the Indianapolis Lant Title Association, on Monday in the morning. Registration for this event has closed, but if you are planning to go I'll see you there.
There other two...
There other two...
Today's job report was another anemic one. August was almost unchanged from July, and the number of job gains for June and July were revised downward, resulting in a net lower read of 21,000 jobs than previously reported. That makes a rate cut at this month's Fed meeting more likely.
September 5, 2025 at 4:33 PM
Today's job report was another anemic one. August was almost unchanged from July, and the number of job gains for June and July were revised downward, resulting in a net lower read of 21,000 jobs than previously reported. That makes a rate cut at this month's Fed meeting more likely.
Are we approaching industrial CRE’s goldilocks moment?
The industrial real estate market is experiencing a rebalancing after years of pandemic-driven growth. With supply now outpacing demand, vacancy rates have risen to 7.4%, giving tenants more negotiating power.
The industrial real estate market is experiencing a rebalancing after years of pandemic-driven growth. With supply now outpacing demand, vacancy rates have risen to 7.4%, giving tenants more negotiating power.
September 3, 2025 at 3:48 PM
Are we approaching industrial CRE’s goldilocks moment?
The industrial real estate market is experiencing a rebalancing after years of pandemic-driven growth. With supply now outpacing demand, vacancy rates have risen to 7.4%, giving tenants more negotiating power.
The industrial real estate market is experiencing a rebalancing after years of pandemic-driven growth. With supply now outpacing demand, vacancy rates have risen to 7.4%, giving tenants more negotiating power.
If you're considering entering the housing market, the old adage "marry the house, date the rate" might not hold true anymore. A glance at a 40-year chart of interest rates reveals a consistent decline over four decades, culminating...
August 28, 2025 at 4:25 PM
If you're considering entering the housing market, the old adage "marry the house, date the rate" might not hold true anymore. A glance at a 40-year chart of interest rates reveals a consistent decline over four decades, culminating...
Interesting read from @Kate King at the WSJ. Even as some retailers struggle and close locations, others are not only expanding but purchasing properties.
www.wsj.com/real-estate/...
www.wsj.com/real-estate/...
Exclusive | Most Department Stores Are Leaving Malls. Dillard’s Is Buying One.
The department-store chain this month purchased the Longview Mall in Texas, about two hours east of Dallas.
www.wsj.com
August 27, 2025 at 3:53 PM
Interesting read from @Kate King at the WSJ. Even as some retailers struggle and close locations, others are not only expanding but purchasing properties.
www.wsj.com/real-estate/...
www.wsj.com/real-estate/...
Though industrial real estate typically retains solid long-term fundamentals, many companies are nevertheless consolidating leases to cut costs. Several industrial Real Estate Investment Trusts (REITs) remarked in their second quarter earnings calls...
August 25, 2025 at 6:11 PM
Though industrial real estate typically retains solid long-term fundamentals, many companies are nevertheless consolidating leases to cut costs. Several industrial Real Estate Investment Trusts (REITs) remarked in their second quarter earnings calls...
The market has reacted jubilantly to Powell's comments at Jackson Hole today. Powell mentioned that the balance of risks between inflation and employment "appears to be shifting", suggesting that conditions "may warrant" interest rate cuts.
August 22, 2025 at 4:21 PM
The market has reacted jubilantly to Powell's comments at Jackson Hole today. Powell mentioned that the balance of risks between inflation and employment "appears to be shifting", suggesting that conditions "may warrant" interest rate cuts.
Existing-home sales remain sluggish despite rising inventory — but not all listings are created equal. @odetak.bsky.social's latest piece reveals that it's **new listings** - not just overall inventory - that fuel sales activity.
August 21, 2025 at 4:31 PM
Existing-home sales remain sluggish despite rising inventory — but not all listings are created equal. @odetak.bsky.social's latest piece reveals that it's **new listings** - not just overall inventory - that fuel sales activity.
Bank lending to CRE is picking up speed, but off of a low level. In the second quarter, bank origination activity increased by 107 percent annually, higher than any other lender type.
August 20, 2025 at 5:50 PM
Bank lending to CRE is picking up speed, but off of a low level. In the second quarter, bank origination activity increased by 107 percent annually, higher than any other lender type.
Remember allllll the way back in January when DeepSeek was going to destroy demand for data centers? The idea was that a more efficient model requiring less computing power to train would lead to decreased demand for data center space.
That thesis is definitely *not* playing out so far.
That thesis is definitely *not* playing out so far.
August 18, 2025 at 5:48 PM
Remember allllll the way back in January when DeepSeek was going to destroy demand for data centers? The idea was that a more efficient model requiring less computing power to train would lead to decreased demand for data center space.
That thesis is definitely *not* playing out so far.
That thesis is definitely *not* playing out so far.