Changing Markets – Issue #5: The Affordability Illusion

Posted by Tim Bray on March 25th, 2026

Changing Markets – Issue #5: The Affordability Illusion

Affordability hasn’t disappeared — it’s been redefined.

If a buyer can make the monthly payment, does that mean the home is truly affordable?

That is the story many people want to believe.

In today’s market, buyers are constantly being told to focus on the monthly number. Lower the rate. Use a buydown. Stretch a little further. Find a way to make the payment work.

But affordability is not defined by whether a buyer can make the payment today. It is defined by whether that payment is sustainable over time, while still leaving enough room to handle the realities of ownership and the pressures of everyday life.

The Gap No One Wants to Look At

Over the past several years, home…

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Major Distress for Commercial Properties Nationally

Posted by Tim Bray on November 28th, 2023

In the world of commercial real estate, the Debt Service Coverage Ratio (DSCR) is a critical metric that plays a pivotal role in the refinancing of properties. A DSCR lower than 1.2 often signals trouble, and recent trends across the country have shown an alarming 602% increase in properties grappling with this issue. However, the impact is not uniform across the board, as we'll see in the case of Connecticut, particularly in New London County.

National Context: Nationally, the picture is stark. In just the last 30 days, properties in distress have skyrocketed from 5,562 to a staggering 33,495, covering about 1.5 billion square feet of space. This surge reflects a significant shift in the commercial property landscape, indicating a broad-scale…

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