JKAM Investments

Name: JKAM Investments
Address: 1020 Ashford Avenue, Suite 313, San Juan, 00907, PR
Telephone: +18663778010

Casa
Puerto Rico
San Juan
JKAM Investments

JKAM Investments actively invests in real estate and alternative
investments sourced from select ope

JKAM Investments actively invests in real estate and alternative investments sourced from select operating partners with strong experience. We also manage a passive investment fund for accredited investors to allow them to invest alongside us into off market deal flow. We have 20 years of industry experience managing nationwide portfolios of debt and distressed property. Our relationships with vetted operating partners tens of thousands of units encompassing hundreds of millions of dollars of real estate and debt holdings. They have a strong track record of successful property management and returns to investors including strong opportunistic returns post financial crisis where we sourced significant distressed deal flow.

22/09/2026

𝗧𝗵𝗲 𝗙𝗲𝗱 𝗷𝘂𝘀𝘁 𝗵𝗶𝗸𝗲𝗱 𝗿𝗮𝘁𝗲𝘀 𝗳𝗼𝗿 𝘁𝗵𝗲 𝗳𝗶𝗿𝘀𝘁 𝘁𝗶𝗺𝗲 𝘀𝗶𝗻𝗰𝗲 𝟮𝟬𝟮𝟯. 𝗧𝗵𝗲 𝗡𝗮𝘀𝗱𝗮𝗾 𝗵𝗶𝘁 𝗮 𝗿𝗲𝗰𝗼𝗿𝗱 𝗵𝗶𝗴𝗵 𝘁𝗵𝗿𝗲𝗲 𝘁𝗿𝗮𝗱𝗶𝗻𝗴 𝗱𝗮𝘆𝘀 𝗹𝗮𝘁𝗲𝗿.

On September 16, the FOMC raised the federal funds rate a quarter point to 3.75 to 4.00 percent, a unanimous vote and the first hike since 2023. Stocks fell hard that day, the Dow dropped more than 600 points. By Monday, September 21, the Nasdaq closed at a record 27,122, up 2.26 percent in a single session, with the S&P 500 up 1.49 percent and the Dow up 0.71 percent.

𝗪𝗵𝗮𝘁 𝗮𝗰𝘁𝘂𝗮𝗹𝗹𝘆 𝗵𝗮𝗽𝗽𝗲𝗻𝗲𝗱
Semiconductor names led the move. Intel rose 12 percent, AMD gained about 10 percent and crossed a trillion dollars in market cap, Qualcomm rose more than 9 percent. Meta jumped close to 12 percent on renewed AI optimism. Oil fell 4.5 percent to under 96 dollars a barrel, down nearly 10 percent from its September 15 peak, and the 10 year Treasury yield eased back below 5 percent.

𝗪𝗵𝘆 𝘀𝘁𝗼𝗰𝗸𝘀 𝘀𝗵𝗿𝘂𝗴𝗴𝗲𝗱 𝗼𝗳𝗳 𝗮 𝗵𝗶𝗸𝗲
A rate hike triggering a rally is genuinely rare. It happened here because the hike itself was fully priced in, and what moved the market afterward was everything else, cooling energy costs, easing yields, and an AI trade investors decided still has room to run regardless of Fed policy.

𝗪𝗵𝘆 𝗿𝗲𝗮𝗹 𝗲𝘀𝘁𝗮𝘁𝗲 𝗶𝘀 𝗻𝗼𝘁 𝗴𝗲𝘁𝘁𝗶𝗻𝗴 𝘁𝗵𝗲 𝘀𝗮𝗺𝗲 𝗿𝗲𝗹𝗶𝗲𝗳
A 10 year yield easing below 5 percent is still historically elevated, and the 30 year mortgage rate has not meaningfully moved. Equity markets can rally on sentiment and a handful of AI names. Real estate financing costs move on where the 10 year actually sits, and that number has not given anyone real relief.

𝘐𝘧 𝘦𝘲𝘶𝘪𝘵𝘪𝘦𝘴 𝘤𝘢𝘯 𝘳𝘢𝘭𝘭𝘺 𝘵ℎ𝘳𝘰𝘶𝘨ℎ 𝘢 ℎ𝘪𝘬𝘦 𝘰𝘯 𝘈𝘐 𝘰𝘱𝘵𝘪𝘮𝘪𝘴𝘮 𝘢𝘯𝘥 𝘧𝘢𝘭𝘭𝘪𝘯𝘨 𝘰𝘪𝘭, 𝘥𝘰𝘦𝘴 𝘵ℎ𝘢𝘵 𝘤ℎ𝘢𝘯𝘨𝘦 𝘵ℎ𝘦 𝘤𝘰𝘴𝘵 𝘰𝘧 𝘤𝘢𝘱𝘪𝘵𝘢𝘭 𝘺𝘰𝘶 𝘢𝘳𝘦 𝘢𝘤𝘵𝘶𝘢𝘭𝘭𝘺 𝘶𝘯𝘥𝘦𝘳𝘸𝘳𝘪𝘵𝘪𝘯𝘨 𝘢𝘨𝘢𝘪𝘯𝘴𝘵?

21/09/2026

𝗠𝗼𝗻𝘁𝗵𝘀 𝗼𝗳 𝘀𝘂𝗽𝗽𝗹𝘆 𝗷𝘂𝘀𝘁 𝗵𝗶𝘁 𝗶𝘁𝘀 𝗵𝗶𝗴𝗵𝗲𝘀𝘁 𝗹𝗲𝘃𝗲𝗹 𝗶𝗻 𝗼𝘃𝗲𝗿 𝗮 𝗱𝗲𝗰𝗮𝗱𝗲. 𝗜𝗻𝘃𝗲𝗻𝘁𝗼𝗿𝘆 𝗶𝘀 𝘀𝘁𝗶𝗹𝗹 𝗯𝗲𝗹𝗼𝘄 𝗽𝗿𝗲-𝗽𝗮𝗻𝗱𝗲𝗺𝗶𝗰 𝗹𝗲𝘃𝗲𝗹𝘀.

Existing home sales fell 1.2 percent year over year in August and have run historically low for four straight years. Median price is still up 1.6 percent year over year, but per CalculatedRisk, it has peaked for the season. Regional differences remain significant underneath that national number.

𝗧𝗵𝗲 𝗲𝘅𝗶𝘀𝘁𝗶𝗻𝗴 𝗵𝗼𝗺𝗲 𝗽𝗶𝗰𝘁𝘂𝗿𝗲
Active listings hit 1.14 million, up 1.2 percent month over month and up 3.6 percent year over year, the fastest annual growth rate so far this year, accelerating from 2.1 percent in July. New listings were roughly flat year over year. Even with that acceleration, inventory sits 11.1 percent below typical pre pandemic levels, a gap that has barely moved since July.

𝗪𝗵𝘆 𝗯𝘂𝗶𝗹𝗱𝗲𝗿𝘀 𝗮𝗿𝗲 𝘁𝗵𝗲 𝗼𝗻𝗲𝘀 𝘂𝗻𝗱𝗲𝗿 𝗿𝗲𝗮𝗹 𝗽𝗿𝗲𝘀𝘀𝘂𝗿𝗲
Homebuilders are having a genuinely difficult year. A large number of completed homes remain unsold, unsold homes still under construction sit above normal levels too, and builders have been cutting prices just to move inventory. That is a very different story than the resale market, where months of supply climbed sharply to its highest reading in more than ten years even as raw inventory stays constrained relative to 2017 through 2019.

𝘐𝘧 𝗯𝘂𝗶𝗹𝗱𝗲𝗿𝘀 𝗮𝗿𝗲 𝗰𝘂𝘁𝘁𝗶𝗻𝗴 𝗽𝗿𝗶𝗰𝗲𝘀 𝘁𝗼 𝗰𝗹𝗲𝗮𝗿 𝗰𝗼𝗺𝗽𝗹𝗲𝘁𝗲𝗱 𝘀𝗽𝗲𝗰 𝗶𝗻𝘃𝗲𝗻𝘁𝗼𝗿𝘆 𝘄𝗵𝗶𝗹𝗲 𝗿𝗲𝘀𝗮𝗹𝗲 𝘀𝘂𝗽𝗽𝗹𝘆 𝘀𝘁𝗮𝘆𝘀 𝗵𝗶𝘀𝘁𝗼𝗿𝗶𝗰𝗮𝗹𝗹𝘆 𝘁𝗵𝗶𝗻, 𝘄𝗵𝗲𝗿𝗲 𝗱𝗼𝗲𝘀 𝘁𝗵𝗮𝘁 𝗹𝗲𝗮𝘃𝗲 𝗽𝗿𝗶𝗰𝗶𝗻𝗴 𝗽𝗼𝘄𝗲𝗿 𝗵𝗲𝗮𝗱𝗶𝗻𝗴 𝗶𝗻𝘁𝗼 𝗻𝗲𝘅𝘁 𝘆𝗲𝗮𝗿?

18/09/2026

𝗛𝗶𝗴𝗵𝗲𝗿 𝗺𝗼𝗿𝘁𝗴𝗮𝗴𝗲 𝗿𝗮𝘁𝗲𝘀 𝘄𝗲𝗿𝗲 𝘀𝘂𝗽𝗽𝗼𝘀𝗲𝗱 𝘁𝗼 𝗽𝘂𝘀𝗵 𝗿𝗲𝗻𝘁𝘀 𝘂𝗽. 𝗧𝗵𝗮𝘁 𝗰𝗮𝗹𝗹 𝗵𝗮𝘀 𝗮𝗹𝗿𝗲𝗮𝗱𝘆 𝗯𝗲𝗲𝗻 𝘄𝗿𝗼𝗻𝗴 𝘁𝗵𝗿𝗲𝗲 𝘁𝗶𝗺𝗲𝘀.

Since 2023, major outlets have repeatedly predicted rising mortgage rates would trap renters and push rents higher. Marketplace, a former White House economic adviser in the WSJ, and a Bloomberg quoted expert all made versions of that call. None of it happened. Rent growth flattened nationally, and it actually peaked in 2021 and 2022, when rates were cheap and home sales were booming.

𝗪𝗵𝗮𝘁 𝘁𝗵𝗲 𝗻𝗮𝗿𝗿𝗮𝘁𝗶𝘃𝗲 𝗺𝗶𝘀𝘀𝗲𝗱
Home sales and rent growth move together more often than not, they are not inversely related the way the narrative assumes. The bigger variable in 2023 through 2025 was supply. Apartment and build to rent deliveries hit a generational high, flattening rents nationally and pushing them down in the most oversupplied metros. Fewer renters buying homes keeps them renting longer, which helps occupancy, but it does not create new renters. Reduced household formation means vacant units sit longer, capping new lease growth even as renewals hold up.

𝗪𝗵𝘆 𝟮𝟬𝟮𝟳 𝗰𝗼𝘂𝗹𝗱 𝗮𝗰𝘁𝘂𝗮𝗹𝗹𝘆 𝗯𝗲 𝗱𝗶𝗳𝗳𝗲𝗿𝗲𝗻𝘁
Deliveries have now dropped substantially. As the last wave of completions leases up and stabilizes, supply could flip from headwind to tailwind for rent growth. The rent to own gap, roughly 1,000 dollars a month for SFR and 1,500 for build to rent as of June, is real and widening as rates climb, though it remains a contributing factor rather than the dominant one.

𝘐𝘧 𝘴𝘶𝘱𝘱𝘭𝘺, 𝘯𝘰𝘵 𝘮𝘰𝘳𝘵𝘨𝘢𝘨𝘦 𝘳𝘢𝘵𝘦𝘴, 𝘪𝘴 𝘵ℎ𝘦 𝘥𝘰𝘮𝘪𝘯𝘢𝘯𝘵 𝘭𝘦𝘷𝘦𝘳 𝘰𝘯 𝘳𝘦𝘯𝘵 𝘨𝘳𝘰𝘸𝘵ℎ, 𝘴ℎ𝘰𝘶𝘭𝘥 𝘢𝘱𝘢𝘳𝘵𝘮𝘦𝘯𝘵 𝘢𝘯𝘥 𝘚𝘍𝘙 𝘪𝘯𝘷𝘦𝘴𝘵𝘰𝘳𝘴 𝘣𝘦 𝘳𝘰𝘰𝘵𝘪𝘯𝘨 𝘧𝘰𝘳 𝘢 𝘴𝘵𝘳𝘰𝘯𝘨𝘦𝘳 𝘧𝘰𝘳-𝘴𝘢𝘭𝘦 𝘮𝘢𝘳𝘬𝘦𝘵 𝘪𝘯𝘴𝘵𝘦𝘢𝘥?

17/09/2026

𝗡𝗲𝘁 𝗺𝗶𝗴𝗿𝗮𝘁𝗶𝗼𝗻 𝗳𝗲𝗹𝗹 𝟴𝟮 𝗽𝗲𝗿𝗰𝗲𝗻𝘁 𝗶𝗻 𝗮 𝘀𝗶𝗻𝗴𝗹𝗲 𝘆𝗲𝗮𝗿. 𝗧𝗵𝗮𝘁 𝗶𝘀 𝘁𝗵𝗲 𝗿𝗲𝗮𝗹 𝗵𝗲𝗮𝗱𝘄𝗶𝗻𝗱 𝗵𝗶𝘁𝘁𝗶𝗻𝗴 𝗺𝘂𝗹𝘁𝗶𝗳𝗮𝗺𝗶𝗹𝘆 𝗱𝗲𝗺𝗮𝗻𝗱.

Marcus and Millichap's September brief shows demand losing steam just as supply tightens. Employers shed 23,000 jobs in July, the fourth straight month of decelerating hiring, with May and June revised weaker too.

𝗗𝗲𝗺𝗮𝗻𝗱 𝗶𝘀 𝗰𝗼𝗼𝗹𝗶𝗻𝗴
CBO estimates net international migration fell from 2.3 million in 2024 to just 410,000 in 2025, an 82 percent drop. It should recover only to about 570,000 in 2026, still 75 percent below 2024. With fewer arrivals offsetting slower domestic growth, household formation and absorption could soften from here.

𝗪𝗵𝗮𝘁 𝗵𝗶𝗴𝗵𝗲𝗿 𝗿𝗮𝘁𝗲𝘀 𝗱𝗼 𝘁𝗼 𝗺𝘂𝗹𝘁𝗶𝗳𝗮𝗺𝗶𝗹𝘆
The 10 year Treasury sat at 4.64 percent, the 30 year mortgage at 6.65 percent in late August. The lock in effect keeps renters renting longer, a tailwind, but higher debt costs cut acquisition leverage and complicate refinancing, a real headwind. Class B posted the strongest transaction velocity gains through August, a lower cost basis than Class A with a steadier renter base than Class C means more underwriting room.

𝗦𝘂𝗽𝗽𝗹𝘆 𝗶𝘀 𝘀𝘁𝗶𝗹𝗹 𝗽𝘂𝗹𝗹𝗶𝗻𝗴 𝗯𝗮𝗰𝗸
Residential completions fell 16.8 percent year over year in July, on a more than 25 percent pullback in multifamily deliveries. Units under construction at end of June sat at roughly half of early 2023's total. Material costs are up 7.5 percent in the first half of 2026, above the decade average near 5 percent, slowing any pipeline rebuild. Concessions are easing too, incentive use fell to 15.8 percent in July from a five year high of 17 percent this spring.

𝘐𝘧 𝘊𝘭𝘢𝘴𝘴 𝘉 𝘸𝘪𝘯𝘴 𝘰𝘯 𝘷𝘦𝘭𝘰𝘤𝘪𝘵𝘺 𝘸ℎ𝘪𝘭𝘦 𝘤𝘰𝘮𝘱𝘭𝘦𝘵𝘪𝘰𝘯𝘴 𝘤𝘰𝘭𝘭𝘢𝘱𝘴𝘦, 𝘪𝘴 𝘵ℎ𝘪𝘴 𝘵ℎ𝘦 𝘮𝘰𝘮𝘦𝘯𝘵 𝘵𝘰 𝘢𝘥𝘥 𝘦𝘹𝘱𝘰𝘴𝘶𝘳𝘦, 𝘰𝘳 𝘸𝘢𝘪𝘵 𝘧𝘰𝘳 𝘮𝘪𝘨𝘳𝘢𝘵𝗶𝗼𝗻 𝘵𝗼 𝘴𝘵𝗮𝗯𝗶𝗹𝗶𝘇𝗲?

16/09/2026

𝗔𝗽𝗮𝗿𝘁𝗺𝗲𝗻𝘁𝘀 𝗷𝘂𝘀𝘁 𝗽𝗼𝘀𝘁𝗲𝗱 𝘁𝗵𝗲 𝘄𝗼𝗿𝘀𝘁 𝗽𝗲𝗿𝗳𝗼𝗿𝗺𝗮𝗻𝗰𝗲 𝗼𝗳 𝗮𝗻𝘆 𝗺𝗮𝗷𝗼𝗿 𝗽𝗿𝗼𝗽𝗲𝗿𝘁𝘆 𝘀𝗲𝗰𝘁𝗼𝗿. 𝗥𝗲𝘁𝗮𝗶𝗹 𝗷𝘂𝘀𝘁 𝗵𝗶𝘁 𝗮 𝗻𝗲𝘄 𝗵𝗶𝗴𝗵.

Green Street's Commercial Property Price Index rose 0.8 percent in August and 5 percent over 12 months, but the all property index still sits 12.7 percent below its 2022 peak. One Green Street strategist said it plainly, this has been a nice run, but rising Treasury yields are likely to make buyers rethink what they pay.

𝗧𝗵𝗲 𝗵𝗲𝗮𝗱𝗹𝗶𝗻𝗲 𝗻𝘂𝗺𝗯𝗲𝗿
The core sector index, apartments, industrial, office and retail combined, rose just 0.2 percent in August and remains 15 percent below peak. That gap between the broad index and the core sectors is the real story, a narrower set of property types is doing most of the lifting.

𝗥𝗲𝘁𝗮𝗶𝗹 𝗹𝗲𝗮𝗱𝘀, 𝗼𝗳𝗳𝗶𝗰𝗲 𝗹𝗮𝗴𝘀
Malls rose 2.5 percent in August and 14 percent year over year, now 6 percent above their 2022 peak. Strip retail rose 2.1 percent and sits back at its prior high. Industrial rose 0.6 percent, up 7 percent annually, still 8 percent below peak but holding the highest index value in the report. Office rose 1.5 percent yet remains 33 percent below peak, the deepest hole of any sector tracked.

𝗪𝗵𝘆 𝗮𝗽𝗮𝗿𝘁𝗺𝗲𝗻𝘁𝘀 𝗮𝗿𝗲 𝘁𝗵𝗲 𝗼𝗻𝗲 𝘁𝗼 𝘄𝗮𝘁𝗰𝗵
Apartments fell 3.6 percent in August and 4 percent over the year, now 22 percent below their 2022 peak, the weakest reading among major sectors. Student housing fell 3.1 percent too. That is a real divergence from the absorption data we have watched all year, where apartment demand has run near record levels. Values and fundamentals are telling two different stories right now, and one of them is wrong.

𝘐𝘧 𝘢𝘱𝘢𝘳𝘵𝘮𝘦𝘯𝘵 𝘧𝘶𝘯𝘥𝘢𝘮𝘦𝘯𝘵𝘢𝘭𝘴 𝘢𝘳𝘦 𝘪𝘮𝘱𝘳𝘰𝘷𝘪𝘯𝘨 𝘸ℎ𝘪𝘭𝘦 𝘷𝘢𝘭𝘶𝘦𝘴 𝘬𝘦𝘦𝘱 𝘧𝘢𝘭𝘭𝘪𝘯𝘨, 𝘪𝘴 𝘵ℎ𝘢𝘵 𝘢 𝘭𝘢𝘨𝘨𝘪𝘯𝘨 𝘪𝘯𝘥𝘪𝘤𝘢𝘵𝘰𝘳 𝘰𝘳 𝘢 𝘳𝘦𝘱𝘳𝘪𝘤𝘪𝘯𝘨 𝘸𝘪𝘵ℎ 𝘧𝘶𝘳𝘵ℎ𝘦𝘳 𝘵𝘰 𝘨𝘰?

15/09/2026

𝗥𝗼𝗯𝗼𝘁𝘀 𝗮𝗿𝗲 𝗻𝗼𝘁 𝗿𝗲𝗽𝗹𝗮𝗰𝗶𝗻𝗴 𝘆𝗼𝘂𝗿 𝗳𝗿𝗮𝗺𝗶𝗻𝗴 𝗰𝗿𝗲𝘄. 𝗧𝗵𝗲𝘆 𝗮𝗿𝗲 𝗳𝗶𝘅𝗶𝗻𝗴 𝘁𝗵𝗲 𝗺𝗶𝘀𝘁𝗮𝗸𝗲𝘀 𝘁𝗵𝗮𝘁 𝗯𝗹𝗼𝘄 𝘆𝗼𝘂𝗿 𝘀𝗰𝗵𝗲𝗱𝘂𝗹𝗲.

The US is short roughly 1.2 million homes and nearly 300,000 construction jobs sat open at the end of 2025, per NAHB. The industry needs about 740,000 workers a year to cover growth, retirements and attrition. Residential construction productivity has risen only 16 percent since 1993, versus over 50 percent economy wide.

𝗧𝗵𝗲 𝗰𝗼𝘀𝘁 𝗼𝗳 𝘁𝗵𝗲 𝗴𝗮𝗽
NAHB's chief economist put the labor shortage's cost at 11 billion dollars a year, adding roughly two months to the average build timeline. Asked if robotics is moving the needle yet, he said it's too early, citing land, regulation, financing and supply chains as constraints just as real as labor.

𝗪𝗵𝗲𝗿𝗲 𝘁𝗵𝗲 𝗴𝗮𝗶𝗻𝘀 𝘀𝗵𝗼𝘄 𝘂𝗽
Dusty Robotics prints building plans onto the floor so every trade works off one layout, one operator covering up to 15,000 square feet a day. Skanska reported 75 percent less rework and a 35 percent faster layout schedule using it. A combined system with prefab panels cut shell construction from 21 days to 11 or 12. Japan leads globally, building 80 percent of a home in a factory before final assembly, one plant lifted output from 55 to 65 units a day while cutting headcount by 20.

𝗪𝗵𝘆 𝘁𝗵𝗶𝘀 𝗱𝗼𝗲𝘀 𝗻𝗼𝘁 𝗳𝗶𝘅 𝘀𝘂𝗽𝗽𝗹𝘆 𝗳𝗮𝘀𝘁
These gains cluster in repetitive work, tract housing, multifamily, factory built components. Custom design loses most of the benefit once a dimension changes. Time is money, shorter schedules mean lower financing costs, but nobody expects labor replacement here. Skilled trades stay the bottleneck, just a more efficient one.

𝘐𝘧 𝗯𝘂𝗶𝗹𝗱 𝘁𝗶𝗺𝗲𝘀 𝗰𝗼𝗺𝗽𝗿𝗲𝘀𝘀 𝟯𝟬 𝘁𝗼 𝟰𝟬 𝗽𝗲𝗿𝗰𝗲𝗻𝘁 𝗼𝗻 𝗽𝗿𝗲𝗳𝗮𝗯, 𝗵𝗼𝘄 𝗺𝘂𝗰𝗵 𝘀𝗵𝗼𝘄𝘀 𝘂𝗽 𝗶𝗻 𝘆𝗼𝘂𝗿 𝘂𝗻𝗱𝗲𝗿𝘄𝗿𝗶𝘁𝗶𝗻𝗴 𝘃𝗲𝗿𝘀𝘂𝘀 𝗮 𝗰𝗼𝗺𝗽𝗲𝘁𝗶𝘁𝗼𝗿 𝗯𝘂𝗶𝗹𝗱𝗶𝗻𝗴 𝗰𝘂𝘀𝘁𝗼𝗺?

14/09/2026

𝗧𝗵𝗲 𝗙𝗲𝗱 𝗺𝗲𝗲𝘁𝘀 𝘁𝗼𝗺𝗼𝗿𝗿𝗼𝘄, 𝗮𝗻𝗱 𝗳𝗼𝗿 𝘁𝗵𝗲 𝗳𝗶𝗿𝘀𝘁 𝘁𝗶𝗺𝗲 𝗶𝗻 𝗳𝗶𝘃𝗲 𝘀𝘁𝗿𝗮𝗶𝗴𝗵𝘁 𝗵𝗼𝗹𝗱𝘀, 𝗮 𝗵𝗶𝗸𝗲 𝗶𝘀 𝗮 𝗿𝗲𝗮𝗹 𝗽𝗼𝘀𝘀𝗶𝗯𝗶𝗹𝗶𝘁𝘆.

The FOMC meets September 15 and 16. Fed Governor Michael Barr, a permanent voting member, said this month he would back a decisive hike if inflation does not show real progress toward target. Three committee members already dissented in favor of a hike in July. The fed funds rate has held at 3.50 to 3.75 percent since December, five straight meetings without a move.

𝗪𝗵𝗲𝗿𝗲 𝗿𝗮𝘁𝗲𝘀 𝘀𝗶𝘁 𝗿𝗶𝗴𝗵𝘁 𝗻𝗼𝘄
Odds of a hike this month sit near 57 to 66 percent depending on the market you check, and the odds of at least one hike before year end have climbed to 72 percent, up from 46 percent in early August. The 10 year Treasury sits at a 20 month high, and the 30 year mortgage rate hit 6.89 percent this month, up from 6.77 percent a week earlier.

𝗪𝗵𝘆 𝗮 𝗵𝗶𝗸𝗲 𝗶𝘀 𝗲𝘃𝗲𝗻 𝗼𝗻 𝘁𝗵𝗲 𝘁𝗮𝗯𝗹𝗲
Headline inflation sits at 3.7 percent, core at 3.3 percent, the highest core reading since 2023, over five years above target. Barr pointed to tariff pass through, Middle East conflict driven energy costs and the AI investment buildout as the forces keeping price pressure elevated, even while calling consumer spending resilient and the job market stable.

𝗪𝗵𝗮𝘁 𝗶𝘁 𝗺𝗲𝗮𝗻𝘀 𝗳𝗼𝗿 𝗿𝗲𝗮𝗹 𝗲𝘀𝘁𝗮𝘁𝗲
A hike here pushes mortgage rates toward 7 percent heading into a normally slower fall season, adding pressure on affordability right as inventory has been recovering. It raises the cost of anything floating rate across commercial real estate too, and it reinforces the setup we have been underwriting around all year, leveraged sponsors financed on cheap capital get squeezed first.

𝘐𝘧 𝘵𝘩𝘦 𝘍𝘦𝘥 𝘩𝗶𝗸𝗲𝘴 𝗶𝗻𝘁𝗼 𝟳 𝗽𝗲𝗿𝗰𝗲𝗻𝘁 𝗺𝗼𝗿𝘁𝗴𝗮𝗴𝗲 𝗿𝗮𝘁𝗲𝘀, 𝗱𝗼𝗲𝘀 𝘁𝗵𝗮𝘁 𝗰𝗵𝗮𝗻𝗴𝗲 𝘆𝗼𝘂𝗿 𝘂𝗻𝗱𝗲𝗿𝘄𝗿𝗶𝘁𝗶𝗻𝗴, 𝗼𝗿 𝗷𝘂𝘀𝘁 𝗰𝗼𝗻𝗳𝗶𝗿𝗺 𝗶𝘁?

11/09/2026

𝗧𝗵𝗲𝗿𝗲 𝗶𝘀 𝗺𝗼𝗿𝗲 𝗵𝗼𝘂𝘀𝗶𝗻𝗴 𝘀𝘂𝗽𝗽𝗹𝘆 𝘁𝗼𝗱𝗮𝘆, 𝗯𝘆 𝗺𝗼𝗻𝘁𝗵𝘀 𝗼𝗳 𝘀𝘂𝗽𝗽𝗹𝘆, 𝘁𝗵𝗮𝗻 𝘁𝗵𝗲𝗿𝗲 𝘄𝗮𝘀 𝗯𝗲𝗳𝗼𝗿𝗲 𝘁𝗵𝗲 𝗽𝗮𝗻𝗱𝗲𝗺𝗶𝗰.

NAR reported existing home sales fell 2.0 percent month over month in August to a 3.98 million seasonally adjusted annual rate, down 1.2 percent year over year and below consensus expectations. Sales have run low for most of the past four years.

𝗧𝗵𝗲 𝗵𝗲𝗮𝗱𝗹𝗶𝗻𝗲
Median existing home price rose 1.6 percent year over year to 429,100 dollars. Prices keep grinding higher even as transaction volume stays depressed, a split that has defined this cycle.

𝗧𝗵𝗲 𝗶𝗻𝘃𝗲𝗻𝘁𝗼𝗿𝘆 𝘀𝘁𝗼𝗿𝘆 𝘂𝗻𝗱𝗲𝗿𝗻𝗲𝗮𝘁𝗵 𝗶𝘁
Inventory climbed to 1.62 million units, up 3.2 percent from an upwardly revised July figure and up 5.9 percent year over year, continuing a recent trend of inventory growth returning. Months of supply rose to 4.9 from 4.6 the prior month. In August 2019, months of supply sat at 4.0. Raw inventory is still below 2019 levels, but sales have fallen further than inventory has recovered, which is what is pushing months of supply above pre pandemic norms.

𝗪𝗵𝘆 𝘁𝗵𝗶𝘀 𝗺𝗮𝘁𝘁𝗲𝗿𝘀 𝗺𝗼𝗿𝗲 𝘁𝗵𝗮𝗻 𝘁𝗵𝗲 𝘀𝗮𝗹𝗲𝘀 𝗻𝘂𝗺𝗯𝗲𝗿
Months of supply is the number that actually describes market balance, not the raw inventory count and not the sales print alone. A market with less housing on the shelf than 2019 now looks looser than 2019 on a supply basis, purely because so few transactions are happening. That is a very different setup than a market getting flooded with new listings, and it changes what kind of price response should be expected from here.

𝘞𝘪𝘵𝘩 𝘮𝘰𝘯𝘵𝘩𝘴 𝘰𝘧 𝘴𝘶𝘱𝘱𝘭𝘺 𝗯𝗮𝗰𝗸 𝗻𝗲𝗮𝗿 𝗽𝗿𝗲-𝗽𝗮𝗻𝗱𝗲𝗺𝗶𝗰 𝗹𝗲𝘃𝗲𝗹𝘀 𝗯𝘂𝘁 𝘀𝗮𝗹𝗲𝘀 𝘀𝘁𝗶𝗹𝗹 𝗳𝗮𝗹𝗹𝗶𝗻𝗴, 𝗶𝘀 𝘁𝗵𝗶𝘀 𝗮 𝗱𝗲𝗺𝗮𝗻𝗱 𝗽𝗿𝗼𝗯𝗹𝗲𝗺 𝗼𝗿 𝗮 𝗽𝗿𝗶𝗰𝗶𝗻𝗴 𝗽𝗿𝗼𝗯𝗹𝗲𝗺?

10/09/2026

𝗦𝗲𝗻𝗶𝗼𝗿 𝗵𝗼𝘂𝘀𝗶𝗻𝗴 𝗷𝘂𝘀𝘁 𝗿𝗮𝗻𝗸𝗲𝗱 𝗮𝘀 𝘁𝗵𝗲 𝘀𝗲𝗰𝗼𝗻𝗱 𝗯𝗲𝘀𝘁 𝗽𝗿𝗼𝗽𝗲𝗿𝘁𝘆 𝘀𝗲𝗰𝘁𝗼𝗿 𝘁𝗼 𝗶𝗻𝘃𝗲𝘀𝘁 𝗶𝗻 𝗳𝗼𝗿 𝟮𝟬𝟮𝟲. 𝗢𝗻𝗹𝘆 𝗱𝗮𝘁𝗮 𝗰𝗲𝗻𝘁𝗲𝗿𝘀 𝘀𝗰𝗼𝗿𝗲𝗱 𝗵𝗶𝗴𝗵𝗲𝗿.

PwC and ULI's Emerging Trends in Real Estate report placed senior housing at number two of 27 property subsectors for 2026. The demographic case is not subtle, the first baby boomers turn 80 this year, and the 80 plus population is projected to grow 36.6 percent over the next decade against 5 percent total population growth.

𝗧𝗵𝗲 𝗳𝘂𝗻𝗱𝗮𝗺𝗲𝗻𝘁𝗮𝗹𝘀
Independent living occupancy crossed 91 percent in Q1, the first time since 2019. Active adult occupancy hit 92.1 percent, near 96 percent for properties open two years or more. Net absorption outpaced new supply 4.8 to 1 in 2025. JLL found 86 percent of surveyed investors plan to increase senior housing exposure this year.

𝗪𝗵𝘆 𝘀𝘂𝗽𝗽𝗹𝘆 𝗰𝗮𝗻𝗻𝗼𝘁 𝗰𝗮𝘁𝗰𝗵 𝘂𝗽
Inventory growth has stayed below 1 percent for four straight quarters, the lowest since NIC MAP started tracking supply in 2006. A roughly 29 month average build cycle means anything breaking ground now does not open before 2028, keeping supply constrained through 2031 in most markets. Class A core cap rates compressed 18 basis points in the second half of 2025 to around 5.5 percent.

𝗪𝗵𝗲𝗿𝗲 𝗶𝘁 𝗯𝗿𝗲𝗮𝗸𝘀
Active adult pe*******on nationally is still below 1 percent, and concentration is real, Dallas alone holds close to 7 percent of national active adult inventory. Phoenix and Austin are the named exceptions, active adult oversupply has held occupancy there to just 85 percent even with the same national tailwind everywhere else.

𝘐𝘧 𝘵𝘩𝘦 𝘵𝘩𝘦𝘴𝘪𝘴 𝘪𝘴 𝘵𝘩𝘪𝘴 𝘴𝘵𝘳𝘰𝘯𝘨 𝗻𝗮𝘁𝗶𝗼𝗻𝗮𝗹𝗹𝘆, 𝗱𝗼𝗲𝘀 𝘁𝗵𝗮𝘁 𝗺𝗮𝗸𝗲 𝗣𝗵𝗼𝗲𝗻𝗶𝘅 𝗮𝗻𝗱 𝗔𝘂𝘀𝘁𝗶𝗻 𝘁𝗵𝗲 𝗲𝘅𝗰𝗲𝗽𝘁𝗶𝗼𝗻 𝘄𝗼𝗿𝘁𝗵 𝘀𝘁𝘂𝗱𝘆𝗶𝗻𝗴, 𝗼𝗿 𝘁𝗵𝗲 𝘄𝗮𝗿𝗻𝗶𝗻𝗴 𝘄𝗼𝗿𝘁𝗵 𝗵𝗲𝗲𝗱𝗶𝗻𝗴?

09/09/2026

95% of advisors managing $500M+ AUM plan to hold or grow alt allocations next year.

Most sponsors still raise capital through the same 40 people they've always known.

Free webinar Thursday on reaching RIAs & family offices systematically. Link in comments 👇

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