Some things are different on this ‘repeat’. Fair number of commercial real estate locations (malls, stores) are being turned back over to banks. Banks are standing there with no idea how to repackage them and sell.
Same story going on with hotels. High-end SF hotels (4-star range) handed over to a bank and zero market for it’s use.
In 2008/2009...fair number of Chinese syndicates showed up in California/Arizona....to buy cheapen houses to rent out. Odds of this happening this time around? Zero.
Fed kept the interest rate cheap after 2008/2009. Presently? Current chatter says rate will cheapen the rate (by mid-summer) from 6.3-percent (15-year loan) to around 4.5 to 5 percent. Inflation will start up but they are desperate to find cheap money as an angle.
[Banks are standing there with no idea how to repackage them and sell.]
Turn them into apartments. However, very few will be able to afford the rents and other fees if they can’t find work.