California commerical RE defaults are incredibly low

CMBS defaults might be on the rise from historic lows, but commercial real estate loan foreclosures, at least in California, are at a five-year low because of high demand. We're talking only .03%? What does that translate to -- a strip center in Visalia and a self-storage in El Centro? That low number boggles my mind. But it certainly is not bad news for property owners in California.

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