I think a lot of investors are still anxiously waiting for the flood of distressed deals," said Marcus & Millichap SVP of research services John Chang in a research video. "They see it as an opportunity to acquire properties for pennies on the dollar, but I don't think an opportunity of that magnitude will emerge." Much of the chatter about distressed property deals is based on a recently discussed statistic that multifamily distress has tripled, which is true, noted Chang. Looking at the underlying data, multifamily distress has climbed from 2.6% in January to 7.4% in June. However, that data includes a large chunk of performing and non-performing mature debt, including loans that have come due but the owner is still negotiating with the lender, as well as loans in special servicing that are actually current, he said. "I think the extend-and-pretend model is still in play in many cases, but from what I hear, lenders are starting to phase that out," said Chang. "And remember, just because a property is technically in distress doesn't mean it will come to market as a foreclosure or as a significantly discounted fire sale." https://lnkd.in/gae5XxEj