New apartment distress totaled $809.7 million in April, bringing outstanding distress to $33.8 billion on cumulative distress of $45.9 billion this cycle. The April total for new distress, including $269.2 million in assets taken back as REO, was 54% below March’s level. April restructurings of $21.8 million were slower than in prior months. Restructurings rose from $10.6 million in March to $21.8 million in April, while resolutions fell from over $1.0 billion in March to $622.4 million. As a result, the total net addition to outstanding distress was $165.5 million.
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