Blackstone Just LOCKED UP Billions - The Same 2008 Warning Sign for US Housing

The 2026 private credit liquidity crisis, exemplified by Blackstone's BCRED fund requiring $400 million in firm injections to meet 7.9% redemption requests, mirrors the 2007 Bear Stearns crisis that preceded Lehman's collapse, suggesting the next housing downturn will be a supply-side seizure where builders cannot obtain construction financing, causing new housing completions to drop 20.3% and units under construction to decline 12.2%, which will permanently worsen housing affordability despite current national home price gains of 0.4%.