Delinquency rates on commercial and multifamily mortgages held by the five largest investor groups are now at levels higher than those seen following the 2001 recession, the Mortgage Bankers Association said this week. The increase is attributed to the weakening economy and continued credit crisis. Between Q408 and Q109, the number of loans at least thirty days delinquent held in CMBS rose 0.68 percentage points to 1.85%, according to the MBA’s Commerical/Multifamily Delinquency Report. The 60+ day delinquency rate on multifamily loans held or insured by Fannie Mae (FNM) climbed to .12%, while the 90+ day delinquency rate on Freddie Mac’s (FRE) multifamily loans rose to .09%. Leading the sector in delinquent loans are banks and thrifts, which posted a collective 2.28% delinquency rate on loans at least 90 days delinquent. Commercial properties aren’t the only ones plagued by the current economy, as Credit-reporter provider TransUnion.com said this week the number of borrowers at least two months behind on their mortgages jumped for the ninth consecutive quarter, hitting 5.22%. Write to Kelly Curran.
MBA Sees Commercial Delinquencies Jump
Most Popular Articles
Latest Articles
NAMB partners with Roomvu on digital marketing efforts
NAMB members can use automation tools through Roomvu to market their services, create content and distribute newsletters.
-
New American Funding onboards top Chicago loan officer
-
Opinion: No benefit to home sellers is worth sacrificing first-time homebuyers
-
Weekly active inventory growth still too slow
-
While the Austin housing market isn’t sizzling, agents say it is still warm
-
CMLS looks to weigh in on the DOJ’s statement of interest