Late payments on securitized commercial mortgages climbed to the highest level in at least a decade. Commercial mortgages held by most other types of investors have seen defaults double over the past year.
Delinquency of at least 30 days on loans held in commercial mortgage-backed securities was 7.24 percent on March 31, the Mortgage Bankers Association reported today. The rate was 154 basis points higher than in the fourth-quarter 2009.
It was also the highest level “since the series began in 1997,” MBA said.
A year earlier, the CMBS rate of delinquency was just 1.86 percent.
Federally insured banks and thrifts saw 90-day commercial mortgage delinquency climb to 4.24 percent from 3.92 percent the prior quarter and 2.28 percent the prior year.
The 60+ day delinquency rate on multifamily loans held or insured by Fannie Mae was 0.79 percent, MBA said. The rate was 0.63 percent three months earlier and 0.34 percent a year earlier.
At Fannie’s government-controlled rival Freddie Mac, the 60+ day rate on apartment loans was 0.24 percent, rising 5 BPS from the fourth quarter and 12 BPS from March 31, 2009. Freddie reported last month that delinquency edged up another basis point to 0.25 percent in April.
At life insurers, 60-day delinquency was 0.31 percent, up from 0.19 percent the previous quarter and 0.12 percent the previous year.
A year ago, MBA reported that all categories of delinquency had at least doubled from the first-quarter 2008.
