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Stories about commercial lending on multifamily, office, retail and industrial properties.

CMBS Delinquency Skyrockets

Q2 CMBS 30-day delinquency 3.89%

Sept. 9, 2009

By Mortgage Daily staff

During the second quarter, delinquency on securitized commercial mortgages shot up more than 200 basis points.

Commercial mortgage delinquency of at least 90 days at the country's banks and thrifts jumped 64 BPS from March 31 to 2.92 percent on June 30, the Mortgage Bankers Association reported today. Bank delinquency was up 191 BPS from a year earlier.

Ninety-day delinquency is the most severe measure of performing loans and runs at a significantly lower rate than corresponding 30-day delinquency due to cures on early stage delinquency.

Late payments of at least 30 days on loans backing commercial mortgage-backed securities ended June at 3.89 percent, skyrocketing from 1.85 percent at the end of March. In the second-quarter 2008, CMBS delinquency was a mere 0.53 percent.

Life insurers saw commercial mortgage delinquency of at least 60 days nudge up to 0.15 percent from 0.12 percent in the first quarter and 0.03 percent a year earlier.

Multifamily delinquency of at least 60 days at Fannie Mae increased to 0.51 percent on June 30 from 0.34 percent three months prior and 0.11 percent one year prior.

Over at Freddie Mac, multifamily delinquency edged up to 0.11 percent from 0.09 percent on March 31 and 0.04 percent on June 30, 2008. As of July 31, Freddie's multifamily delinquency still stood at 0.11 percent.

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