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Commercial Mortgage News | CRE Lender Directory | CRE Statistics
Stories about commercial lending on multifamily, office, retail and industrial properties.

Commercial Mortgage Delinquency Trending Lower

All CRE loan categories finish 2011 with lower delinquency

March 7, 2012

By staff

An analysis of commercial real estate loan performance indicates that delinquency finished the year down, with securitized commercial mortgages turning in the biggest decline. The improving trend has continued into the New Year.

Loans included in commercial mortgage-backed securities had a fourth-quarter 2011 one-month delinquency rate of 8.56 percent, the Mortgage Bankers Association reported.

CMBS 30-day delinquency dropped from 8.92 percent in the prior period and was also down from 8.69 percent in the fourth-quarter 2010.

More recently, Trepp LLC reported that 30-day CMBS delinquency has fallen another 21 BPS from the end of last year to 9.37 percent in February.

At U.S. financial institutions, MBA said the 90-day delinquency rate on commercial mortgages improved to 3.55 percent as of December from 3.75 percent at the end of September. Banks and Thrifts have reduced delinquency by 66 BPS since the end of 2010.

The bank and thrift numbers exclude construction-and-land-development loans.

MBA cited a data analysis from the Federal Deposit Insurance Corp. that indicated CRE and multifamily loans have performed better during the recession than any other major type of loan owned by banks and thrifts.

"In a research datanote analyzing year-end data from the FDIC, MBA found that over the course of 2011, and throughout the credit crunch and recession, commercial and multifamily mortgages have had the lowest charge-off rates of any type of loan held by commercial banks and thrifts," the report said. "In 2011, banks and thrifts charged off 0.84 percent of their balance of commercial mortgages and 0.74 percent of their multifamily mortgages, compared to charge-off rates of 1.22 percent and 1.24 percent respectively in 2010, and a 2011 charge-off rate of 1.55 percent for their total portfolios of loans and leases."

MBA vice president of CRE research, Jamie Woodwell, said in the report that CRE performance has not proven to be as toxic as some speculated.

Life insurance companies had a 60-day CRE delinquency rate of 0.17 percent, 2 BPS better than the third quarter and the fourth-quarter 2010.

The 60-day rate at Fannie Mae closed out last year at 0.59 percent, higher than 0.57 percent as of the third quarter but better than 0.71 percent at the end of 2010. Fannie has since reported that multifamily delinquency fell to 0.52 percent as of Jan. 31.

At Freddie Mac, the 60-day multifamily rate was 0.22 percent as of Dec. 31, 2011, falling 11 BPS from three months earlier and 4 BPS better than a year earlier. Freddie reported an 0.21 percent multifamily rate as of January.

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