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

Record CMBS Delinquency as Defaults Dip for Other CRE Lenders

CMBS 30-day rate 9.43%

Sept. 12, 2011

By staff

Performance on securitized commercial mortgages deteriorated to the worst level on record. But other investor groups were able to rein in late payments on commercial real estate loans.

Investors of commercial mortgage-backed securities fared worst among all investor types during the second quarter. It was the only group to experience an increase in late payments from the first quarter.

According to the Mortgage Bankers Association, 30-day delinquency on securitized CRE loans was 9.43 percent, climbing from the first quarter's 9.18 percent. CMBS delinquency was 8.24 percent in the second-quarter 2010.

The report indicated that the CMBS rate was higher than during any other period since tracking began in 1997.

The 90-day rate at banks and thrifts fell to 3.93 percent from the first quarter's 4.18 percent and the second quarter of last year's 4.34 percent.

Multifamily mortgages owned or managed by Fannie Mae had 60-day delinquency of 0.46 percent, down from 0.64 percent three months earlier and 0.80 percent a year earlier. Fannie reported that the multifamily rate slipped to 0.45 percent in July.

At Freddie Mac, the 60-day rate was 0.31 percent. Freddie's multifamily delinquency was lower than 0.36 percent in the first quarter but has deteriorated from 0.22 percent during the same period in 2010.

Freddie recently reported that multifamily delinquency jumped to 0.35 percent in July.

CRE loans owned by life insurance companies had a 60-day delinquency rate of only 0.12 percent. In addition to being lower than any other investor type, the rate was better than 0.14 percent in the first quarter and 0.29 percent in the same quarter during 2010.

Jamie Woodwell, MBA's vice president of CRE research, noted in the report that CRE delinquency remains
below levels seen in the last major real estate downturn, which occurred during the early 1990s.

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