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

Bad News Continues for Commercial

8.39% commercial mortgage delinquency in October

Nov. 10, 2010

By staff

While residential loan performance has been improving for most of this year, the picture is darker for loans secured by commercial real estate. Much of the problem appears concentrated in hotel loans, though several sectors have deteriorated. Two types of commercial mortgages, however, recorded an improvement.

October delinquency of at least 60 days on securitized commercial mortgages was 8.39 percent based on Moody's Investors Service's Delinquency Tracker. The rate represented 4,042 past-due loans for $52.7 billion.

Defaults deteriorated from 8.24 percent in September. It was the fifth consecutive month that the delinquency rate was higher.

In contrast, residential delinquency of at least 90 days on loans owned or guaranteed by Freddie Mac has not increased once since February.

In October 2009, Moody's previously reported that delinquency was only 4.01 percent.

The most recent month reflected 282 loans for $3.45 billion that became newly past-due and 211 previously delinquent loans for $2.82 billion that were cured or disposed of.

Delinquency on hospitality loans jumped 45 basis points from September -- the biggest increase of any property type. The rate finished last month at 16.39 percent.

Nevada, a state dependent on the hospitality business, "continues to have the largest delinquency rate by a very
large margin." The ratings agency reported that delinquency in the Silver State spiked 97 BPS to 27.12 percent.

The next-worst state, Michigan, had a rate of 14.88 percent.

Multifamily late payments jumped 35 BPS to 13.77 percent, and retail property delinquency rose 27 BPS to 6.87 percent.

But delinquency fell 12 BPS on office properties to 6.28 percent.

A 9-basis-point improvement was reported for loans secured by industrial properties, bringing the rate to 6.23 percent.

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