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

Across-the-Board Improvement in CRE Loan Performance

All investor types see lower delinquency

Sept. 4, 2013

By Mortgage Daily staff

Quarterly performance on commercial real estate mortgages was better -- with all lender types experiencing reduced CRE loan delinquency levels.

On loans included in commercial mortgage-backed securities, delinquency of at least 30 days, including real-estate-owned, improved to 7.81 percent in the second quarter from 8.55 percent three months earlier.

CMBS delinquency also tumbled from a year earlier, when the rate was 8.97 percent, and has been lower each quarter since.

The Mortgage Bankers Association, which reported the CRE delinquency data Wednesday, quoted Vice President of Commercial Real Estate Research Jamie Woodwell as saying that the most recent decline in CMBS delinquency was "the largest on record."

Since the end of second quarter, 30-day delinquency has fallen two consecutive months, according to Trepp LLC. Data from the ratings agency indicate that the 30-day rate was 27 BPS lower as of Aug. 31 than as of June 30.

The next-biggest decline was on CRE loans owned by banks and thrifts. The 90-day rate sank to 2.16 percent from 2.42 percent at the end of the first quarter. The serious delinquency rate was far better than 3.12 percent at the same point in 2012.

Historical data indicate that the last time CRE delinquency rose at financial institutions was in the third-quarter 2010, when the rate was 4.41 percent.

Sixty-day delinquency on Fannie Mae loans retreated 11 BPS to 0.28 percent as of June 30. A subsequent operational report from the Washington, D.C.-based firm indicated that multifamily delinquency has since fallen to 0.18 percent as of July 31.

As of the second-quarter 2012, Fannie's delinquency rate was 0.29 percent.

Freddie Mac's multifamily delinquency rate was 7 BPS better than in the first quarter at 0.09 percent at the close of the second quarter. Freddie subsequently reported that the rate fell to 0.06 percent as of the end of July.

CRE loans owned by life insurance companies saw little change in delinquency, with the 60-day rate slipping 1 basis point from the first quarter to 0.08 percent. The year-over-year change was a decline of 7 BPS.

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