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


CRE Loan Delinquency Reaches 2008 Levels

Bank commercial mortgage delinquency down 23 BPS

Dec. 3, 2013

By Mortgage Daily staff

Late payments on commercial real estate loans for some investor types has fallen to levels not seen in five years.

Banks and thrifts saw commercial mortgage delinquency of at least 90 days finish the third quarter at 1.95 percent -- the best rate since the fourth-quarter 2008, when delinquency was 1.65 percent.

Delinquency at financial institutions was 2.18 percent the prior quarter and 2.94 percent in the same quarter during the prior year.

The statistics were discussed in the Mortgage Bankers Association's Commercial/Multifamily Delinquency Report.

Delinquency of at least 30 days on loans included in commercial mortgage-backed securities was 7.51 percent in the third quarter.

It was the lowest level since the first-quarter 2010, when the 30-day rate was 6.81 percent.

CMBS delinquency was 7.81 percent three months earlier and 8.86 percent a year earlier.

Thirty-day delinquency on CMBS loans has since fallen to 7.66 percent as of Nov. 30, according to a report from Trepp LLC.

Delinquency of at least 60 days on CRE loans owned by life insurance companies finished September at 0.06 percent, off from 0.08 percent at the end of June and lower than 0.12 percent as of Sept. 30, 2012.

The last time the 60-day rate was this low for life insurers was the third-quarter 2008, when the rate was also 0.06 percent.

At Fannie Mae, 60-day delinquency on multifamily loans was 0.18 percent at the end of the third quarter, the best rate since the third-quarter 2008's 0.16 percent. Fannie's rate sank from the previous period's 0.28 percent and from 0.28 percent as of the same date last year.

Fannie has since reported that multifamily delinquency has fallen to 0.13 percent as of Oct. 31.

Freddie Mac's 60-day delinquency rate dropped to 0.05 percent in September from 0.09 percent in June and 0.27 percent in September 2012.

MBA data indicate that multifamily delinquency at Freddie was last this low in the fourth-quarter 2008, when it stood at just 0.01 percent.

However, Freddie reported that its 60-day multifamily delinquency rate crept up to 0.06 percent in October.

"Commercial and multifamily mortgage performance continues to reflect overall economic gains," MBA Vice President of Commercial Real Estate Research Jamie Woodwell explained in the report. "Improvements in underlying property performance and property values, and the continued availability of commercial and multifamily mortgage financing, led to declines in delinquency rates for every major investor group."

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