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CRE Loan Performance Maintains Positive Trend

All types of lenders except the Federal Home Loan Mortgage Corp. saw a decline in delinquency rates on commercial real estate loans.

Delinquency of at least 30 days on loans included in commercial mortgage-backed securities was 6.97 percent in the fourth quarter.

That was according to the Mortgage Bankers Association, which reported the statistics Tuesday. The 30-day rate reflected real estate owned.

CMBS delinquency sank compared to the third quarter, when the rate was a revised 7.63 percent, and the fourth-quarter 2012, when 30-day CMBS delinquency stood at a revised 8.72 percent.

Historical data from MBA indicate that CMBS delinquency hasn’t been this low since the first-quarter 2010, when the rate came in at a revised 6.83 percent..

Since the end of last year, the 30-day CMBS rate has fallen another 65 basis points as of Feb. 28, according to Trepp LLC.

Delinquency of at least 60 days on CRE loans owned by life insurance companies finished last year at 0.05 percent, a basis point less than at the end of the third quarter and 3 BPS better than at the end of 2012.

The last time life insurer delinquency was this low was in the second-quarter 2008, when the rate was just 0.03 percent.

CRE loans owned by banks and thrifts had a 90-day delinquency rate of 1.70 percent.

The 90-day rate at financial institutions moved down from 1.95 percent three months earlier and a revised 2.61 percent a year earlier.

Bank delinquency was at its lowest level since the fourth-quarter 2008, when the rate was a revised 1.66 percent.

Multifamily loans owned or guaranteed by Fannie Mae had a 60-day delinquency rate of 0.10 percent as of Dec. 31, 2013. The rate was down from 0.18 percent as of Sept. 30, 2013, and 0.24 percent as of the end of 2012.

Fannie’s rate was at its lowest level since the first-quarter 2008, when it stood at 0.09 percent.

Washington, D.C.-based Fannie has since reported that 60-day multifamily delinquency remained at 0.10 percent in January.

At its secondary cousin Freddie Mac, 60-day multifamily delinquency jumped to 0.09 percent from 0.05 percent in September. But Freddie’s rate was better than and 0.19 percent at the end of 2012.

Freddie separately reported that multifamily delinquency declined to 0.05 percent in January.

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