Delinquency on bank-owned commercial mortgages and securitized commercial real estate loans led an improvement among all investor types.
The rate of loans included in commercial mortgage-backed securities that were at least 30 days past due finished the second quarter at 5.00 percent.
That was the lowest CMBS delinquency rate since the third-quarter 2009, when it came in at an upwardly revised 4.07 percent based on historical data maintained by Mortgage Daily.
The CRE loan performance statistics were reported by the
Mortgage Bankers Association in its Commercial/Multifamily Delinquency Report.
The CMBS 30-day rate was 5.17 percent in the first-quarter 2015 — giving CMBS delinquency the biggest quarter-over-quarter improvement among all CRE loan investor types reported by MBA.
CMBS delinquency was an upwardly revised 5.84 percent in the second-quarter 2014.
A report from Trepp LLC indicates that the 30-day CMBS delinquency rate was the same in August 2015 as it was at the end of the second quarter.
A 13-basis-point decline between the first and second quarters of this year left the 90-day delinquency rate on CRE loans owned by banks and thrifts at 0.90 percent, MBA said.
Bank delinquency was last this low in the fourth-quarter 2007, when it stood at just 0.80 percent.
Bank-owned CRE loans had a downwardly revised 90-day rate of
1.39 percent in the second quarter of last year.
Next up was the 60-day rate on Fannie Mae multifamily mortgages, which fell four BPS from the first quarter to 0.05 percent. Fannie’s delinquency rate was 0.10 percent as of mid-2014.
Washington-based Fannie has since reported that multifamily delinquency inched up one basis point in July to 0.06 percent.
A two-basis point decline from the first quarter left Freddie Mac’s 60-day multifamily rate at
0.01 percent. The rate was last this low in the fourth-quarter 2008.
Freddie’s rate was 0.02 percent in the second-quarter 2014.
McLean, Virginia-based Freddie reported last month that its 60-day multifamily rate remained at 0.01 percent as of July.
“As commercial property incomes and values continue to climb, and financing remains plentiful, loan performance continues to improve as well,” MBA Vice President of Commercial Real Estate Research Jamie Woodwell said in an accompanying announcement.
At
0.06 percent, the 60-day rate on commercial mortgages owned by life insurance companies was no different that in the first-quarter 2015.
But life insurer CRE loan delinquency has been reduced from 0.08 percent one year prior.
