September 11, 2009
The Mortgage Banker’s Association released second quarter delinquency rate numbers for all commercial and multi-family groups. Loans falling under the umbrella of CMBS and those made by bank’s and thrifts are seeing rapid increases in delinquency rates while Freddie, Fannie, and life company loans are holding up fairly well.
Between the first and second quarters, the 30+ day delinquency rate on loans held in commercial mortgage-backed securities (CMBS) rose 2.04 percentage points to 3.89 percent. The 60+ day delinquency rate on loans held in life company portfolios rose 0.03 percentage points to 0.15 percent. The 60+ day delinquency rate on multifamily loans held or insured by Fannie Mae rose 0.17 percentage points to 0.51 percent. The 90+ day delinquency rate on multifamily loans held or insured by Freddie Mac rose 0.02 percentage points to 0.11 percent. The 90+day delinquency rate on loans held by FDIC-insured banks and thrifts rose 0.64 percentage points to 2.92 percent.
The numbers released reflect delinquency rates that banks and CMBS are experiencing is at the top end of the range seen since 1996. Life companies have not been hit nearly as hard, as their delinquencies (60+ days) are at only 0.15%.
The full report can be downloaded here, and is also embedded below:
- CMBS Delinquency Rate Continues To Rise; Inland Western Issues $500M CMBS Deal
- Prudential CRE US Quarterly Update
- Commercial Real Estate Delinquency Rate Doubles
- Fitch: Life Insurers To Face More Losses
- CMBS Ratings Being Reviewed – It’s a Slippery Slope