Roughly 9.43% of CRE loans – including multifamily product – that have been securitized are now 30-days or more late, a record, according to new figures compiled by the Mortgage Bankers Association (MBA).
Compared to 1Q, and 2Q10, delinquencies rose 25 basis points, and 119 basis points, respectively.
However, late payments in other delinquency categories actually fell.
Jamie Woodwell, MBA's vice president of CRE research, said that even though delinquencies for loans held by CMBS investors reached their highest level since the series began in 1997, the rate of the increase continues to moderate.
The trade group tracks commercial late payments in five major investor groups including banks and thrifts, life insurance companies, and Fannie Mae and Freddie Mac.
Construction and development loans are not included in the numbers, but are included in many regulatory definitions of 'commercial real estate' despite the fact that they are often backed by single-family residential development projects rather than by office buildings, apartment buildings, shopping centers or other income-producing properties, MBA said.
The CMBS data is the only type included in the MBA report that has real estate owned as part of the calculation.
