Delinquency rates on commercial real estate mortgages continued to rise in the third quarter as the 30-day or more past due rate on CMBS topped 4% — the highest ever.
"Commercial and multifamily mortgages continue to feel stress in the face of the weakened economy, " said Jamie Wood, MBA's vice president of CRE research.
The 30-day plus delinquency rate on CMBS hit 4.06% in the third quarter, up 17 basis points from the previous quarter. It was 0.63% in the third quarter of 2008.
Meanwhile, 3.4% of CRE mortgages held by banks and thrifts are 90 days or more past due, up 51 bps from the second quarter. These delinquency rates do not include construction and development loans.
