In December, the 30-day plus delinquency rate on multifamily mortgages continued to climb, according to new figures compiled by Trepp.
Meanwhile, a Trepp spokesman said that multifamily delinquencies reached 16.85% in January. This compares to a 16.48% delinquency rate for December, and a 9.71% rate in January 2010.
Overall, 30-day-plus delinquencies on CMBS jumped 14 basis points month-to-month to 9.34% in January, reaching another record high.
In theory, multifamily loan resolutions and new issuances should drive delinquency rates lower, but so far this has not occurred. Delinquencies are still climbing, albeit at a slower pace.