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According to the Mortgage Bankers Association’s (MBA) latest monthly CREF Loan Performance Survey, in July the delinquency rates for mortgages backed by commercial and multifamily properties reduced.
The Survey Reported:
- Compared to the previous month when the outstanding loan balances were 95.2% now they are 95.5%.
- In 90-plus days delinquent or in REO last month was 3.0% now down to 2.9%.
- 60-90 days delinquent remained unchanged from last month at 0.2%.
- The 30-60 days delinquent were 0.6% now they too are down to 0.3%.
- Less than 30 days delinquent were 1.1% and have remained unchanged.
The Gist:
Jamie Woodwell, MBA’s vice president of Commercial Real Estate Research said that the commercial and multifamily mortgage delinquencies dropped in July to the lowest point since the time the pandemic began in 2020.
He added that depending on the property type the loan performance continues, the worst hit was on the lodging loans that too is now showing good improvement.
In overall delinquencies the office properties saw a decline, but there was an increase in loans that are newly delinquent.
He said in the coming months the economy will strengthen and will support most property types.
Reference Source: Rismedia
