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Commercial loan delinquencies stay down in Q3

The delinquency rate on commercial/multifamily loans held by major investor classes remained exceptionally low in the third quarter, according to the Mortgage Bankers Association (MBA).

Loans held by banks had a 90-day delinquency rate of 0.48 percent, the lowest on record, the trade group said. The 60-day delinquency rate for loans held by Fannie Mae stood at just seven basis points,  whereas loan delinquencies on those held by Freddie Mac and life insurance companies were both near zero. Commercial mortgage-backed securities had a 30-day delinquency rate of 3.05 percent in the third quarter, down by 0.47 percentage points compared to the second quarter, MBA reported.

The much higher CMBS number is somewhat misleading, however, said Jamie Woodwell, MBA’s vice president of commercial real estate research.

"If one pulls out loans in foreclosure or real estate owned—which are generally excluded from the calculations for the other groups—the CMBS delinquency rate is just 45 basis points, the same level as December 2005."


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