Delinquency rates among different commercial/multifamily mortgage investor groups were mixed in the first quarter of this year, the Mortgage Bankers Association (MBA) says in its latest Commercial/Multifamily Delinquency Report.
The delinquency rate for loans held in commercial mortgage-backed securities (CMBS) reached 9.18%. That is the highest level since the series began in 1997, but the climb was slower than in recent quarters, growing 0.23 percentage points from the fourth quarter of 2010.
Delinquency rates for other groups remain below levels seen in the last major real estate downturn during the early 1990s – some by large margins.
The 90+ day delinquency rate on loans held by FDIC-insured banks and thrifts remained the same, at 4.18%, and the 60+ day delinquency rate on loans held in life company portfolios decreased 0.05 percentage points to 0.14%. The 60+ day delinquency rate on multifamily loans held or insured by Fannie Mae decreased 0.07 percentage points to 0.64%, while the rate on multifamily loans held or insured by Freddie Mac increased 0.10 percentage points to 0.36%.
The first-quarter 2011 delinquency rate for commercial and multifamily mortgages held by banks and thrifts was 2.40 percentage points lower than the series high, which was 6.58% in the second quarter of 1991.
The delinquency rate for commercial and multifamily mortgages held in life insurance company portfolios was 7.23 percentage points lower than the series high of 7.37%, which was reached during the fourth quarter of 1993. The rate for multifamily loans held by Fannie Mae was 2.98 percentage points lower than the series high of 3.62% in the fourth quarter of 1991, and Freddie Mac's multifamily delinquency rate was 6.45 percentage points lower than the series high of 6.81% in 1992.
