- Dennis Norman
For the first year or so of the real estate slump,it appeared to just be concentrated in the residential market,specifically homes and condos. However,over the past few months the attention has shifted more and more to the commerical and multi-family markets as well as the economy remains weak.
The Mortgage Bankers Association released their 
Third Quarter 2009 Commercial and Multifamily Mortgage Delinquency Report showing that delinquency rates on loans in this sector continued to increase.
Third Quarter 2009 Commercial and Multifamily Mortgage Delinquency Report showing that delinquency rates on loans in this sector continued to increase.“Commercial and multifamily mortgages continued to feel stress in the face of the weakened economy,”said Jamie Woodwell,MBA’s Vice President of Commercial Real Estate Research. “The deterioration in commercial and multifamily loan performance is generally in line with what is being seen in other parts of the economy,with loans backed by commercial properties continuing to perform far better than construction and development loans.”
Here are some highlights from the report:
- Delinquency rates at the end of third quarter,2009 were broken out by the type of financing:
- CMBS (commerical mortgage-backed securities) 4.06 percent (30+ days delinquent or in REO)
- Life company portfolios 0.23 percent (60+ days delinquent)
- Fannie Mae 0.62 percent (60+ days delinquent)
- Freddie Mac 0.11 percent (90+ days delinquent)
- Banks and thrifts 3.43 percent (90 or more days delinquent or in non-accrual)
To view the entire report,click here
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In times of adversity everyone are struggling to stand again and mend those that have been broken or lost. The sudden change of economic decline should’ve been expected and delinquency rates dropped down considering that mostly employees have been demoted or worst lost their jobs.