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CRE Loan Delinquencies Hold Steady in June, Driven by Hotel and Retail
Delinquency rates for mortgages backed by commercial and multifamily properties held steady in June, according to the Mortgage Bankers Association’s (MBA) latest monthly CREF Loan Performance Survey. The survey measures the pandemic’s impact on commercial mortgage loan performance.
MBA’s latest survey found that 95.2% of commercial real estate loans were current in June, unchanged from May. There was up or down movement of 10 basis points for delinquencies of 90 days-plus, 30 to 60 days and less than 30 days.
“Commercial and multifamily mortgage delinquencies continue to be driven by loans backed by hotel and retail properties that ran into trouble during the pandemic and are now more than 90 days late,” said Jamie Woodwell, MBA’s VP of commercial real estate research. “We expect these late-stage delinquencies to wane as the economy continues to open and there is less uncertainty surrounding the prospects of these and many other property types.”
- ◦Financing
