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The Real Estate Board of New York's latest Broker Confidence Index showed a decline because of Omicron concerns

Commercial Mortgage Delinquencies Decline for Third Straight Month

Delinquency rates for mortgages backed by commercial and multifamily properties decreased for the third consecutive month in March, reaching the lowest level since the pandemic began, according to the Mortgage Bankers Association’s (MBA) latest monthly CREF Loan Performance Survey.

Loans backed by lodging and retail properties continue to see the greatest stress, especially lodging. However, delinquencies in both property types improved during March.

“There continues to be significant differences in loan performance by property type,” said Jamie Woodwell, MBA’s VP of commercial real estate research.

The same applies for lender type, with CMBS—which has a high concentration of retail and hotel loans—experiencing a higher delinquency rate than other lending classes. For March, 8.7% of CMBS loans were delinquent, down from 9.3% in February.

In comparison, the March delinquency rate for GSE loans was 1.2%. MBA said 1.6% of life company loan balances were non-current, down from 2.0%.


Inside The Story

Read more at MBA

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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