Defaults in Commercial Mortgages Slow Down
There is another sign that the commercial property market in the US is in the road to recovery. Delinquencies in US commercial Real Estate loans and default rates continued to move towards another record high in the third quarter, but the growth pace slowed.
A report released by the US Federal Deposit Insurance Corporation has shown that late payments (by 90 days) for commercial Real Estate loans increased to 4.36% in the three months ending September 30. It was higher by only 0.09% compared to the default rate of 4.27% in the second quarter. It was among the smallest increases in default rates since the start of the housing downturn.
Market analysts attributed the improvement to stabilizing Real Estate prices and rental costs in numerous markets nationwide. They added that increased strain on bank performances that are linked to commercial properties also became more measured.
Tags: delinquency rates, deposit insurance corporation, federal deposit insurance, federal deposit insurance corporation, growth paceRelated posts
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