Delinquencies on commercial mortgage-backed securities rose to a record in the third quarter as unemployment rose and landlords struggled to retain tenants.
The percentage of CMBS loans at least 30 days past due rose to 4.06% from 1.17% a year earlier, the Mortgage Bankers Association said Monday. That's the most since the group began tracking the data in 1997. About 3.43% of bank-owned loans on offices, apartment buildings, shopping centers and other income-producing properties were at least 90 days past due, up from 1.38% a year earlier, the MBA said.
The loan delinquency rate for bank-issued commercial loans is the highest since the second quarter of 1994, when it was 3.49%.