Delinquencies for U.S. bonds backed by mortgages on office buildings, shopping centers and other commercial property set a new high in the second quarter, according to the Mortgage Bankers Association.
Payments at least 30 days late rose to 8.22% from 6.83% in the first quarter, the trade group said Thursday. The 90-day delinquency rate for bank-held whole loans was 4.26% and delinquencies of 60 days or more on loans held by life insurance companies fell 0.02 percentage point to 0.29%. The numbers track different time periods because they come from varying sources.
The MBA said second-quarter delinquencies for loans held in commercial mortgage-backed securities were the highest since it began tracking the data in 1997.