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Tags: borrowers | fell | behind | commercial mortgages

More Borrowers Fell Behind on Commercial Mortgages in November

More Borrowers Fell Behind on Commercial Mortgages in November
(Marius Scarlat/Dreamstime)

Thursday, 10 December 2020 05:30 PM EST

There was an increase in borrowers who fell behind on commercial mortgage payments in November.

The delinquency rate on all commercial mortgages climbed to 5.7% in November from 5.4% a month earlier, the Mortgage Bankers Association said Thursday.

Loans backed by hotels and retail properties are under the most pressure as coronavirus cases surge in the U.S., while potential vaccines are raising hopes that commercial real estate will recover next year.

“Widespread vaccinations should help the economy and commercial real estate – especially the hard-hit retail and leisure and hospitality sectors,” Jamie Woodwell, MBA’s vice president of commercial real estate research, said in a statement. “Between now and then, much will depend on how long the current surge lasts, and the degree to which it holds back economic activity.”

Lodging properties had a 22.1% delinquency rate, while retail delinquencies were at 12.9%, both up from October, according to the MBA. The office delinquency rate was 2.4%, up from 2% from a month earlier.

© Copyright 2024 Bloomberg News. All rights reserved.


Personal-Finance
There was an increase in borrowers who fell behind on commercial mortgage payments in November.
borrowers, fell, behind, commercial mortgages
163
2020-30-10
Thursday, 10 December 2020 05:30 PM
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