Magazine article Mortgage Banking

California CRE Delinquencies Stabilize

Magazine article Mortgage Banking

California CRE Delinquencies Stabilize

Article excerpt

California commercial mortgage delinquencies for life-I company and pension-fund portfolios appear stable at a 0.38 percent rate despite market uncertainty and high dollar volume.

The second-quarter Commercial Loan Delinquency Survey, conducted by the California Mortgage Bankers Association (CMBA); Sacramento, California, dropped 40 basis points during the quarter as 99.62 percent of California commercial real estate loans surveyed were either current or one payment behind.

"Despite uncertain markets, stubborn unemployment and tight credit markets, we are encouraged that the delinquency rate for California's non-CMBS commercial and multifamily properties seems to have stabilized," said Peter Ulrich, CMB, commercial real estate consultant at the California Mortgage Bankers Association.

However, the survey showed 27 loans, at $200.2 million, were two or more payments past due. Six loans at $33.9 million were in foreclosure. Three of the largest delinquencies consist of a $21.3 million land loan in Fresno County, a $20.5 million office building loan in Los Angeles County and another land loan with a $19. …

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