“Ongoing stress caused by higher interest rates, uncertainty around property values, and questions about fundamentals in some property markets are beginning to show up in commercial mortgage delinquency rates,” said Jamie Woodwell, MBA’s head of commercial real estate research. Commercial real estate was hit hard by the pandemic, with fewer people returning to offices and spending money — eating lunch, getting their nails done, using dry cleaners — in those corridors.
Because each investor group tracks delinquencies in its own way — some include loans with payments 30-days late, some 60-days, some 90-days — delinquency rates are not comparable from one group to another. For example, Fannie Mae reports loans that are in a forbearance agreement as delinquent, while Freddie Mac excludes those loans if the borrower is in compliance with the forbearance agreement.
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