Delinquency on CMBS hits record high in third quarter

12/8/2009 | Bloomberg

The Mortgage Bankers Association said the percentage of commercial mortgage-backed securities loans that were 30 days or more past due hit 4.06% in the third quarter, up from 1.17% in the same period last year. It is the highest rate recorded since the group began tracking the data more than a decade ago. "When there's such a significant pullback in employment, that has an impact on commercial office space," said Jamie Woodwell, vice president of commercial real estate research for the association. "When there's a pullback in consumer spending, that has an impact on retail."

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