Bill Rapp here with the Heartfelt and Hot in Houston Blog, and this is our newest segment: Commercial and multifamily mortgage delinquencies decreases!


* Delinquency rates for mortgages backed by commercial and multifamily properties declined in September, according to Mortgage Bankers Association’s monthly CREF Loan Performance Survey (data collected as of Sept. 20, 2020).


* “Commercial and multifamily mortgage performance has stabilized, and in many cases, has begun to slowly improve since the initial stress of April and May,” said Jamie Woodwell, MBA’s VP of Commercial Real Estate Research.


* The share of commercial and multifamily loan balances that were current increased to 94.3% in September from 93.6% in August, with fewer new loans becoming delinquent.


* However, the decline in delinquency was majorly recorded in the short term, where the share of less than 30 days delinquent loans fell from 1.6% to 0.9%.


* Delinquency decline property type-wise: Lodging loans balance 22.1% delinquent, down from 23.5% in August; Retail 13.3% vs. 15.0%; healthcare 4.4% vs. 4.7%; industrial 2.7% vs. 3.4%; office loans 2.1% vs. 2.4%; multifamily 1.7% vs. 1.9%.


* “Lodging and retail properties felt the onset of the recession most immediately and dramatically, and that continues to show in the numbers. Delinquency rates remain more muted among other property types and overall, the inflow of newly delinquent loans has slowed to one-fourth the rate seen in April,” added Woodwell.

The inspiration for today’s edition came from this original article:

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