Problems in the hotel and lodging sectors are pushing the commercial mortgage delinquency rate up.
In November, 5.7% of commercial mortgages were delinquent, increasing from 5.4% in October, according to the Mortgage Bankers Association. The delinquencies can be traced back to lodging and retail loans that fell behind in April and May, which have now transitioned to later-stage delinquencies.
"November did see small increases in newly delinquent retail, lodging and office loans, but at levels far below what was seen at the outset of the pandemic," Jamie Woodwell, MBA's Vice President of Commercial Real Estate Research, said in a statement.
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Leslie Shaver
Les Shaver has been covering commercial and residential real estate for almost 20 years. His work has appeared in Multifamily Executive, Builder, units, Arlington Magazine in addition to GlobeSt.com and Real Estate Forum.
