Missed payments on office and retail mortgages rise in June, but remain below average.
Last Updated: July 21, 2008: 11:40 AM EDT
NEW YORK (AP) -- Delinquencies among commercial mortgages rose slightly in June due to increases in delinquencies among office and retail sectors, credit ratings agency Fitch Ratings said Monday.
Fitch said June delinquencies rose to 0.41% among commercial-mortgage backed securities from 0.39% a month earlier.
Both office and retail mortgage defaults are still below the commercial mortgage delinquency average, despite their increases in June.
Retail delinquencies rose to 0.21% from 0.17% in May, Fitch said. The increase came as 15 additional loans went delinquent in June.
About 0.19% of loans secured by offices were delinquent in June, Fitch said.
Multifamily homes continue to account for the most delinquencies among commercial mortgages. The sector's delinquency index is 1.77%. Multifamily home mortgages accounted for 57% of all commercial mortgage delinquencies in June, though among they make up only 14.6% of all loans reviewed by Fitch.
Each month, Fitch reviews delinquencies among commercial mortgages backing securities it rates to determine the sector's delinquency rate.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment