CMBS delinquencies skyrocket 585%
The Daily Deal reports: Here's more ammunition for the argument that problems within commercial real estate will be the next shoe to drop and blow any progress made toward ending the recession.
Things are getting ugly in the commercial mortgage-backed securities arena as delinquencies have gone through the roof over the past year, rising an "astounding" 585%, according to data from Realpoint Research. Citing a report from the research firm, New Mexico Business Weekly is reporting that delinquencies rose another $10 billion in June, to hit a 12-month high of nearly $29 billion. In June 2008, late loans totaled only $4 billion.
Other assessments of the commercial real estate market are even less rosy. Earlier this month research firm Real Capital Analytics found 5,315 troubled commercial properties nationally, valued at more than $108 billion. One of the trouble spots is the U.S.' second-most populous city, Los Angeles, which has 263 commercial properties valued at $4.5 billion that are in default, foreclosure or bankruptcy.
View the full article on The Daily Deal: CMBS delinquencies skyrocket 585%
Posted by: Nina Turner