The percentage of mortgages defaulted on commercial and apartment buildings – essentially businesses and apartment buildings – fell in April, according to new figures from the Mortgage Bankers Association. Last month was the lowest crime level since the pandemic broke out, the group said.
Overall crime rates are still high, which Jamie Woodwell, vice president of commercial real estate research for the association, said was largely due to continued pollution on hotel and retail properties.
Expressed in numbers: 95.1 percent of the outstanding loan balances were current last month, a slight increase of 95 percent in March, according to the survey on credit performance.
For accommodations, 20.2 percent of loans were in arrears. For the retail sector, this figure was 9.3 percent. However, both groups recorded improvements compared to the previous month.
Survey respondents reported approximately $ 2 trillion in loans in April, roughly half the total outstanding commercial and multi-family mortgage debt across the country.