Delinquencies on loans backing commercial mortgage bonds jumped 31 basis points to 9.68% in March from the previous month, according to Trepp. It was the largest monthly increase since a 51 bps spike in July. The rate climbed above the 9.37% level in February and the 9.42% rate one year ago. Roughly $5 billion in these loans turned delinquent in March. Meanwhile, there was $1 billion in CMBS loan resolutions, dropping below levels seen in recent months. The first data for five-year loans originated in 2007 came in during the first quarter of 2012. Only 48% of the $9 billion originated paid off at or before they came due. Some of those were resolved with a loss. Of those that fell out of the CMBS pools, roughly 20% suffered some sort of loss, Trepp said, though in many cases the loss was less than 2%. The half of that specific vintage are either categorized as nonperforming or placed in foreclosure with a special servicer. The highest delinquency rate jump occurred in multifamily properties, which increased 74 bps to 15.39% in March. Delinquencies on offices (9.41%) climbed 37 bps, and retail delinquencies (8.24%) increased by 24 bps from the previous month.
and, there is a boom in construction of multi-family complexes
according to RealtyTrac, apts are running at 85% and tenants can’t afford to pay rent and Obama wants to turn 3 million homes into rentals
what we have, is an over abundance of genius’s in this good country