Measuring the prices of loans sold through its platform, Boston-based DebtX? found commercial real estate (CRE) loan prices rose over the year in 2012 but ended the year with little change in December.
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Commercial and multifamily originations increased 24 percent from 2011 to 2012, according to the Mortgage Bankers Association.
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Outstanding commercial/multifamily debt increased in the third quarter, marking a full year of quarterly increases, according to the Mortgage Bankers Association (MBA). In dollar volume, commercial/multifamily mortgage debt rose $6.6 billion over the quarter, bringing the national total to $2.38 trillion. The greatest third-quarter increase in commercial/multifamily debt was seen in agency and GSE portfolios and mortgage-backed securities, a sector that reported an increase of $9.4 billion.
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Fitch Ratings recognized the strength of Freddie Mac's multifamily business, giving the GSE an initial CMBS special servicer rating of CSS2.
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The delinquency rate on U.S. commercial real estate loans saw its biggest drop in more than a year in October.
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The cumulative default rate for commercial mortgage-backed securities (CMBS) in the U.S. rose over the third quarter, largely due to an increase in defaults among office loans, according to the latest data from Fitch Ratings. The rate rose from 13.2 percent in the second quarter of this year to 13.5 percent in the third quarter, according to Fitch. Office loans made up more than half of both newly defaulted loans in the third quarter and year-to-date defaults, according to the ratings agency.
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The CMBS delinquency rate fell to 8.37 percent in September, Fitch Ratings reported.
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Commercial mortgage-backed security (CMBS) delinquencies have posted substantial declines over the past two months, according to Trepp.
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The slowing pace of workouts hasn’t stopped CMBS special servicer volume from falling, Fitch Ratings reported. According to Fitch’s weekly U.S. CMBS Market Trends newsletter, the balance of loans in special servicing as of June 30 was $80.5 billion, a drop from $83.1 billion at the end of 2011 and $85.6 billion in June 2011. This news comes despite a slowdown in resolutions in the year’s first half, with 1,242 loans resolved in that time (compared to 1,556 in the first half of 2011).
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low job creation and tight loan availability are hindering otherwise positive growth in commercial real estate, the National Association of Realtors reported. While “positive underlying fundamentals” helped boost all of the major commercial real estate sectors, growth in some areas has been tempered by various issues, including job growth and shifts in demand. Demand has also been dampened by problems small businesses have in securing commercial real estate loans. The multifamily sector is the only one that has seen increased demand.
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