Commercial Mortgage Defaults Reach 3.4%
The commercial mortgage default rate on loans held by U.S. banks more than doubled to 3.4 percent in the third quarter as vacancies rose and rents declined, Real Estate Econometrics LLC said.
Defaults climbed from 1.37 percent a year earlier and from 2.88 percent in the second quarter, the New York-based property research firm said today in a report. Default rates in the first three quarters of 2009 have been the highest since 1993, the firm said.
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Defaults climbed from 1.37 percent a year earlier and from 2.88 percent in the second quarter, the New York-based property research firm said today in a report. Default rates in the first three quarters of 2009 have been the highest since 1993, the firm said.
Read the full story here »
