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Bailout

: Calculated Risk

Commercial Real Estate Delinquencies Rising

By Anonymous

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CR Note: This is a very sad day for all with the shootings in Arizona ... my thoughts are with the victims and their families.

On the economy from Eric Wolff at the North County Times: REAL ESTATE: Commercial delinquencies rising as landlords struggle

The owners of Temecula Town Center, a mall at Rancho California and Ynez roads, have a problem some homeowners can relate to ---- they are behind on their loans.

Way behind: The mall's owners owe $67 million, and they haven't made a payment in more than 90 days, according to commercial real estate analyst Trepp LLC in New York City.
...
In San Bernardino and Riverside counties, borrowers with $1.4 billion in loans are at least 30 days behind on their payments. That's 20.2 percent of the two counties' total loan balance.

In San Diego County, borrowers with loans worth $755 million are delinquent, about 7.7 percent of total commercial loan dollars. Nationally, late payers compose 9.2 percent of total loan balances. All three rates more than doubled since October 2009.

Even though it appears the office and mall vacancy rates have stabilized, vacancies are at a very high level - so many owners are under pressure, and commercial real estate mortgage delinquencies are still rising.

Full post as published by Calculated Risk on January 08, 2011 (boomark / email).