Los Angeles BizJournal
Caifornia tops U.S. in delinquent mortgages
written by Katherine Conrad
Tuesday, December 1, 2009, 6:23am PST
Delinquencies in the commercial mortgage-backed securities market skyrocketed more than 500 percent in October from a year ago, with California reportedly topping the U.S.
Numbers released Monday by RealPoint Research show more than to $32.6 billion worth of loans are in default compared to $5.4 billion in October 2008. The total unpaid balance for the CMBS market for October 2009 was $810.9 billion, up from $805 billion in September, according to the Horsham, Penn.-based research firm.
California reported $4.7 billion in bad loans, or 14 percent of all delinquencies. The bulk of the state’s delinquent loans were concentrated in the Los Angeles and Orange County metropolitan areas. Sacramento reported two troubled spots in October when Natomas Crossing and Del Paso Retail were liquidated.
California, Texas and Florida account for a third of the defaults in the mortgage-backed securities market, but the cities with the most delinquent loans are Las Vegas with $1.6 billion, followed by Phoenix with $1.5 billion and New York with $1.2 billion.
Since RealPoint began keeping track of delinquencies, the lowest point was March 2007 when borrowers were late on $2.2 billion worth of loans.
Caifornia tops U.S. in delinquent mortgages
written by Katherine Conrad
Tuesday, December 1, 2009, 6:23am PST
Delinquencies in the commercial mortgage-backed securities market skyrocketed more than 500 percent in October from a year ago, with California reportedly topping the U.S.
Numbers released Monday by RealPoint Research show more than to $32.6 billion worth of loans are in default compared to $5.4 billion in October 2008. The total unpaid balance for the CMBS market for October 2009 was $810.9 billion, up from $805 billion in September, according to the Horsham, Penn.-based research firm.
California reported $4.7 billion in bad loans, or 14 percent of all delinquencies. The bulk of the state’s delinquent loans were concentrated in the Los Angeles and Orange County metropolitan areas. Sacramento reported two troubled spots in October when Natomas Crossing and Del Paso Retail were liquidated.
California, Texas and Florida account for a third of the defaults in the mortgage-backed securities market, but the cities with the most delinquent loans are Las Vegas with $1.6 billion, followed by Phoenix with $1.5 billion and New York with $1.2 billion.
Since RealPoint began keeping track of delinquencies, the lowest point was March 2007 when borrowers were late on $2.2 billion worth of loans.
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