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Housing shouldn’t look at any color but the color of money

People with bad credit and bad habits should be squeezed out of housing

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Former LandCastle Title CEO owns NASCAR team, rubs elbows with PGA pros

Lawsuit alleges former LandCastle Title CEO embezzled $30 million

Nat Hardwick allegedly used funds for private jets, gambling

Late payments push U.S. CMBS delinquencies to a record high

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Delinquencies on loans within commercial mortgage-backed securities hit a record high in July as new late payments increased and fewer loan resolutions were made, Fitch Ratings said Friday. Last month, the ratings agency noted $3 billion in new delinquencies, which outpaced the $1.4 billion in resolutions made on CMBS loans during that period. This combination of factors prompted a 37-basis point increase to a CMBS delinquency rate of 9.01%, surpassing the previous record of 8.81% set in May. "A change in the foreclosure status of several larger specially serviced loans coupled with slower resolution activity led to the spike in CMBS delinquencies,” said Fitch Managing Director Mary MacNeill. “Despite the 37 basis point uptick, delinquencies are still trending within Fitch’s projection of 10% by year's end.” Delinquencies by property-type show the multifamily segment struggling the most with a delinquency rate of 15.92%. That segment is followed by hotels, which have a 14.22% delinquency rate, industrial (10.45% delinquent rate), retail (7.01%) and office properties (6.64%). Resolutions on delinquencies totaled $1.4 billion, below the $2.3 billion per month rolling 12-month average. The new delinquency volume also shot up 24% in Fitch's most recent report. The record-high delinquency rate in July is a reversal from June when delinquencies on CMBS fell 17 basis points to 8.64%, suggesting some stabilization in loan performance during that month. CMBS analytics firm Trepp also noted this week the delinquency rate on commercial mortgage-backed securities spiked 51 basis points in July, hitting an all-time high of 9.88%. That report arrived after two consecutive monthly drops, a first for the market since 2008. Write to Kerri Panchuk.

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