Commercial mortgage delinquencies in the U.S. climbed to the highest level in at least 11 years in April as scarce credit made it difficult for landlords to refinance loans, according to property research firm Trepp LLC.
The percentage of loans 30 days or more behind in payments rose to 2.45%, Trepp LLC said in a report. The delinquency rate was more than five times the year-ago number, Trepp said. The New York-based researcher’s records go back to 1998.
'It’s about as bad as it’s ever been,' said Thomas Fink, a Trepp senior vice president. 'I don’t think we’re done yet. Where it’s going to top out, I don’t know, but we’re not done.'