Commercial Mortgage Default's Rise in Third Quarter
Bloomberg reports: Defaults on bank-held commercial property-backed mortgages rose in the third quarter to 4.36 percent, up from 3.41 percent one year ago and 4.27 percent by the end of last quarter. Though the default rate encouragingly fell between the first and second quarters of this year, it resumed its climb towards the all-time record rate of 4.55 percent, set in 1992. The one-quarter rise included mortgages totaling $604.1 million. Apartment defaults are tallied separately, but also rose between the second and third quarters, to a record high of 4.67 percent.
