CRE Late Pays Below 0.5% in California

Commercial mortgage delinquencies in California are below 0.5% for the 22nd consecutive month, the California Mortgage Bankers Association has reported.Based on a quarterly delinquency survey conducted by the CMBA, the trade group said that as of March 31, 99.69% of the California-based commercial real estate loans serviced by 17 mortgage banking firms were either current or only one payment delinquent, making for a delinquency ratio of 0.31%. This compares with a delinquency rate of 0.35% three months ago and 0.18% a year ago, the CMBA said. Nineteen different loans were two or more payments past due. Of these, the three largest loans were backed by a hotel property, an office property, and a "single-purpose" property. The 19 delinquent loans represent 0.19% of the 9,917 commercial real estate loans included in the survey, the CMBA said.