Even as the overall CMBS delinquency rate fell in September, multifamily overdue rates rose for the third month in a row, according to Fitch Ratings.Multifamily delinquencies rose 10.4% in September, but the increase was due to 20 newly delinquent loans totaling $78.7 million, Fitch said. "Multifamily loan performance has suffered in areas with stressed economic conditions," said Fitch director Michelle Bayard. "Slowed employment growth combined with housing price depreciation creates declines in population that erode demand for multifamily rental housing." The overall CMBS delinquency rate fell by 1 basis point in September, to 0.29%, Fitch said. The rating agency can be found online at http://www.fitchratings.com.
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