Defaults on multifamily mortgages held by U.S. depositories climbed to a record 4.6% in the first quarter, almost twice the year-earlier level, as more borrowers failed to repay loans in a timely fashion, according to Real Capital Analytics Inc. Defaults on multifamily mortgages rose from 4.4% in the fourth quarter and from 2.4% during the same period in 2009, the New York real estate research firm said. Commercial mortgage defaults also rose in the first quarter for loans against office, retail, hotel and industrial properties.
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