For the 31st consecutive quarter, the California Commercial Loan Delinquency Ratio is below one half of 1 percent, the California Mortgage Bankers Association announced this week.
Approximately 99.91 percent of the California commercial real estate loans serviced by 17 mortgage banking firms were either current or only one payment delinquent, according to the June 30, 2006, Quarterly Delinquency Survey conducted by CMBA. This translates into a delinquency ratio of .09 percent, up .02 from the March 31, 2006, survey (which incorrectly reported the delinquency ratio as .05 percent instead of .07 percent).
The second-quarter delinquency ratio compares to a delinquency ratio of .18 percent a year ago. The current survey shows 16 of the 17 companies reported no loans more than 30 days delinquent. There were no loans reported to be in foreclosure.
Of the $74.5 billions of loans being serviced by the 17 California commercial mortgage bankers, $66.4 million, consisting of nine individual loans, was two or more payments past due.
By types of property, office building loan delinquencies were .12 percent (compared to no delinquencies three months ago), retail property loans were also .12 percent delinquent (the same as three months ago) and loans on “other” properties were .30 percent past due (a decrease of .04 percent from three months ago). The $6.8 million of multifamily delinquencies represented less than .1 percent of the outstanding multifamily loans. Two loans on industrial properties, totaling $10.4 million were delinquent; as compared with $8.6 million three months ago. There were no delinquent R & D properties, hospitality or mobile home park loans reported.
By number, the nine delinquent loans represent .09 percent of the 10,347 commercial real estate loans included in the survey.
For survey purposes, a loan is considered delinquent if it is two or more payments past due. Loans in the process of foreclosure are included, regardless of the number of payments past due.