PROVIDENCE – The delinquency rate for commercial real estate loans in the Providence-Warwick metropolitan area dropped below 3% in August, according to new figures from Trepp, a provider of research on the commercial mortgage-backed securities market.
The local delinquency rate was down from around 8% in summer 2018. Loans with payments that are 30 days or more late are considered delinquent.
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The local rate closely matches the national delinquency rate for commercial real estate loans, which was 2.5% in August. The figure set another post-financial crisis low, according to Trepp.
“The delinquency rate [nationally] started to fall after June 2017 when delinquencies totaled 5.75%,” Trepp stated in its August market report. “Since then, the rate has fallen in 22 of the last 26 months.”
Scott Blake is a PBN staff writer. Email him at Blake@PBN.com.
