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.
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.
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