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Commercial Property Deliquency Rates on the Rise
Tuesday, June 29th, 2010Delinquency rates for commercial mortgages held by banks, thrifts, and life companies rose in the first quarter, the Mortgage Bankers Association reports.
“Weakness in the economy has continued to weigh on commercial properties, which in turn weighs on the mortgages they back,” says Jamie Woodwell, vice president of commercial real estate research at the mortgage bankers group. “Economic growth, specifically in areas of jobs and consumer spending, will be key to stabilizing the commercial property and mortgage markets going forward.”
The delinquency rate for loans held in commercial mortgage-backed securities (CMBS) reached the highest level since 1997, according to the report issued this week. Between the fourth quarter of 2009 and the first quarter of 2010, the delinquency rate of CMBS loans at least 30 days overdue rose 1.54 percentage points to 7.24%, according to the mortgage bankers.
Meanwhile, the delinquency rate of loans at least 60 days overdue and held in life company portfolios rose 0.12 percentage points to 0.31%. The rate of multifamily loans at least 60 days delinquent and held or insured by Fannie Mae rose 0.16 percentage points to 0.79%.
At the same time, the delinquency rate of multifamily loans at least 60 days late that were held or insured by Freddie Mac increased 0.05 percentage points to 0.24%. And the 90-day delinquency rate on loans held by FDIC-insured banks and thrifts rose 0.32 percentage points to 4.24%.
The analysis looked at commercial real estate delinquency rates for five of the largest investor-groups: commercial banks and thrifts, CMBS, life insurance companies, Fannie Mae and Freddie Mac. Altogether, the groups hold more than 80% of outstanding commercial mortgage debt.
Construction and development loans were not included in the delinquency numbers.
Broomfield gets a new Hotel
Tuesday, June 29th, 2010Hyatt Hotels & Resorts and Oxford Select Investors-Broomfield LLC announced Wednesday the opening of the 34th Hyatt Summerfield Suites in the United States.
The hotel’s 123 rooms each have a 32-inch HDTV, complimentary Wi-Fi access, full kitchen, separate living area and bedroom. One- and two-bedroom suites are available.
The hotel serves a hot breakfast buffet seven days a week offering eggs, waffles and French toast.
Phone is 720-890-4811, and website is http://www.hyatt.com/hyatt/summerfield/hotel-search-results.jsp?Ntt=Broomfield%20CO&_requestid=995957.
New Residential Development in Boulder
Tuesday, June 29th, 2010A new housing development has been announced for Boulder. Set near the Twenty Ninth Street shopping District, the purchase of a 0.99-acre site at 4600 Broadway by Cornerstone Housing Alliance for $1.1 million and a 0.76-acre site at 1707 Yarmouth Avenue for $650,000 by Yarmouth Housing Alliance is to result in the placement of a 57-unit housing development at the site in 2011. To be developed as affordable housing units by the buyers, the buyers purchased the properties via Kyle McDaniel of FourStar Development Group from Silco Oil Co. and Gary Lynn, who were separately represented by agents of The Colorado Group Gary Aboussie (Silco), B. Scot Smith and Wade Arnold (Yarmouth). Chris Sansone, formerly of The Colorado Group, also represented Silco in the transaction.
Denver Apartment News
Monday, June 28th, 2010Denver’s apartment vacancy decreased slightly to 7.7% for the 4
the same period in 2008. Vacancy at year-end 2007 was 6.1%. Vacancies were not expected
to increase given the limited new supply added during the past two years, continued concerns
about the local and national economy and issues in the single family arena but they increased
0.3% from 3
2005) decreased to 17.2% for the 4
2008. All other age related apartment groups report vacancy rates less than 10.0%.
Rental rates have decreased steadily over the last year slightly more than 1.5% from $889 in
4
th quarter 2009 from 7.9% forrd quarter 2009 to 4th quarter 2009. Vacancies in new construction (built sinceth quarter from 20.0% in the 3rd quarter and 19.0% at yearendth quarter 2008 to $875 in 4th quarter 2009.Charts and Graphs:
DIA recieves award
Friday, June 25th, 2010DIA receives top ranking for airports in U.S.
Publish date
06/09/2010 Source
Denver Business Journal Main Category
Airport / Aviation Article Summary
A ranking of airports across the U.S. placed Denver International Airport at the top of the list. Performed by Executive Travel Magazine, their Leading Edge Awards survey gave the airport the recognition for the third consecutive year. Placing at 2nd and 3rd for the measure was the Los Angeles International Airport and John F. Kennedy Airport in New York City.
