Commercial Property Lending on the Rise
Bloomberg, citing analysis from Chandan Economics, reports that in the fourth quarter of 2011, US banks increased funding for commercial real estate for the first time in almost two years.
Loan balances for properties including office buildings and shopping malls rose by $3.69 billion from the prior quarter to $1.06 trillion, after having fallen for six consecutive quarters. Also in the fourth quarter, the default rate on commercial real estate loans fell to 3.8 percent of total loan balances, down from 4.3 percent a year earlier and 3.9 percent in the third quarter. This was the lowest since the 3.4 percent default rate in the third quarter of 2009.
The default rate on apartment-property loans fell to 2.5 percent (the lowest since the first quarter of 2009) from 3.8 percent a year earlier and 2.9 percent in the third quarter. Banks also reduced their holdings of repossessed commercial properties from $10.9 billion in the third quarter to $10.5 billion. Furthermore, holdings of foreclosed apartment buildings fell to $1.45 billion from $2.55 billion in the third quarter and $2.59 billion a year earlier according to the Chandan Economics analysis.
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Last Updated on March 6, 2012 by Ramin Seddiq