Though property and mortgage performance remain weak, commercial real estate fundamentals are beginning to show signs of stabilization, according to the first quarter 2010 Commercial Real Estate/Multifamily Finance Quarterly Data Book recently released by the Mortgage Bankers Association (MBA).
MBA said the economy showed signs of economic traction in the first quarter – with gross domestic product (GDP) and job growth both firmly positive. GDP growth came in at 2.7 percent during the first three months of this year, and the number of jobs grew in stride, increasing by 14,000 in January, 39,000 in February, 208,000 in March, 290,000 in April, and 431,000 in May.
According to MBA, this economic growth translated into some stability for commercial real estate fundamentals. However, the association said this stabilization has not yet flowed through to mortgage performance.
In the first quarter of this year, delinquency rates continued to climb for all investor groups, vacancy rates remained at record levels, and asking rents were well below their peaks. In addition…
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