US banks reported another substantial surge in multifamily loan delinquencies and defaults in Q2 2024.
Dive into the BankProspector dashboard to find out which banks are holding the most non-performing notes now.
Multifamily
Over 50% of non-performing multifamily loans continue to sit in the nonaccrual stage. This now totals almost $3B.
Non-performing multifamily loans hit a new high in Q2 2024, at more than double the dollar volume banks held at the same time last year.
Deteriorating performance in this sector is a pattern we’ve seen growing for almost two years. More institutions continue to report holding these late stage default loans, with 293 banks reporting they held them in Q2 2024.
There are also over $2.4B in newly 30-89 day late loans coming behind these.
Multifamily REO
Multifamily REO dollar volume has grown almost 50% since Q1, and is more than double compared to last year. REOs have also tripled as a percentage of overall distressed MF loans since the end of last year.
Looking Ahead
Income properties are still highly desired by investors and funds. However, high inflation and high interest rates, and with many areas becoming increasingly less friendly to landlords, many of these properties don’t seem to be attracting the buyers or financial bailouts they did in recent years.
Log in now to see which banks are holding the most distressed multifamily loan notes…