Distressed multifamily balances increased at the nation’s banks in the 3rd quarter of 2010. Multifamily property is defined as having 5+ residential units.
Six hundred and sixty three (663) banks are reporting multifamily OREO balances for a total of $2.73B.
Non-performing multifamily loans meanwhile stand at about three times OREO balances or $8.26B spread over 1059 banks indicating more distressed sales in the pipeline.
The total amount of late, non-performing multifamily loans and multifamily OREO at the close of Q3 2010 comes to $13.77B.
The top chart shows clearly that there are a significant number of non-performing loans in the pipeline the full depreciation of which banks have yet to fully realize.
The four quarter trending chart shows that distressed multifamily loans and REO in the US are on the rise and may be for the foreseeable future.
The data presented represents whole loans balances reported by 98% of banks.
Top 25 Multifamily OREO Balances at U.S. Banks
This data is deemed accurate but not guaranteed and carries no warranty of any kind. All data sourced directly through the FFIEC’s CDR and compiled and analyzed by BankProspector. BankProspector is a hosted, online application designed to accelerate the process of prospecting banks directly for distressed real estate assets.