Why have multifamily and industrial delinquency rates diverged?
The CMBS delinquency rate for multifamily was the second highest in August, largely reflecting relatively loose lending practices around the turn of the decade which has led to an outsized impact from the rise in interest rates on debt-service-coverage ratios. In contrast, industrial delinquency remains close to historic lows, although this is likely to trend higher in the next couple of years.
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