Chicago Delinquency Rate Falls to Lowest Level Since 2007admin / 0 Comments /
Although still higher than the national average, the delinquency rate for bank loans secured by commercial properties in Chicago has dropped to its lowest level since 2007. Down to just 2.3 percent this month, the decreased delinquency rate is not solely the result of Chicago’s thriving commercial real estate market. Many banks have now sold their distressed commercial real estate loans, and this has helped the delinquency rate shrink significantly. Despite the improvement, however, Chicago has the fourth highest commercial delinquency rate in the nation. The city has considerable work to do to get back to its lowest delinquency rate of 1 percent, which it achieved before the recession in 2006. Industry experts are hopeful that the commercial real estate market is poised to support a further drop in delinquencies. “Finally, it’s feeling like the recovery has taken hold and we are pretty close to a full-recovery position and ready for more of a growth mode,” says Matthew Anderson, managing director at Trepp.
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