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Condo Construction Loan Delinquency Doubles

OAKLAND, CA-The delinquency rate for condo construction loans in the US stands at 5.9%, according to a newly unveiled report.

By Brian K. Miller | Updated on December 04, 2007

(Read more on the multifamily market.)

OAKLAND, CA-Construction loan delinquency rates are up for all property types but the steepest increase has been in the condominium market, according to a new report from Foresight Analytics. The locally based firm provides real estate market analysis and forecasting for institutions, lenders and developers.

Outstanding condo construction loans at the end of the third quarter totaled $42.7 billion, 5% less than the end of 2006. The current delinquency rate, however, is much higher, standing at 5.9% compared to 2.5% at the end of 2006, according to the report.

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