Commercial mortgage delinquencies rise

Delinquencies on commercial mortgages packed and sold as bonds doubled between the third and fourth quarters of 2008, according to Deutsche Bank. The delinquency rate, which includes mortgages that are 30 days or more past due and in foreclosure, reached 1.2 percent, and the rate is likely to hit 3 percent by the end of 2009. Delinquencies on commercial real estate loans held by banks and thrifts have also risen, hitting 2.2 percent in the third quarter of 2008, the latest period for which data is available, up from 1.5 percent at the end of 2007, according to research firm Foresight Analytics. The firm predicts the rate will rise to 2.6 percent in the fourth quarter of 2008.