The level of commercial/multifamily mortgage debt outstanding grew during the first quarter of 2008 even as delinquency rates on commercial/multifamily mortgages rose slightly, but remained near record lows, according to an analysis by the Mortgage Bankers Association (MBA). Furthermore, multifamily mortgage debt outstanding grew to $856 billion, an increase of $18.5 billion or 2.2% from the fourth quarter, according to Jamie Woodwell, MBA's VP of commercial/multifamily research. Most investor groups saw delinquency rates rise slightly in the first quarter, but they remain at the low end of their historical range, he explained. Commercial banks continued to hold the largest share of commercial/multifamily mortgages -- $1.43 trillion, or 42% of the total in the first quarter, said MBA.
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