February 13, 2009—Commercial and multifamily mortgage loan originations fell 80 percent in the fourth quarter of 2008 when compared to a year earlier, according to the Mortgage Bankers Association.
The year-over-year drop was seen across all property types and investor groups, according to the Washington, D.C.-based association, which represents the real estate finance industry. Originations for the full year were down about 60 percent from 2007 levels.
Drops in total commercial and multifamily mortgage originations were led by a 98 percent fall in commercial mortgage-backed security conduit loans, followed by an 86 percent drop in loans for commercial bank portfolios and 73 percent decrease in loans for life insurance companies.
For more information, see the Web site of the Mortgage Bankers Association.
