community stories for southern Nevada

Nevada ranks third in rate of delinquent commercial loans

Commercial real estate is tanking and could get worse, before it gets better, says Moody’s Investor Service. ┬áHere’s a snip from a story from the Las Vegas Sun:

Moody’s Investors Service reported Tuesday that the delinquency rate on such loans nationwide hit 3.64 percent in September, up from just 0.54 percent one year ago.

Arizona, Michigan and Nevada led the nation with delinquency rates in September of 9.32 percent, 9.29 percent and 9.14 percent, respectively, Moody’s said.

“After tapering off for two months, the delinquency tracker appears to have resumed an upward trend as expected,” Moody’s Managing Director Nick Levidy said in a statement. “The delinquency rate is likely to continue moving higher over the next several months as troubles compound in the commercial real estate sector.”

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