As more borrowers failed to repay debt approved near the market’s peak, defaults on apartment-building mortgages held by U.S. banks climbed to a record 4.6 percent in the first three months of this year, nearly double the year-ago level, according to a Real Capital Analytics Inc. report. Defaults rose from 4.4 percent in 2009's October-through-December period and from 2.4 percent during the first quarter a year earlier.
Source: NAA’s Industry Insider and Business Week