Delinquencies and losses on commercial real estate loans at FDIC-insured institutions are rising, with multifamily properties facing the steepest decline in performance. Multifamily delinquencies surged from $1.5 billion in 2020 to $9.4 billion in 2025, with losses hitting their highest level since 2012. While core CRE lending has slowed, a drop in losses this quarter offers a hint of stabilization.
