CRED iQ analysis shows that the delinquency rate for multifamily housing loans held by U.S. banks decreased to 1.41% in Q2 2026 from 1.47% in Q1. However, the delinquency rate for loans over 90 days past due rose from 1.07% to 1.10%, and the annualized net charge-off rate reached 0.32%, more than double the 0.13% charge-off rate for the full year 2025. CRED iQ noted that this indicates the credit cycle is in a "problem resolution-driven" phase rather than a complete resolution phase, and property-level operating expenses are growing faster than income, limiting the buffer for loan resets or refinancing.