CMBS Delinquency Rate Falls Again

Aug 30, 2017

A strong rush of activity during the second quarter helped fuel the overall total of commercial mortgage-backed securities (CMBS) loans closed in the first half of 2017

The delinquency rate for commercial real estate loans in commercial mortgage-backed securities (CMBS) reached 5.44 percent in August, a decrease of five basis points (bps) from the July level, according to data released by Trepp LLC. This is the second consecutive month when the CMBS delinquency rate declined. One year ago, the delinquency rate was at 4.68 percent.

About $1.1 billion in loans became newly delinquent in August, which put 27 bps of upward pressure on the rate. However, more than $400 million in loans were cured last month, while just over $1 billion in previously delinquent CMBS loans were resolved with a loss or at par in August, which helped to slice 10 and 25 bps from the August reading, respectively.

Among the property sectors, the multifamily delinquency rate remained unchanged at 2.91 percent, with Trepp crediting apartment loans as being the best performing major property type. The industrial delinquency rate saw the greatest decline, dropping 41 bps to 6.55 percent, while the office delinquency rate had the greatest upward movement with a seven bps uptick to 7.31 percent.

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Phil Hall

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Aug 30, 2017

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