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CMBS Delinquency Rate Takes a Tumble

Phil Hall
Sep 06, 2016
Next year will be a banner time for commercial and multifamily mortgages, according to a new forecast from the Mortgage Bankers Association (MBA)

For the first time since February, the delinquency rate for commercial real estate loans in commercial mortgage-backed securities (CMBS) fell, according to new data from Trepp LLC.

During August, the CMBS delinquency rate dropped eight basis points (bps) from July to achieve a 4.68 percent level. August’s rate is 77 bps lower on a year-over-year measurement and 49 bps lower since the beginning of this year.

Last month saw more than $1 billion in CMBS loans that were previously delinquent but paid off with a loss or at par, while roughly $650 million in loans were cured. However, nearly $1.25 billion in loans became newly delinquent during August. If defeased loans were removed from the data, the overall 30-day delinquency rate in August would be 4.91 percent, a six bps drop from the previous month.

Within the different commercial real estate sectors, the multifamily delinquency rate declined by 13 bps to 2.38 percent—and Trepp credited apartment loans as the best performing major property type in August. The industrial delinquency rate fell six bps to 5.57 percent and the office delinquency rate slid 20 bps to 6.03 percent. But the lodging delinquency rate increased three basis points to 3.15 percent while the retail delinquency rate added five basis points to 5.81 percent.

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