CMBS Delinquency Rate Down for Third Straight Month

Sep 28, 2017

The outstanding debt on commercial and multifamily mortgages increased by $45.4 billion, or 1.5 percent, to $3.11 trillion in the third quarter from the second quarter

The delinquency rate for commercial mortgage-backed securities (CMBS) decreased this month, marking the third consecutive month of declines, according to data from Trepp LLC.

The CMBS delinquency rate for September is 5.40 percent, down four basis points (bps) from August. However, the rate is 62 bps higher on a year-over-year measurement ant 17 bps higher year-to-date. The percentage of loans that are seriously delinquent—defined as being 60 or more days delinquent, in foreclosure, REO, or non-performing balloons—is 5.24 percent, down 11 bps for the month. If defeased loans were taken out of the equation, the overall 30-day delinquency rate would be 5.53 percent, a two bps drop from August.

Among property types, the delinquency reading for hotel loans saw the greatest upward movement with a 35 bps rise to 3.84 percent, while the office delinquency rate saw the greatest decline with a 21bps tumble to 7.10 percent.

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Phil Hall

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Sep 28, 2017

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