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Servicing News | Servicer Ranking | Delinquency Statistics
Stories about mortgage servicers, delinquency and f o r e c l o s u r e s. Coverage of servicing lawsuits and loan servicing technology.

CMBS Delinquency Soaring

2.27% CMBS delinquency in May

June 12, 2009

By staff

Delinquency on loans behind commercial mortgage-backed securities is projected to climb as high as 5 percent this year from less than one-quarter percent in 2007.

The findings were announced today by Moody's Investors Service.

Delinquency on CMBS and fusion loans ended May at 2.27 percent, according to the ratings agency. By December, CMBS delinquency is forecasted to reach between 4 percent and 5 percent.

Moody's said delinquent payments on securitized commercial mortgages fell to a low of 0.22 percent in late 2007 .

The deterioration in performance was most pronounced on securitized multifamily mortgages, which had a delinquency rate of 4.56 percent last month compared to a low of 0.51 percent in August 2007. Multifamily delinquency topped out at 1.53 percent in March 2005.

Retail property delinquency was 2.47 percent -- nearly tripling from January. The prior peak was 0.89 percent in August 2003.

Deterioration in the performance of industrial and office financing has been more moderate, Moody's said.

CMBS delinquency was highest in the South, where the rate was 3.60 percent.

Rhode Island had the highest rate of any state: 7.25 percent. No. 2 was Michigan, and No. 3 was Nevada.
Commercial Mortgage News | CRE Lender Directory | CRE Statistics
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Mortgage Backed Securities | MBS News | MBS Statistics
News about commercial and residential mortgage-backed securities. Stories about ratings actions and changes to servicer ratings. Studies and reports about the performance of securitizations and problem vintages and classes. Subprime, Alt-A, home equity and j u m b o analysis.

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