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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 Jumps

2.67% June CMBS delinquency

July 13, 2009

By staff

Monthly delinquency on securitized commercial mortgages jumped and is expected to more than double by the end of this year. Although apartment delinquency was higher than any other category, the most deterioration occurred with hotel loans.

During June, delinquency on loans behind commercial mortgage-backed securities was 2.67 percent, Moody Investors Service reported today. Delinquency jumped 2.27 percent in May and 0.46 percent in June 2006.

By the end of this year, the ratings agency said it expects delinquency to rise as high as 6.00 percent.

CMBS delinquency reach a low of 0.22 percent in July 2007.

At 7.80 percent, Michigan had the highest delinquency rate of any state, followed by Nevada's 6.93 percent and Rhode Island's 6.65 percent.

Hotel delinquency jumped 124 basis points from May to 3.26 percent. Retail property delinquency jumped nearly 50 BPS to 2.92 percent, and industrial mortgage late payments were up 56 BPS to 1.96 percent. Delinquency on office loans was 1.60 percent, 26 BPS higher.

Multifamily delinquency increased a more moderate 2 BPS to 4.58 percent.

"The short-term nature of apartment leases has caused multifamily
delinquencies to ramp up earlier and more sharply than the other property types," Moody's Managing Director Nick Levidy said in the statement. "However, just as the sector has led on the downside, we expect that it will lead the upturn as consumer sentiment begins to improve.

"That said,
we think that the multifamily sector is likely to see higher delinquency rates in the months ahead."
Mortgage Backed Securities | MBS News | MBS Statistics
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