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Hotels Lead CMBS Delinquency Higher

4.47% CMBS delinquency in November

Dec. 11, 2009

By Mortgage Daily staff


Defaults on hotel-secured loans jumped last month, pushing the delinquency rate on securitized commercial mortgages nearly 50 basis points higher. Multifamily delinquency also leapt.

Data through the end of November indicate delinquency on loans behind commercial mortgage-backed securities and fusion loans was 4.47 percent, Moody's Investors Service reported yesterday. Late payments were 46 BPS worse than October.

Delinquent CMBS loans have increased by more than $23 billion during the past 12 months and stood at just $7 billion in December 2008.

Moody's Managing Director Nick Levidy said in the statement that the delinquency rate has increased 29-fold from the
0.22 percent low reached in July 2007.

Loans secured by hotels saw the worst deterioration, rising 160 BPS during November to 7.80 percent. Multifamily delinquency was up 90 BPS to 7.40 percent.

Less severe was the rise on loans secured by industrial properties: 28 BPS. The rate on industrial loans now stands at 3.11 percent.

Office property late payments increased a quarter percent to 2.95 percent.

"Property sectors with the shortest lease terms have suffered the most
so far in this downturn," Levidy stated. "However, those sectors are also expected to be the first to recover."

By region, the South saw the most deterioration -- rising 66 BPS to 6.27 percent. CMBS delinquency was up 21 BPS in the Midwest to 5.16 percent, while the rate in the East rose 37 BPS to 2.95 percent and was up 36 BPS to 4.77 percent in the West.

Arizona, Michigan, Nevada and Rhode Island all had CMBS delinquency higher than 10 percent -- though the quartet collectively accounted for less than 7 percent of all outstanding loans. Delinquency in all other states was under 8 percent.

The rate was 3.88 percent in California and 2.47 percent in New York -- the states with the most CMBS outstandings.

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