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Delinquency on Apartment Loans Leads Overall CMBS Rate Lower

30-day CMBS delinquency down 14 BPS in January

Feb. 1, 2013

By Mortgage Daily staff


A healthy improvement in the performance of securitized commercial real estate loans backed by apartment buildings helped the overall delinquency rate ease. Performance on retail property loans suffered a setback.

The 30-day delinquency rate on all types of commercial mortgage-backed securities was 9.57 percent as of Jan. 31. Last month's delinquency rate was the lowest since February 2012, when it came in at a revised 9.38 percent.

January's rate reflected more than $1.2 billion in loan resolutions and $2.8 billion in newly delinquent loans.

The performance report from Trepp LLC said that past-due payments improved from a month earlier, when the CMBS rate was 9.71 percent. 

But delinquency was worse than 9.52 percent as of Jan. 31, 2012.

Leading the decline in January were multifamily loans, with past-due payments falling to 13.43 percent from 13.98 percent. Delinquency on multifamily CMBS has tumbled from 15.39 percent at the same point last year.

Late payments on office building loans dropped to 10.48 percent from 10.66 percent in December. But office delinquency has worsened from 8.90 percent a year prior.

CMBS loans secured by lodging properties had a delinquency rate of 11.77 percent in January, worse than 11.73 percent a month earlier. But lodging delinquency was better than 12.09 percent in January 2012.

Loans against industrial properties were the next-worse performer, with the 30-day rate rising to 11.32 percent from 11.24 percent. Industrial delinquency, however, was better than 12.14 percent in the same month during the prior year.

Putting in the worst performance were loans secured by retail properties. The delinquency rate shot up 17 basis points from the end of 2012 to 7.79 percent. Retail delinquency, however, still sits below the 7.88 rate as of 12 months earlier.

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