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| CMBS Delinquency Down 9 Consecutive Months
60-day rate drops 30 BPS
March 11, 2013
By Mortgage Daily staff
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Thanks to strong new issuance and loan modifications on two large loans, the rate of late payments on securitized commercial real estate loans has declined nine months in a row.
Loans that were past due at least two months accounted for 7.61 percent of commercial mortgage-backed securities in February.
The 60-day delinquency rate on CMBS loans improved from a month earlier, when it stood at 7.91 percent.
CMBS delinquency, which was reported by Fitch Ratings, has declined for nine consecutive months.
"The sharp drop was fueled by the impending resolution of two high-profile loans and their removal from Fitch's index: the $195.1 million Babcock & Brown FX 3 portfolio (CSMC 2006-C4) and the $190 million One Congress Street (WBCMT 2007-C30), both of which are being modified," the report said.
The ratings agency also credited the improvement to the largest month for new CMBS issuance in more than five years. Fitch rated seven transactions issued for $6.62 billion in February.
A year earlier, Fitch reported CMBS 60-day delinquency at 8.30 percent.
The biggest improvement last month came from multifamily loans, with the 60-day rate falling to 9.14 percent from January's rate of 9.73 percent.
After that were hotel loans, with the past-due rate dropping to 8.32 percent in February from 8.76 percent.
Office loans followed, with delinquency in that sector down 15 basis points to 8.18 percent.
Retail property delinquency declined to 7.35 percent from 7.43 percent in January.
The only CMBS loan type to see an increase was industrial, which increased to 9.61 percent last month from 8.69 percent. |
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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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CRE news
Commercial real estate news and coverage of how commercial real estate impacts the mortgage industry and commercial mortgage-backed securities.
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