|
|
|
|
Complete list of specialty news sections.
Subscribe to MortgageDaily.com and get immediate access to all news, statistics and archives.
Reach mortgage executives, loan originators and other people tied to mortgage industry.
Free mortgage news for prospective borrowers.
Free e-mail newsletter with the latest headlines from MortgageDaily.com.
Put entire MortgageDaily.com stories in your online or printed newsletter or publication.
Condensed MortgageDaily.com stories free on your Web site or for your RSS reader.
Archive of MortgageDaily.com stories by month going back to 1999.
Reports and announcements from MortgageDaily.com.
Data and statistics for real estate finance.
Directories of lenders, branch operators and mortgage service providers.
Directories of lenders, branch operators and mortgage service providers.
|
|
|
|
|
Office Loans Push Up CMBS Delinquency
30-day rate increases 12 BPS
May 2, 2012
By MortgageDaily.com staff
|
Only one category of commercial real estate saw an increase in delinquency last month. But the degree of deterioration in that category was enough to hurt the overall level of delinquency on securitized commercial real estate loans.
The rate of 30-day delinquency on loans included in commercial mortgage-backed securities was 9.80 percent during April.
Late payments worsened from March, when past-due CRE loans accounted for 9.68 percent of all CMBS.
In April 2011, CMBS delinquency was 9.65 percent.
The increase in delinquency was no surprise according to Manus Clancy, a senior managing director at the firm that published the report, Trepp LLC.
"With the 2007 five-year loans reaching their maturity, we expected that many would find refinancing hard to come by," Clancy said. "The good news is that the 2007 originations were heavily weighted toward the first half of the year.
"While the next few months could be bumpy, there should be sunnier skies for the delinquency rate later in the year."
As the end of last month, $59.3 billion in CMBS loans were delinquent, growing from $58.1 billion a month earlier. The latest total reflected $3.8 billion in mortgages that became newly delinquent partially offset by $1.4 billion in loan resolutions.
The biggest impact on performance deterioration came from mortgages secured by office properties, which saw 30-day delinquency increase 82 basis points from March to 10.23 percent -- an all-time high.
All other property categories were down.
Multifamily loans had a 15.18 percent rate, the highest of any category but lower than 15.39 percent a month earlier.
Industrial property loan delinquency fell to 12.36 percent from 12.54 percent, while the rate on lodging loans declined to 10.55 percent from 10.63 percent and the retail rate dropped to 7.98 percent from 8.24 percent. |
next story
back to current headlines
|
|
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.
|
|
|