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Stories about commercial lending on multifamily, office, retail and industrial properties.

Commercial Defaults Deteriorate

7.02% CMBS delinquency in April

May 12, 2010

By staff

The performance of securitized commercial mortgages took another big hit last month.

Commercial mortgage delinquency was 7.02 percent at the end of April, Moody's Investors Service reported today. The rate reflects late payments on loans included in commercial mortgage-backed securities and fusion deals issued in 1998 or later.

The rate shot up 60 basis points from March
and was the second-biggest increase on record for Moody's Delinquency Tracker. March's 69 basis-point jump was the biggest.

On a dollar basis, delinquent commercial mortgages increased $3.7 billion in April. The increase reflected $2.3 billion in loans that became current and $5.9 billion that moved into a delinquent status.

Late payments on hotel loans skyrocketed 171 BPS to 12.98 percent. It was the worst performance of any property type.

Multifamily delinquency increased 68 BPS to 12.87 percent, while the retail rate rose 29 BPS to 5.86 percent. Industrial delinquency was up 67 BPS to 5.24, and office-secured loans rose 46 BPS to 4.58 percent.

The 115 basis-point increase in the West was the biggest of the four regions. In Nevada, two loans backed by Las Vegas exhibit halls fell into foreclosure -- pushing the rate in that state to 20.02 percent and impacting the West's rate.

The South's 8.76 percent delinquency rate was the highest of any region, while the 5.62 percent rate in the East was the lowest.

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