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Nearly 3-Year Low for CMBS Delinquency

CMBS 30-day rate tumbles 42 BPS

July 5, 2013

By Mortgage Daily staff

It has been nearly three years since the rate of delinquency on securitized commercial real estate loans has been as low as it was last month. The biggest improvement was made with industrial properties. However, rising interest rates could impair improving performance.

Last month, 8.65 percent of loans held in commercial mortgage-backed securities were at least 30 days past due. It was the lowest rate in nearly three years.

The delinquency rate sank from the previous month, when the 30-day rate was 9.07 percent.

Trepp LLC, which reported the performance statistics, noted in the report, "The 42-basis-point drop in the delinquency rate was the biggest one-month improvement since Trepp began publishing the monthly rate in the fall of 2009."

Loan resolutions drove the decline, with the month's $1.25 billion in resolutions up sharply from $0.86 billion in May. Cured loans totaled $2.3 billion in June.

The $1.25 billion in newly delinquent loans last month was about half the level as in May.

During the same month in 2012, CMBS delinquency was 10.16 percent -- a record at the time.

Loans secured by industrial properties turned in the best performance, with the 30-day delinquency rate sinking 73 BPS from a month earlier to 11.72 percent.

Retail property loan delinquency dropped to 7.08 percent from 7.46 percent in May.

The 30-day rate on loans secured by office properties fell 27 basis points from the previous month to 9.97 percent. Trepp noted that a single office loan for $0.72 billion cured after mysteriously showing up as delinquent the prior month.

At 9.43 percent, the rate of past-due lodging loans was better than 9.65 percent in the prior report. Lodging loan delinquency has tumbled 352 BPS from June 2012 -- the best year-over-year decline of any CRE property type.

Multifamily delinquency climbed to 11.69 percent from 11.61 percent in May. Apartment loans were the only category with a month-over-month increase.

Trepp warned that the recently rising 10-year Treasury yield "could be a hindrance for many factors driving delinquencies lower."

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