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

CMBS Delinquency Lower

9.37% CMBS delinquency rate in June

July 6, 2011

By staff

With delinquency on hotel loans leading the way, commercial mortgage-backed securities saw loan defaults retreat. But it wasn't improved performance that was behind the lower numbers.

One-month delinquency on commercial real estate loans that have been securitized was 9.37 percent during June, Trepp LLC reported. That worked out to around $59.3 billion in delinquent loans.

A month earlier, the rate -- which also reflects foreclosures and real-estate-owned assets -- was 9.60 percent while the dollar amount was approximately $61.5 billion.

The 23-basis-point improvement "marked the first time since the credit crisis began in 2008 that the CMBS delinquency rate fell for two consecutive months."

But New York-based Trepp cautioned that the decline in the default rate was not the result of loans curing. Instead, it was the result of a spike in loans that were resolved with losses.

"The elimination of these troubled loans from the pool reduced the delinquency rate by about 28 basis points," Trepp Managing Director Manus Clancy said in the report. "The remaining loans in the index actually saw delinquencies rise about five basis points leading to a net reduction of 23 basis points overall."

Office mortgages were the only loan type to see an increase in the delinquency rate, rising 12 BPS to 7.35 percent. But office delinquency still remains the best-performing CRE loan type.

Retail properties saw a 12-basis-point decline to 7.82 percent, while industrial loan lates were 28 BPS better at 11.68 percent.

At 13.87 percent, lodging mortgages improved 150 BPS over May. The multifamily rate, meanwhile, declined 23 BPS to 16.48 percent -- the highest rate of any property type.

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