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

Modest Rise in CMBS Delinquency

7.71% delinquency in June

July 12, 2010

By staff

The rate of increase on commercial delinquency eased last month. But the reprieve is only seen as temporary. The worst performing sector was hotels, and the worst performing state was Nevada -- a combination that doesn't bode well for Las Vegas.

During June, the delinquency rate on securitized commercial mortgages was 7.71 percent based on Moody's Investors Service's Delinquency Tracker. The rate was 7.50 percent in May.

Moody's said delinquency reflected loans that are part of conduit and fusion deals issued after 1998. The ratings agency noted that the 21-basis-point increase was the smallest rise since August 2009.

"While this is a welcome bit of good news, it is probably best viewed as
a temporary respite from the larger monthly increases we have seen in the first few months of the year and which we expect will resume in the months ahead," Moody's Managing Director Nick Levidy cautioned in the report.

Total delinquency reflected 300 newly defaulted loans and just under 250 cured loans. The net increase of 49 brought the number of securitized commercial mortgages that are delinquent to 3,986. The associated balances on those loans was $49.8 billion.

Hotel loans have recently been the worst performers, with delinquency ending June at 13.75 percent. In May, late payments on hotel loans were 13.25 percent. The increase of 50 BPS was the most of any property type.

Retail delinquency was up 8 BPS to 6.18 percent, while office delinquency rose 33 BPS to 5.92 percent and industrial loans increased 16 BPS to 5.45 percent.

Commercial mortgage defaults were highest in the South, rising 14 BPS to 9.63 percent.

Nevada's 122-basis-point rise was higher than any other state, leaving delinquency at 23.88 percent. But 19 states, mostly in the eastern half of the country, saw a decline during June.

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