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Office Defaults Lead CMBS Delinquency Rate Higher

Q2 60-day rate up 25 BPS from Q1

July 30, 2012

By staff

Delinquency on securitized commercial real estate loans climbed higher during the latest quarter with mortgages secured by office buildings leading the increase. Still, the pace of deterioration is a little better than projected earlier this year.

Loans included in commercial mortgage-backed securities had a cumulative 60-day delinquency rate of 13.21 percent during the second quarter. The rate reflected 143 newly defaulted loans for $2.1 billion.

CMBS late payments deteriorated from the first quarter, when the 60-day rate was 12.96 percent.

First- and second-quarter data reflected loans in the "fixed-rate conduit universe" that were issued between 1993 and 2012 and rated by Fitch Ratings. The rated CMBS totaled $569 million in the latest period, up from $564 billion three months earlier.

But the good news is that delinquency isn't looking quite as bad as previously forecasted; Fitch said it predicted earlier this year that past-due payments on CMBS loans would reach 14.5 percent by the end of 2012.

Loans that did not refinance at maturity were excluded from the findings. Had they been included -- the second-quarter rate would have been 16 percent.

Fitch previously reported that the CMBS 60-day delinquency rate was only 8.64 percent of the end of the second quarter of last year -- though that rate wasn't limited to "fixed-rate conduit universe."

The New York-based ratings agency reported that office loans accounted for 44 percent of all newly defaulted loans in the second quarter.

Retail CMBS loans represented 34 percent of the loans that have gone into default.

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