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New Record for CMBS Delinquency

30-day rate jumps 18 BPS in July

July 31, 2012

By staff

Past-due payments on the nation's portfolio of securitized commercial real estate loans deteriorated, setting a new record in the process. Following a big jump in the rate of hotel delinquency, the category was the lone one to see improvement in the latest month.

At 10.36 percent, July's 30-day delinquency on commercial mortgage-backed securities was the highest it has ever been.

Delinquency jumped a revised 18 basis points from June, when it was also at an all-time high, and has deteriorated each month since February, when the rate was 9.37 percent.

Prior data from Trepp LLC's monthly U.S. CMBS Delinquency Report indicates that the rate of CMBS late payments was 48 BPS better than the same month last year. The July data were reported on July 30.

With $4.6 billion in newly delinquent loans and $1.4 billion in loss resolutions, July finished at $59.5 billion in delinquent CMBS loans. In July 2011, the inventory of delinquent CMBS loans stood at $61.3 billion.

Trepp said almost 4,000 loans for $75.4 billion were in special servicing as of the most-recent date.

While the information servicer provider said that it was standing by its earlier prediction that delinquency would improve in the second-half 2012, "signs of improvement in CMBS delinquencies were elusive in July." But a dearth of improvement signals is being offset by a lack of expected increases in the past-due rate.

All categories of loan types were worse during July except for lodging. Hotel loans were recovering from a month earlier, when delinquency on securitized lodging loans jumped 68 BPS.

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