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

CMBS Delinquency Deteriorates

7.89% July delinquency

Aug. 12, 2010

By staff

Delinquency on loans issued as commercial mortgage-backed securities was worse last month, but the rate of increase eased. Loans secured by hotel and retail properties had the biggest impact on the latest figures.

The increase was reported today in Moody's Investors Service's Delinquency Tracker.

According to Moody's, delinquency on commercial mortgages included in conduit or fusion deals issued since 1998 was 7.89 percent last month. A total of 3,952 loans were past due for $50.6 billion.

The rate was up 18 basis points, representing 309 newly delinquent loans for $0.760 billion.

The ratings agency noted that July's increase was the smallest since February 2009.

Moody's Managing Director Nick Levidy said in the statement that even though the rate of increase has "trailed off since March," there could be some bumps in the road before the year is out.

"The fact that the
portion of loans in special servicing exceeds by over 300 basis points the portion that have so far actually gone delinquent suggests that there are still plenty of delinquent loans in-waiting that can cause the rate to spike in any given month," Levidy stated.

Hotel delinquency of 13.91 percent was higher than any other commercial mortgage type and up 16 BPS. Retail delinquency rose more than any other property type: 33 BPS to 6.51 percent.

The smallest increase was the 4-basis-point increase in the industrial sector, which was 5.49 percent. Multifamily delinquency was up 5 BPS from June to 13.24 percent, and office loans rose 12 BPS to 6.04 percent.

Nevada's CMBS delinquency rate was 24.95 percent -- "10 percentage points greater than any other state" and up 107 BPS from the previous month.

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