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| Aided by Hotel and Industrial Loans, CMBS Lates Fall
August CMBS delinquency down 10 BPS from July
Sept. 9, 2013
By Mortgage Daily staff
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Monthly delinquency on securitized commercial real estate loans was lower, with loans secured by lodging and industrial properties turning in the most improved performance.
A 10-basis-point decline from a month earlier in delinquency on loans included in commercial mortgage-backed securities left the 30-day rate at 8.38 percent as of Aug. 31.
It was the third consecutive month that CMBS delinquency has improved and the lowest 30-day rate in three years.
CMBS delinquency has plunged from the same month in 2013, when the 30-day rate was 10.13 percent.
The statistics were based on $45.5 billion in delinquent CMBS loans rated by Trepp LLC.
The ratings agency noted that $2.5 billion in new delinquencies more than offset the $1.5 billion in cured loans and $1 billion in loan resolutions. In addition, nearly $0.5 billion in previously delinquent loans were paid off without a loss.
Lodging loans provided the most support for last month's decline, with the delinquency rate tumbling 44 BPS from July to 9.03 percent.
Also having a favorable impact on August delinquency were loans secured by industrial properties, with the 30-day rate dropping 29 BPS to 11.51 percent.
Loans on retail properties had a 6.76 percent 30-day rate, 26 BPS below the July rate.
Multifamily delinquency fell 13 BPS to 11.14 percent last month.
The only property category to deteriorate was office, with 30-day loan delinquency rising 9 BPS from July to 9.60 percent. |
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Mortgage Backed Securities | MBS News | MBS Statistics
News about commercial and residential mortgage-backed securities. Stories about ratings actions and changes to servicer ratings. Studies and reports about the performance of securitizations and problem vintages and classes. Subprime, Alt-A, home equity and j u m b o analysis.
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