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Hotels, Nevada Push CMBS Defaults Higher

60-day CMBS rate 8.24%

Oct. 14, 2010

By MortgageDaily.com staff


More than one-in-four securitized commercial mortgages in Nevada is delinquent -- the worst record of any state. For the country as a whole, last month saw ongoing deterioration. Hotel defaults continued to dog overall performance, while late payments on multifamily mortgages managed an improvement.

Delinquency of at least 60 days on securitized commercial mortgages was 8.24 percent in September, jumping 14 basis points from August, Moody's Investors Service reported Thursday. In all, 3,971 loans for $52 billion were delinquent on Sept. 30.

The data were obtained from Moody's Delinquency Tracker and reflect the performance of commercial mortgages in U.S. conduit deals and fusion transactions that were issued since 1998.

Despite the deterioration, the ratings agency noted that September's rise was the smallest monthly increase since October 2008.

But the moderated deterioration doesn't indicate that a market improvement is ahead, Moody's Managing Director Nick Levidy said.

"The number and balance of loans becoming
newly delinquent remain high," Levidy explained in the report, "but in the past few months the number of loans that became current, worked out or disposed has increased."

Last month, 311 loans for $3.8 billion joined the ranks of delinquent loans in September. At the same time, 238 previously past-due loans for $3.3 billion either became current, were worked out or were disposed of.

During September 2009, the rate of late payments on all types of CMBS loans was 3.64 percent.

The worst performing sector last month was hotel lending. Hotel delinquency rose 47 BPS from August to 15.94 percent.

Multifamily delinquency was 13.42 percent at the end of September, improving 3 BPS. The rate on office properties jumped 29 BPS to 6.40 percent, and retail property delinquency was up 1 basis point to 6.60 percent.

Loans secured by industrial properties had the lowest delinquency rate: 6.32 percent. But the rate was 31 BPS higher than in August.

For all property types, Nevada had the worst delinquency rate of any state: 26.22 percent. The level of late payments in the Silver State has more than doubled from the end of last year, the New York-based agency said. The next-worst state, Michigan, had a rate that was 1,100 BPS below Nevada's rate.

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