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4-Year Low for CMBS Delinquency

December rate down 29 BPS from November


Jan. 28, 2014

By Mortgage Daily staff


Delinquency on securitized commercial real estate loans has moved lower for 13 consecutive months and now stands at its lowest level in four years.

Thirty-day delinquency on loans included in commercial mortgage-backed securities was 5.349 percent in December.

The performance metric was based on the $745.99 billion in CMBS rated by Morningstar Credit Ratings LLC as of Dec. 31.

CMBS delinquency was down from 5.637 percent a month earlier and 7.552 percent a year earlier.

The rate of past due payments on CMBS loans has not been this low since December 2009, when it stood at 5.22 percent.

The last time the rate moved higher was in November 2012, when 30-day delinquency was 7.774 percent.

Loans secured by office buildings finished last month with a 30-day rate of 7.6 percent, falling from 8.1 percent the prior month. The 50-basis-point decline was the biggest of any category.

A 40-basis-point drop from November left the delinquency rate on industrial property loans at 10.4 percent and retail property loans at 5.6 percent.

Multifamily delinquency in the final month of last year declined to 3.0 percent from 3.2 percent.

After that were hotel loans, with delinquency dropping 10 BPS to 6.4 percent.

No month-over-month change left the rate on healthcare property loans at 9.2 percent.

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