After ascending to a 14-month high, the rate of past-due payments on securitized commercial real estate loans took a turn for the better.
At the close of the first month of this year, 30-day delinquency on loans included in commercial mortgage-backed securities was 5.18 percent.
Delinquency declined from year-end 2016, when the rate was 5.23 percent — the highest it’s been since it was also 5.23 percent October 2015.
But CMBS loan performance improved compared to Jan. 31, 2016, when the rate was 4.35 percent.
Trepp LLC delivered the delinquency statistics Tuesday.
“The dip in January comes as a bit of a surprise,” the ratings agency commented. “With a cascade of loans from the 2007 vintage coming due in 2017, we noted last month that ‘it is hard to see the rate going down any time in the near future.’
“For at least one month, that prediction failed to hold true.”
On just CMBS loans secured by retail properties, the rate was 6.10 percent, sinking from Dec. 31, 2016, by 27 basis points — the largest month-over-month decline of any property type.
Thirty-day delinquency on securitized office building loans decline 2 BPS to 7.11 percent as of today.
A 1-basis-point drop from last month in the 30-day rate
for lodging CMBS loans left that rate at 3.56 percent.
Delinquency on multifamily mortgages was 2.96 percent as of Jan. 31, 2017, jumping 24 BPS. Still, the multifamily rate was the lowest of any category.
On securitized industrial property loans, the 30-day rate was 6.02 percent, soaring from December 2016 by 40 BPS — the worst deterioration of any category.
