Delinquency on securitized commercial real estate loans continued a run of improvement, falling to the lowest rate in more than four years. Out front of the improvement were healthcare property loans.
Servicers of loans included in commercial mortgage-backed securities cut the 30-day delinquency rate to 4.772 percent in March from 4.957 percent one month earlier.
CMBS loan performance has shown even greater improvement compared to one year earlier, when the rate was 7.202 percent.
Delinquency statistics reflect performance on $744.87 billion in CMBS rated by Morningstar Credit Ratings LLC.
The last time the rate was this low was in November 2009, when it stood at 4.71 percent.
Leading the month-over-month improvement were healthcare loans, with 30-day delinquency dropping 110 basis points from a month earlier to 8.0 percent in March.
Another big mover was the industrial property loan category, with the rate of late payments improving 60 BPS from February to 9.3 percent.
A 50-basis-point decline left the rate on office property loans at 6.4 percent.
Retail property loan delinquency slipped 10 BPS to 5.3 percent last month.
No change in the rate during March left hotel delinquency at 5.4 percent and multifamily delinquency at 3.0 percent.
