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CMBS Performance Takes Turn for Worse

Mortgage News

For four months in a row, past-due securitized loans backed by commercial real estate were lower. But that changed last month. Leading the deterioration were loans secured by office properties.

Following four consecutive monthly declines, the unpaid principal balance on delinquent loans that are included in commercial mortgage-backed securities grew to $59.18 billion last month from $57.47 billion in February. The total, however, was down from $62.97 billion in March 2011.

Total CMBS loans outstanding fell to $716.72 billion in March from the previous month’s $718.35 billion.

That left the 30-day delinquency rate at 8.258 percent as of March 31, according to Morningstar Credit Ratings LLC.

Late payments worsened from a month earlier, when delinquency was 8.001 percent. But the rate improved slightly from 8.293 percent a year earlier.

Morningstar warned that loan modification and debt-restructuring denials by special servicers are “still a legitimate concern throughout 2012.”

Driving the increase in CMBS delinquency were loans on office properties, with the delinquency rate climbing to 9.1 percent last month from 8.8 percent in February.

Multifamily delinquency was 7.4 percent in March, while retail delinquency was 7.9 percent and the industrial property loan rate was 11.4 percent. All three categories were up 20 BPS from February.

Late payments on healthcare property loans slipped 10 BPS to 5.4 percent, while hotel loans improved to 9.5 percent from 9.6 percent.

New York’s 11.853 percent CMBS delinquency rate last month was the worst of any state. Close behind was California’s 11.695 percent, then Florida’s 7.954 percent, Texas’ 6.129 percent and Georgia’s 4.973 percent.

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