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CMBS Performance Strengthens

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A nice improvement in the rate of late payments on hotel and industrial mortgages helped drive down delinquency on securitized commercial real estate loans last month. Thanks to one big loan in New York City, the rate of past-due payments on multifamily loans jumped 50 basis points.

The 60-day delinquency rate on loans included in commercial mortgage-backed securities was 8.29 percent in October.

The past-due rate fell from 8.37 percent in September, when delinquency had already improved 2 basis point from the prior month.

It was the fifth consecutive that CMBS delinquency was lower, according to Fitch Ratings, which reported the data.

As of Oct. 31, 2011, the CMBS 60-day rate stood at 8.56 percent.

Last month’s rate reflected $1.4 billion in CMBS loan resolutions and $1.3 billion in additions to the delinquent inventory.

Fitch said that it added $4.6 billion in loans to its total rated portfolio in October, more than the $3.4 billion in portfolio runoff.

Helping to pull down delinquency last month were loans secured by hotels, with the 60-day rate tumbling to 9.58 percent from September’s 10.24 percent rate.

Another big mover was the industrial category, with delinquency on industrial property loans falling to 8.76 percent from 9.03 percent in September.

The rate on retail property loans fell to 7.35 percent from 7.48 percent, and office property loans saw delinquency improve by 11 BPS to 8.72 percent.

The only property type to see deterioration last month was multifamily loans. The 60-day rate on CMBS apartment loans jumped to 10.45 percent from September’s 9.95 percent rate.

The multifamily rate reflected a newly delinquent $375 million loan on an apartment building in Manhattan in New York. While the borrower was allowed to use reserve funds to bring the loan current in February, the loan was expected to become delinquent again.

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