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Multifamily CMBS Delinquency Drop Offsets Rise in Office, Hotel

Mortgage News

A monthly bump in delinquency on securitized hotel and office mortgages wasn’t enough to break a four-month streak of improving performance on overall commercial mortgage-backed securities. Multifamily defaults fell 28 basis points, and retail delinquency tumbled 20 BPS.

Delinquency on commercial real estate loans included in CMBS was 8.41 percent in November.

Fitch Ratings, which reported the data, said the 60-day rate fell from 8.56 percent in October.

CMBS delinquency, however, was higher than 7.96 percent in November a year earlier.

The category with the highest level in past-due payments was multifamily: 15.71 percent. Multifamily, however, improved from 15.99 percent a month earlier.

The next-worst category, Hotel delinquency, worsened. The rate climbed 12 basis points from October to 12.66 percent.

Securitized industrial property loans had a delinquency rate of 10.34 percent last month, rising 6 BPS.

Retail delinquency fell to 6.63 percent from the prior month’s 6.83 percent.

The 6.56 percent office rate as of the end of November was 27 BPS worse than Oct. 31.

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