A more than 20-basis-point drop in delinquency on securitized commercial real estate loans left the rate at its lowest level in nine years. Multifamily delinquency was lowest.
Delinquency of at least 60 days on loans that are included in commercial mortgage-backed securities landed at 4.73 percent in July — the lowest level since it was 4.47 percent in November 2009.
CMBS delinquency was previously reported at
4.94 percent as of June of this year. In July of last year, the rate was previously reported far higher at 6.72 percent.
Moody’s Investors Service, which reported the last month’s data Wednesday, noted that the most-recent improvement was primarily the result of the continued resolution of delinquent loans from the 2006 and 2007 vintages.
The ratings agency reported a delinquency rate of 2.15 percent on multifamily CMBS loans, down 6 basis points from June.
Delinquency on securitized retail property loans dropped to 6.65 percent — the highest 60-day rate of any property type — from 6.93 percent.
The report indicated that new CMBS issuance last month was $4.52 billion.
