Mortgage Daily

Published On: January 10, 2018

A tiny decline in the monthly rate of delinquency on securitized commercial real estate loans was enough to take it to a new post-crisis low. Most of the distressed loans are pre-crisis.

As of July 31, delinquency of at least 30 days, including foreclosures and real estate owned, on loans included in commercial mortgage-backed securities was 2.05 percent.

That turned out to be the lowest rate for CMBS delinquency
since the financial crisis in 2008. Most of the delinquent loans were closed before 2010.

Morningstar Credit Ratings
LLC delivered the CMBS performance data based on the $824 billion in CMBS it rates.

Delinquency on securitized CRE loans was 2.06 percent as of June 30. On the same date one year previous, the rate was 3.02 percent.

Morningstar said that it expects the rate to remain less than 2.5 percent for the rest of 2018 “as steady new issuance volume continues to push the outstanding balance of commercial mortgage-backed securities loans higher and special servicers resolve or liquidate assets.”

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