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Multifamily Leads Improvement in CMBS Delinquency

Delinquency on securitized commercial real estate loans fell to the lowest level in a half-decade, with the late-payment rate on multifamily loans plunging.

As of last month, 5.80 percent of loans included in commercial mortgage-backed securities were past due at least 30 days.

The November delinquency rate for CMBS loans turned out to be the lowest 30-day rate in five years.

The performance metrics were reported by Trepp LLC based on CMBS it rates.

The improvement last month followed an increase of 11 basis points from September to 6.14 percent in October.

The CMBS past-due rate in November 2013 was 7.66 percent.

Multifamily loan performance made the biggest improvement among all types of CMBS loans, plummeting 97 basis points from October to 8.83 percent.

Next were securitized lodging loans, with the past-due rate tumbling 38 BPS to 4.97 percent last month.

After that was the 30-day rate on office property loans, which fell 27 BPS from October to 6.21 percent.

Delinquency on securitized retail property loans dropped 21 BPS to 5.67 percent in November.

A 20-basis-point improvement from October left the rate on industrial property loans at 7.49 percent.

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