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Multifamily, Retail Hurt CMBS Delinquency

Mortgage News

Deterioration in the performance of securitized loans backed by multifamily and retail properties hurt overall commercial real estate loan performance.

At the end of the final month of last year, delinquency of at least 30 days on loans included in
commercial mortgage-backed securities was 5.17 percent.

The 30-day rate worsened compared to 5.13 percent in November — a month that had marked the third consecutive month with lower delinquency.

Trepp LLC reported the CRE statistics.

An improvement in CMBS loan performance has been noted since the same month last year, with the rate having retreated 58 basis points.

Month-over-month deterioration was impacted by multifamily delinquency, which jumped 13 BPS to 8.28 percent as of Dec. 31.

Also significantly increasing was the delinquency rate on retail loans, with a 12-basis-point surge from November leaving the retail rate at 5.76 percent.

Thirty-day delinquency on lodging loans rose by seven BPS to 2.82 percent as of the end of 2015, and office building loan delinquency climbed six BPS to 5.79 percent.

The only property type to experience month-over-month improvement was industrial, with delinquency on CMBS loans backed by industrial properties dropping 26 BPS from November to 5.73 percent.

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