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CMBS Delinquency Up 3 Consecutive Months

Mortgage News

For three months in a row now, delinquency has worsened on securitized commercial real estate loans. Office building loans led the deterioration.

Loans that were at least 30 days past due accounted for
4.35 percent of all loans included in commercial mortgage-backed securities as of May 31.

Thirty-day CMBS loan delinquency
worsened by 12 basis points when compared to the rate of late payments as of the end of the prior month.

The CMBS delinquency rate has now deteriorated each month since February, when the 30-day rate was 4.15 percent, based on historical data from Trepp LLC, which reported the latest statistics on Thursday.

The past-due rate was previously reported
at 5.40 percent as of May 31, 2015.

On just CMBS loans secured by office buildings, the 30-day rate as of May 31, 2016, was 5.51 percent, surging 21 basis points from a month earlier — the largest month-over-month rise of any property type.

A 16-basis-point
increase from April left the 30-day rate on retail properties at 5.36 percent.

Securitized lodging loans had a past-due rate of 2.96 percent as of the end of last month, 9 BPS worse.

The 30-day rate on multifamily CMBS loans was 2.36 percent, just 4 BPS more than at the end of April.

The only CMBS category to experience an improvement was industrial, with the 30-day rate tumbling 23 BPS to 5.72 percent as of May 31.

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