The surge in maturing loans has driven up delinquency on securitized commercial real estate loans for the third consecutive month to the highest level since last year.
The rate of 30-day delinquency on loans that are included in commercial mortgage-backed securities
closed out November 2016 at 5.03 percent.
That turned out to be the highest level of delinquency for securitized CRE loans since December 2015, when the 30-day rate landed at 5.17 percent.
Compared to the previous month, the past-due rate
worsened by 5 basis points. The rate has risen each month since August 2016, when it stood at 4.68 percent.
But CMBS delinquency has decreased 10 BPS from a year previous.
Trepp LLC, which reported this month’s performance statistics Wednesday, said that the deterioration comes as loans from the 2006 and 2007 vintages reach their maturity dates. The rate has now risen eight out of the last nine months.
Lodging CMBS loans saw the most deterioration, climbing 20 BPS to 3.63 percent as of Nov. 30, 2016.
A 14-basis-point rise from October left the 30-day rate at 5.68 percent on industrial loans.
At 6.57 percent, delinquency on securitized office building loans was up 13 BPS from a month earlier.
Multifamily CMBS loans finished this month 9 BPS higher than at the end of October. The 2.50 percent multifamily rate was the lowest of any category.
But the 30-day rate on retail loans was down 1 basis point to 6.18 percent.
