Delinquencies on commercial mortgage-backed securities (CMBS) inched up 4 basis points (bps) to 9.56%, according to new data from Trepp LLC. This is down from the 9.42% rate registered in March, but up from the 9.05% delinquency rate in September 2010.
The percentage of loans seriously delinquent – defined as being 60-plus days delinquent, in foreclosure, real estate owned or nonperforming balloon loans – was at 8.95%, up 16 bps last month. In September 2010, the rate of U.S. loans seriously delinquent was 8.31%.
On the basis of property types, the delinquency rates for all major property types were up slightly, except for that of hotels, which was down 46 bps. Trepp attributed this to the resolution of the Red Roof Inn loans, which were resolved with 50% losses. The multifamily delinquency rate increased 52 bps and remained the weakest major property type, with a 16.96% delinquency rate.
