The Trepp commercial mortgage-backed securities (CMBS) delinquency rate in December 2012 was unchanged from the previous month at 9.71%.
According to Trepp, the number of newly delinquent loans decreased from November to December, totaling around $3.2 billion last month. While there were fewer new delinquencies, the number of delinquent loans resolved with losses also decreased, with just over $1.1 billion resolved.
Among the major property types, the office sector was the only segment to see a higher delinquency percentage in December. Loans backed by offices saw their rate jump 29 basis points last month. This weakness was enough to offset gains in other major property types.
‘Despite the fact that the delinquency rate has leveled off once again, it's been a spectacular run for the CMBS industry over the last six months,’ says Manus Clancy, senior managing director of Trepp. ‘Not only did the world not end on December 21, but spreads have plummeted since June, it's become easier for borrowers to refinance, research groups are lifting their estimates for 2013 issuance, and delinquency rates are well below their all-time highs.’
