Trepp: CMBS Delinquency Rate Rises in October

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Trepp, New York, reported its CMBS delinquency rate rose 23 basis points in October to 7.46%.

Year-over-year, the overall CMBS delinquency rate is up 148 basis points.

The overall delinquent balance rose $1.1 billion to $44.6 billion. The outstanding balance decreased $3.2 billion to $598.1 billion.

The balance of newly delinquent loans was more than $4 billion; $2.6 billion cured over the same period.

If the report included loans that are beyond their maturity date but current on interest, the delinquency rate would be 8.92%, down 56 basis points from September.

The percentage of loan balance in the 30-days delinquent bucket is 0.47%, down one basis point from September.

The percentage of loans that are seriously delinquent (defined as 60-plus days delinquent, in foreclosure, REO or non-performing balloons) is 6.99%, up 24 basis points.

All five major property types saw increases in their rates.

The office sector rose 63 basis points to a new high of 11.76%. It notched its previous record highs of 11.08% and 11.66% in June and August, respectively.

Multifamily increased 53 basis points to 7.12%. The last time it was over 7% was December 2015.

Loding rose 26 basis points to 6.07%. Retail was up 13 basis points to 6.89%, and industrial was up eight basis points to 0.64%.

The CMBS 2.0 delinquency rate rose 22 basis points to 7.36% in October.