Trepp: CMBS Delinquency Rate Up 51 Basis Points in July

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Trepp, New York, reported the CMBS Delinquency Rate increased 51 basis points to 7.86% in July. One year ago, the overall U.S. CMBS delinquency rate was 7.23%.

The increase was sparked by a group of very large loans moving to non-performing matured balloons or foreclosure. The five largest newly delinquent loans are 44% of the newly delinquent balances.

Overall, non-performing balloons made up 66% of newly delinquent balances, 30-days-delinquent loans made up 23% and loans in foreclosure were 19%.

If loans past their maturity date but current on interest were included, the delinquency rate would be 9.62%, up nine basis points month-over-month.

The percentage of loan balance in the 30-day delinquent bucket is 0.29%, up 10 basis points versus June. The percentage of loans that are seriously delinquent is 7.57%, up 41 basis points.

Four of the five major property types increased. Multifamily rose by the  most, up 46 basis points to 7.69%.

Office increased by 34 basis points to 11.91%. Lodging increased to 5.35%, up 13 basis points. And retail increased five basis points, up to 6.96%.

Industrial did decrease, down seven basis points to 1.13%.

The CMBS 2.0 delinquency rate rose 49 basis points to 7.77%.