Trepp: CMBS Delinquency Rate Falls One Basis Point in August

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Trepp, New York, reported the CMBS delinquency rate fell by one basis point from July to 7.85%.

One year ago, it was 7.29%.

The percentage of loans that are seriously delinquent–60+ days delinquent, in foreclosure, REO, or nonperforming matured balloon–is now 7.69%. That’s up 12 basis points from July. The share of outstanding loan balance in the 30-day delinquent bucket fell 13 basis points to 0.16% from 0.29% in July.

If loans past their maturity date but current on interest (performing matured balloons) were included, the delinquency rate would register 9.81%, up 19 basis points from July.

Non-performing matured balloon loans accounted for 81% of newly delinquent balances, with 30-day delinquencies at 13% and loans in foreclosure at 4%.

Excluding defeased loans, the overall headline delinquency rate would be 8.04%, down 1 basis point from July.

By property types, delinquency rates increased across four of the five major sectors.

Lodging increased 49 basis points to 5.84%, and retail grew by 24 basis points to 7.2%.

The office rate increased nine basis points to 12% and industrial squeaked up by one basis point to 1.14%. Multifamily was flat at 7.69%.

The CMBS 2.0+ delinquency rate fell one basis point to 7.76%.