The delinquency rate on loans held in U.S. commercial mortgage-backed securities (CMBS) fell 23 basis points in August to 9.01 percent, according to Moody's Investors Service. Even with a slip in the numbers, Moody's notes that August was the eighth consecutive month that delinquencies have been above the 9 percent mark. The resolutions of delinquent loans continued to exceed new delinquencies last month, with $4.1 billion in resolutions versus $2.6 billion in newly delinquent CMBS loans. Total outstanding CMBS issuance stands at $599.5 billion.

Summary by property type:

1. The hotel sector saw the greatest improvement in its delinquency rate in August, as it fell by 44 basis points during the month to 14.56 percent.

2. Industrial saw the biggest increase, as its delinquency rate rose by 43 basis points last month to hit 11.2 percent.

3. The multifamily sector continues to have the highest delinquency rate, at 15.21 percent. That reflects an 8 basis point increase between July and August.

4. The office and retail property sectors are holding on to the lowest delinquency rates at around 7 percent. During August, the office delinquency rate fell 23 basis points to 7.36 percent, while the retail delinquency rate dropped 29 basis points to 7.08 percent.

Summary by region:

1. The rate for the South declined by 67 basis points to 10.37 percent,

2. The West it fell 54 basis points to 8.28 percent.

3. The Midwest delinquency rate increased by 32 basis points to 9.67 percent. 

4. The delinquency rate in the East was nearly unchanged versus the prior month, declining by one basis point to 7.50 percent.

 
Posted by Paige Rausch on 09/29/2011 09:47 AM   Comments (0)   CMBS Loan Delinquencies in the US Down to 9.01% in the ActiveRain Channel  
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Paige Rausch

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