The rate of past-due payments on securitized commercial mortgages reached an all-time high last month. The worst performing property type was lodging. But late payments on mortgages secured by industrial properties had a huge improvement.
The 30-day delinquency rate on commercial mortgage-backed securities was 10.16 percent in June. That was a 12-basis-point increase from May.
Last month’s CMBS rate represented the highest level on record. Delinquency has increased each month since February, when the rate was 9.37 percent.
“The good news for the CMBS market is that most of the five-year loans originated in 2007 were made in the first six months of that year,” according to Trepp LLC, which delivered the data. “Having just hit the halfway mark in 2012, the number of 2007 five-year loans reaching their maturity dates will fall off sharply over the next six months.”
In June 2011, the 30-day rate was 9.37 percent.
The biggest increase last month was with securitized lodging loans, which jumped to 12.95 percent from 12.27 percent.
Also increasing were late payments on office loans, with the 30-day rate rising to 10.45 percent from 10.26 percent, and retail property loans, which saw delinquency increase to 8.17 percent from 8.07 percent.
The highest rate was on multifamily mortgages: 15.17 percent. But apartment loan delinquency was unchanged from May.
Industrial property loans were the only type to see a delinquency rate decline — 128 basis points — to 11.54 percent in June.
