The rate of late payments on securitized commercial real estate loans has fallen for 11 consecutive months. Hotel loans had the biggest improvement during the latest month.
Loans that were at least 30 days past due accounted for 5.852 percent of all loans included in commercial mortgage-backed securities as of Oct. 31.
Delinquency declined from a month earlier, when the rate was 6.012 percent, and has been down every month since November 2012, when the rate was 7.774 percent.
A year earlier, 30-day CMBS delinquency was 7.723 percent.
The statistics were based on the $737.93 billion in CMBS rated by Morningstar Research, which reported the data Tuesday.
On a dollar basis, $43.18 billion in CMBS loans were delinquent as of last month — the lowest level since December 2009’s $41.6 billion.
Helping to pull down the CMBS 30-day rate was hotel loan delinquency, which fell 60 basis points from September to 6.4 percent.
A 30-basis-point improvement left office loan delinquency at 8.6 percent in October.
A 10–basis-point decline from September left industrial property loan delinquency at 11.1 percent and retail property loan delinquency at 6.0 percent.
The was no month-over-month change in the delinquency rate for healthcare property loans, which was 9.3 percent, or for multifamily loans, which was 3.3 percent.
