Delinquency on securitized commercial real estate loans has plummeted more than 200 basis points over the past year and is well on its way to a four-year low. Industrial property loans had the greatest month-over-month improvement, while multifamily performance deteriorated.
Sixty-day delinquency on loans included in commercial mortgage-backed securities was 6.10 percent in November.
The rate tumbled 22 BPS from the previous month.
CMBS delinquency has plunged from November 2012, when the 60-day rate was 8.17 percent.
The performance statistics were based on CMBS rated by Fitch Ratings, which reported the numbers Monday.
“The drop was led by four large dispositions,” the report said. “More large loan CMBS dispositions are likely on the way from the widely-reported CWCapital Asset Management asset sale.
“At this pace, CMBS delinquencies are on track to end 2013 below 6 percent, the lowest rate since 2009.”
Leading last month’s improvement were loans secured by industrial properties, with the 60-day rate tumbling 118 BPS from October to 8.50 percent.
The past-due rate on hotel loans sank 68 BPS to 6.96 percent in November.
An 18-basis-point decline left delinquency on office property loans at 6.77 percent last month.
At 5.78 percent, 60-day delinquency on retail property loans was 1 basis point better than in October.
The only property type to see deterioration was multifamily, with delinquency rising to 7.01 percent in November from 6.98 percent.
