For the first time in nine months, the performance of securitized commercial real estate loans deteriorated. Loan secured by office building led the increase.
The rate of delinquency of at least 30 days on loans that are included in commercial mortgage-backed securities was 4.55 percent in March.
That was an increase of 4 basis points from the preceding month — marking the first time that CMBS delinquency has risen since it was 5.75 percent in June 2017.
Thirty-day CMBS delinquency was lower, however, than in the same month last year, when the rate was 5.37 percent.
Trepp LLC reported the data.
On CMBS loans made before 2009, last month’s 30-day rate was a whopping 47.84 percent. But it was only
0.55 percent on loans made since 2009.
Out front of the month-over-month increase were CMBS loans secured by office buildings, with the rate jumping 34 BPS to 5.80 percent as of March 31, 2018.
A 12-basis-point increase from February left lodging delinquency at 3.35 percent.
Multifamily delinquency dropped a single basis point to 2.39 percent last month.
At 5.99 percent, the 30-day rate on securitized retail property loans was down 17 BPS from February.
Thirty-day delinquency on industrial CMBS loans was 5.31 percent, sinking from the previous month by 23 BPS — the most of any property type.
