The rate of late payments on securitized commercial real estate loans backed by apartment buildings soared more than a hundred basis points last month.
Conduit loans included in commercial mortgage-backed securities had a 7.07 percent sixty-day delinquency rate as of June 30.
That was a 10-basis-point ascension from the end of the previous month. Loans securitized in 2007 were largely responsible for the worsened performance.
Moody’s Investors Service provided the metrics Monday in its Delinquency Tracker.
Multifamily CMBS loans had the biggest rise:
133 BPS from May to 4.10 percent. Moody’s Senior Analyst Kevin Fagan explained in the report that two newly delinquent loans were behind the multifamily deterioration, and without them the apartment loan delinquency rate would have fallen 20 BPS.
The 60-day rate increased 30 BPS on securitized industrial property loans, leaving it at 9.41 percent — the highest of the six property types rated by New York-based Moody’s.
