For the first time since 2012, the late payment rate on securitized commercial real estate loans moved higher. Out front of the deterioration were loans secured by office buildings.
Last month’s 30-day delinquency rate on loans that are part of commercial mortgage-backed securities was 4.35 percent.
The level of past-due payments deteriorated compared to a month earlier when the 30-day CMBS rate was 4.32 percent.
It was the first increase in the delinquency rate since November 2012, when it stood at 7.774 percent.
As of one year earlier, 6.27 percent of all CMBS loans were at least a month delinquent.
The delinquency statistics were reported by Morningstar Credit Ratings LLC based on $751 billion in CMBS it rates.
On a dollar basis, $32.64 billion in Morningstar-rated CMBS were delinquent, slightly more than the $32.48 billion in past-due loans during June and the first increase since May 2013.
Morningstar still forecasts that year-end 2014 delinquency will come in at less than 4 percent.
A 20-basis-point increase from June left office loan delinquency at 6.2 percent and retail property loan delinquency at 5.2 percent.
Thirty-day delinquency on CMBS loans secured by hotels rose 10 basis points from June to 4.7 percent.
No change left health care property loan delinquency at 2.8 percent in July.
A 10-basis-point decline from June had multifamily 30-day delinquency at 2.6 percent.
The biggest improvement was made with late payments on industrial property loans, with the rate falling 40 BPS to 6.9 percent.
