CMBS delinquencies decline in August
The CMBS delinquency rate dipped in August to 4.68 percent, according to Trepp, a drop of 8 basis points and the first decrease in the rate in six months. The rate had been increasing each month since reaching a multi-year low of 4.15 percent in February.
By property type, the lowest delinquency rate is for multifamily loans in CMBS, which declined 13 basis points to 2.38 percent in August. Multifamily loans have also seen the greatest decrease in delinquency rate in the past 12 months. One year ago, the rate for multifamily loans in CMBS was 8.99 percent, but the resolution of the $3 billion Stuyvesant Town/Peter Cooper Village loan has had a significant impact on the overall apartment delinquency rate.
New CMBS issuance has been limited in 2016, with