Research - SEPTEMBER 3, 2014

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CMBS delinquencies rise for first time in 13 months

by Reg Clodfelter

After 13 consecutive months of declines, CMBS delinquencies increased in July to $32.64 billion, or 4.35 percent of the total CMBS issuance, according to Morningstar.

The July total was slightly more than June’s $32.48 billion in delinquencies, or 4.32 percent of issuance, but July still marks only the sixth month to see an increase since January 2012. (Note that Trepp’s data did indicate a delinquency rate drop in July, though only by 1 basis point.)

Despite the increase, Morningstar does not expect the trend to continue, and July’s numbers still represent a more than 30 percent drop from July 2013’s $46.74 billion in delinquencies for a delinquency

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