Research - AUGUST 3, 2016

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CMBS delinquencies tick up in July

by Loretta Clodfelter

An uptick in maturity defaults pushed the delinquency rate for U.S. CMBS higher in July, according to the latest report from Trepp. The July CMBS delinquency rate increased 16 basis points to 4.76 percent from 4.60 percent in June.

Trepp notes this is the fifth consecutive month of increased delinquencies, and while 10-year loans issued in 2006–2007 are not defaulting in droves, there has been an increase in maturity defaults as 10-year loans issued at the market peak reach maturity, which has pushed the rate up since hitting a low of 4.15 percent in February. The top five newly delinquent loans are all nonperforming beyond maturity.

Overall, however, the U.S. CMBS delinquency rate is still below the 5.42 percent rate in July 2015, according to Trepp. The lowest delinquency rate is for the apar

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