Research - OCTOBER 2, 2014

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CMBS delinquency gets back on track in September

by Reg Clodfelter

After increasing for the first time since May 2013 in August, the delinquency rate for U.S. CMBS (defined as the percentage of U.S. commercial real estate loans in CMBS that are 30-plus days delinquent or in foreclosure) got back on track in September, dropping 7 basis points to 6.03 percent — the lowest the rate has been since 2009 — according to Trepp.

September’s delinquency rate is a full 211 basis points lower than it was a year ago, and it has dropped 140 basis points since the start of 2014. As it stands now, there are $31.8 billion in delinquent loans, $700 million less than in August.

The lodging sector remained the top performer, with the lodging delinquency rate dropping another 31 basis points in September to 5.06 percent. The industrial delinquency rate saw the largest drop in September, falling 73 basis

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