Research - DECEMBER 5, 2016

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CMBS delinquency rate increases to 5%

by Jody Barhanovich

The U.S. CMBS delinquency rate continued its climb to reach 5.03 percent in November, according to Trepp’s November 2016 CMBS research report, its highest level since December 2015.

The delinquency rate for U.S. commercial real estate loans in CMBS increased 5 basis points from October. The delinquency rate began to rise in March as loans from the 2006 and 2007 vintages started to reach their maturity dates, causing the rates to increase in eight of the past nine months. The rate hit a multi-year low of 4.15 percent in February 2016 and an all-time high of 10.34 percent in July 2012.

The percentage of seriously delinquent loans is now 4.95 percent, up 8 basis points for the month of November. More than $2.6 billion in loans were defeased in November; however, if all defeased loans were taken out of the equation, the overall 30-day delinque

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