Research - NOVEMBER 26, 2014

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Report: CMBS delinquency rate moves lower

by Reg Clodfelter

The delinquency rate for loans backing commercial mortgage–backed securities dropped 6 basis points to 4.15 percent in October, marking the ninth consecutive month that the delinquency rate is under 5 percent and a 170 basis point drop from where the rate was at one year ago and down more than 400 basis points from the high of 8.5 percent in May 2012, according to Morningstar Credit Ratings (note that Trepp recorded an 11 basis point increase in CMBS delinquencies in October to 6.14 percent).

The delinquent unpaid balance of loans backing CMBS fell to $32.0 billion in October, the 11th consecutive month that the unpaid balance is under $40 billion and a 25.81 percent drop from the $43.18 billion unpaid balance a year ago.Loans issued from 2005 through 2007 represented approximately 87

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