The delinquency rate saw the largest drop in more than four years, due to having more than $8 billion in loans ‘cured’ or revert to current in July, reported Trepp in its July 2020 U.S. CMBS Delinquency Report.
The overall CMBS delinquency rate fell by 72 basis points month over month, down to 9.60 percent, which represents the largest decline in that reading since January 2016.
About 1.7 percent of that number is represented by loans in the 30-day delinquency bucket while another 2.56 percent is now 60 days delinquent. Both of those numbers were sizable improvements from June. The percentage of loans that are 90 or more days delinquent, on the other hand, rose from 0.29 percent in June to 2.65 percent in July.
“As we reported in TreppWire in mid-July, some of the improvements came via loan modifications such as a maturity extension,” said Manus Clancy, Trepp’s se
