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- February 1, 2014: Vol. 26, Number 2

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CMBS market well positioned for 2014

by Loretta Clodfelter

 

A little over five years have passed since the market collapse in September 2008. Commercial mortgageā€“backed securities were one of the casualties of the global financial crisis and credit crunch. New issuances dried up, and investors were uncertain about what problems may have lurked in their CMBS portfolios.

Now, five years on, some clarity has been achieved. Delinquencies have had a general downward trend for the past year. CMBS 30-day delinquencies have now declined to 7.34 percent in December 2013 after seven consecutive months of declines, according to Trepp, reaching the lowest level in years. Delinquencies peaked in 2012 at 10.34 percent and were 9.71 percent 12 months ago.

In December 2013, Trepp reports, $1.3 billion in delinquent loans were resolved with losses, $1.6 billion loans were cured and new delinquencies totaled $1.6 billion.

In addition to a decline in delinq

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