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Investments / The Ticker

CMBS delinquency rate ticks higher in March

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The delinquency rate for commercial real estate loans in commercial mortgage-backed securities inched higher by eight basis points to 9.5% in March, after reaching the lowest level in a year last month. 

Overall, the rate has fallen 84 basis points since hitting its all-time peak of 10.34% at the end of July 2012.

"A close examination of the data reveals that the weakening experienced in March is not nearly as worrisome as it seems," said Manus Clancy, senior managing direction of Trepp. "The jump in the rate was caused primarily by a reversal of status of a number of floating rate hotel loans."

Loan resolutions continued to decline in March, falling to nearly $850 million. 

Meanwhile, the value of new delinquent loans rose to $2.8 billion in March. There also are $52.1 billion in CMBS loans classified as 30 or more days delinquent.

Among the five major property types, the delinquency rate for multifamily loans continued to improve in March, dropping another 54 basis points to 12.73%. 

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