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The percentage of delinquent loans tied to commercial mortgage-backed securities declined for the fourth straight month in August, according to Fitch Ratings.
The credit ratings agency found 8.37% of CMBS loans delinquent, down from 8.48% the month before. Last summer, the rate hit its high water mark of slightly more than 9%. It declined through December.
The market began to deteriorate again in the spring, but has since fallen each month since reaching 8.65% in May, according to past Fitch data.
Loans backing office buildings remain an area of concern to analysts. The delinquency rate for the sector increased 29 basis points to 8.72%.
A potential loans modification is in the works for a $678 million Skyline Office Portfolio in Falls Church, Va., the largest loan to go delinquent in August.
Delinquency rates on hotel (10.82%) and multifamily (10.18%) delinquency rates remain the highest, but each continued to decline last month. The rate on hotel loans dropped 64 bps in one month.
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