For the first time in over a year, the monthly Trepp US CMBS delinquency rate moved up. After barely extending its winning streak to fourteen months with a single-basis-point drop in July, the delinquency rate increased six basis points in August. The delinquency reading for US commercial real estate loans in CMBS finished at 6.10% for the month of August, 288 basis points lower than the year-ago level.
While delinquencies have fallen 133 basis points from the start of 2014, the rate of distressed loan resolutions has continued to taper off from the pace of 2012 and 2013.
On the stall in improvement, Senior Managing Director
A number of large loans became newly delinquent this month. One retail note alone put almost five basis points of upward pressure on the rate. In addition, a large industrial loan that became 30 days late contributed to a 50 basis point increase in the industrial delinquency rate. With the exception of the multifamily delinquency rate, all readings by major property type worsened in August.
"While we have reported on more auctions of distressed assets over the past two months, liquidation volume has remained lower than average," said
Read the full story at http://www.prweb.com/releases/August2014/CMBSDelinquencyReport/prweb12140979.htm
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