In a report released this morning by RBS Greenwich Capital, managing director Lisa Pendergast stated that the CMBS fixed-rate conduit/fusion delinquency rate held steady in August. For this month, the delinquency rate was at 2.23% compared to 2.24% the prior month.
However, Pendergast stated that despite the level month-over-month reading, delinquencies have increased by more than 27 basis points (which is equal to 14%) on a year-over-year basis. Delinquent loans reached $4 billion in August, which is just a little bit less than July’s $4.03 billion. However, this figure is considerably more compared to the year-ago aggregate amount of $3.5 billion. Further, the cumulative loss rate, which was at 0.31% in August, is higher by above 60% compared to a year ago.
The Greenwich Capital fixed-rate conduit database in August is made up of 210 CMBS deals as well as 35,979 conduit loans. These mortgages have an original balance of $203.2 billion and a current balance of $179.8 billion. The CMBS deals in Greenwich’s database were issued between 1995 and 2002, the report said.