Commercial mortgage-backed securities delinquencies overall rose above 9% for the first time ever in September, but multifamily delinquencies fell, according to new data released Tuesday by Trepp.
While CMBS delinquencies rose to 9.05% last month, they were up by just 13 basis points. This was the second-smallest monthly increase in 2010. The year's smallest month-to-month increase, seen in July, was 12 bps.
The percentage of CMBS loans that were 60-plus days delinquent, in foreclosure, real-estate owned or nonperforming balloons in September was slightly larger than the delinquency rate at 16 bps.
While multifamily delinquencies declined by 10 bps and industrial delinquencies fell by 8 bps, hotel and retail delinquencies continued to rise. Hotel delinquencies were up by 41 bps and retail delinquencies were up by 37 bps.
The jump in the retail area brought that property type’s delinquency rate above 7% for the first time in its history. The hotel delinquency rate, at almost 20%, is the highest among all property types.