The delinquency rate for commercial real estate loans backing CMBS deals showed signs of moderating in June, according to the latest report from Trepp.
Trepp said that although the rate was up 17 basis points, that was the best reading seen since July 2009.
For the nine months before June, the delinquency rate of increase averaged 39 basis points per month. This is after taking out the Stuyvesant Town effect in March, according to Trepp. The lowest rise before June was February's 23 basis point increase.
Overall in June, the percentage of loans 30 or more days delinquent, in foreclosure or REO jumped 17 basis points, Trepp reported. This places the overall delinquency rate at 8.59%.
The rise for seriously impaired loans was considerably higher compared with the headline number. The percentage of loans seriously delinquent (60 days +, in foreclosure, REO, or nonperforming balloons) increased 28 basis points, even though that was a marked improvement over May's 41 basis point rise, according to Trepp.