The 30-day plus delinquency rate on CMBS edged up in September to a new record of 9.05%, according to Trepp.
Trepp analysts noted the 13 basis point increase in the delinquency rate from August to September is the second smallest increase this year, which is good news to the commercial real estate bulls.
"For the CRE bears, the fact that the rate once again set a record is a sign that the CRE crisis is not yet over," the TreppWire report said.
Of the five property sectors tracked by Trepp, only the performance of multifamily (MF) and industrial CMBS showed improvement. The 30-day plus delinquency rate on securitized multifamily loans fell 10 bps to 14.43% month over month. The delinquency rate on industrial property mortgages fell 8 bps to 6.48% in September.
A year ago, the delinquency rate on MF mortgages was 7.05%.
The multifamily delinquency rate spiked 330 basis points in the month of March due to the default of the Stuyvesant Town and Peter Cooper Village project in Manhattan.
In other MF news, multifamily lenders closed $52.5 billion in loans in 2009, down 40% from the prior year, according to the Mortgage Bankers Association (MBA).
MBA reported that 2,752 lenders were active in the multifamily market in 2009 and made nearly 20,700 loans.
Wells Fargo Bank ranked highest by originating 1,100 multifamily loans totaling $7 billion. PNC Real Estate ranked second with 348 loans totaling $4.8 billion.
Deutsche Bank Commercial Real Estate, CBRE Capital Markets and Capmark Financial Group round out the top five multifamily lenders for last year.
MBA researchers found that 850 lenders made just one MF loan in 2009 and 2,030 lenders made fewer than five.
Meanwhile, recent origination data show that Fannie Mae, Freddie Mac and the Federal Housing Administration (FHA) have guaranteed nearly $18 billion in multifamily loans during the first half of 2010.
FHA has insured $6.3 billion in MF loans during the first six months of 2010. Fannie has purchased $5.9 billion from its multifamily loans and Freddie has purchased $4.5 billion in MF loans.
FHA is seeing the most explosive growth during the first 11 months of fiscal year 2010, which ended Sept. 30.
By the end of August, FHA had endorsed $12.4 billion in MF loans — up 124% compared to the first 11 months in full-year 2009.