The 30-day or more past due rate on securitized multifamily mortgages rose 28 basis points in May to 13.34%-dashing hopes that delinquencies in that sector of the commercial real estate market had stabilized.

Last month, Trepp LLC reported the multifamily 30-day plus delinquency rate fell 13 bps to 13.06%—the first decline since May 2009. However, one month does not make a trend. Commercial mortgage-backed securities delinquencies overall set yet another new record high as they jumped 40 basis points to 8.42% in May, according to Trepp.

Trepp said the monthly increase in delinquencies has been between 37 and 49 basis points for seven out of the past eight months when the anomaly associated with New York's Stuyvesant Town in March is removed.

The one exception outside of this was February, when delinquencies jumped just 22 bps.

Serious delinquencies of 60-plus days—a category that also includes loans in foreclosure, real estate owned, and nonperforming balloons—increased 41 bps to 7.55% in the past month.

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