The U.S. CMBS delinquency rate rose again in December with the percentage of loans 30 or more days delinquent, in foreclosure or REO climbing 27 basis points to 9.20%.
This the highest in history for U.S. commercial real estate loans backing CMBS, according to the latest Trepp delinquency report.
The report contains a special section on the major CMBS events in 2010 as well as delinquency rate and triple-A spread charts covering the past 10 years.
The value of delinquent loans now exceeds $61.5 billion, Trepp reported. The rate has since increased by 62 basis points since the decline in the delinquency rate recorded in October 2010
This 27 basis point jump in December comes despite the fact that new issues continued to make their way into the calculation and servicers continued to resolve troubled loans.
However, Trepp analysts said that the new deals will continue to put downward pressure on the delinquency rate as issuance continues to grow in 2011, as will the resolution of troubled loans will also help to lower the rate.
“Many have speculated that between the emergence of new CMBS lending, the resolution of many troubled CMBS loans and an uptick in trophy property sales, that the commercial real estate crisis was nearing its final stages,” said Manus Clancy, managing director at Trepp. “The December delinquency rate underscored that there still may be some nasty surprises in store even as the market shows some signs of healing.”