Feb. 27–The rate of late payments on commercial real estate loans that are part of securitizations was lower, and the lodging sector led the improvement.
A 3-basis-point decline in 30-day delinquency from December 2014 was recorded on loans that are part of commercial mortgage-backed securities.
That put January’s past-due rate at 3.89 percent — much improved over the 5.31 percent rate in effect during January 2014.
Morningstar Credit Ratings LLC reported the statistics based on $782.32 billion in CMBS it rated as of last month.
“Morningstar Credit Ratings LLC maintains our expectation that the declining trend experienced over the past three years will continue through this year,” the report stated.
Delinquency on hotel CMBS loans was down 30 BPS from December to 3.9 percent. It was the biggest decline for any category of property.
A 20-basis-point drop left the industrial real estate loan delinquency rate at 6.3 percent in January.
With no change from December, multifamily delinquency was 2.2 percent, and retail property loan delinquency was 5.0 percent.
The 30-day rate on securitized office property loans worsened 20 BPS to 5.8 percent last month. Similar deterioration left the delinquency rate on health care property loans at 3.1 percent.
