The percentage of commercial mortgage-backed security (CMBS) loans 30 or more days delinquent, in foreclosure or in real estate owned (REO) status jumped 89 basis points (bps) in March – the highest monthly increase since summer 2009, according to new data from Trepp LLC.
‘After February's numbers showed delinquencies beginning to moderate, there was some guarded optimism,’ the firm states in TreppWire, its monthly delinquency report. ‘February's increase had been the smallest bump in nine months. March data threw cold water on any notion that CMBS delinquencies might be nearing their peak."
Removing the Stuyvesant Town foreclosure from consideration, delinquencies were still up 49 bps, Trepp says. The percentage of CMBS loans 30+ days delinquent or in foreclosure have grown from 6.49% in January to 7.61% in March.
The percentage of seriously delinquent loans (i.e., 60+, in foreclosure, REO or nonperforming balloons) stood at 6.66% at the end of the month – up 69 bps from February.