According to Trepp LLC's June 2012 ‘U.S. CMBS Delinquency Report,’ the delinquency rate for loans pooled in U.S. commercial mortgage-backed securities increased 12 basis points in June to 10.16% – a new all-time high.
‘Driving the rate up has been the fact that only 28 percent of the loans from 2007 due to mature in 2012 managed to pay off in full,’ says Manus Clancy, senior managing director at Trepp. ‘Now that most of the 2007 loans coming due in 2012 have passed their maturity date, the delinquency rate should start to level off soon.’
The increase in the delinquency rate was driven by weak performance among lodging, office and retail loans, Trepp says. The only major property type to improve in June was the industrial segment. Multifamily loans ended the month unchanged.
Currently, $59 billion in loans are delinquent. This figure excludes loans that are past their balloon date but are current in their interest payments. If these loans were included, the delinquency rate would be11.43%.