The percentage of securitized commercial mortgages that are delinquent grew from 4.8% in October to 5.65% at the end of November, according to the December delinquenccy report from Trepp.
By sector, the delinquency rate was highest for lodging – 14.09%. Most of November's jump was caused by an Extended Stay Hotel (ESH) loan that Trepp says resulted in about 56% of the month's increase. Excluding the ESH loan, the sector's delinquency rate was approximately 9%. In October, Trepp tracked the sector's delinquency rate at 8.67%.
The multifamily delinquency rate jumped 112 basis points (bps) to 8.78%, retail grew 25 bps to 4.78%, industrial was up 15 bps to 3.33% and office was up 6 bps to 3.14%.