The delinquency rate for U.S. commercial real estate loans in commercial mortgage-backed securities (CMBS) fell 14 basis points (bps) to 9.99% in September, according to new data from Trepp LLC. This brings the CMBS delinquency rate below 10% for the first time since April.
Trepp reports that approximately $3.3 billion loans were newly delinquent last month, which brings the volume of currently delinquent CMBS loans to $56.3 billion. There are now more than 3,800 CMBS loans, totaling $72.3 billion, with a special servicer, Trepp adds.
Loan resolutions remained elevated in September, with over $1.77 billion in loans resolved with losses. September's total was up sharply from $1.5 billion in August. The removal of these loans from the delinquent loan category accounted for 32 bps of downward pressure on the delinquency rate, Trepp adds.