US CMBS Delinquency Report: Delinquencies Continue to Recede in March

 

 

 

 

 

 

 

 

Education is the key to unlock the golden door of freedom.

George Washington Carver

 

 

The Trepp US CMBS delinquency rate continued its descent in March, marking the tenth straight month

of improvement. The rate decreased 24 basis points over the course of the month, which brought the

delinquency rate for US commercial real estate loans in CMBS to 6.54%. The rate is 288 basis points lower than it was a year ago and 380 basis points lower than the all-time high reached during the summer of 2012.  Driven by the ongoing CWCapital distressed asset sales, the forecasted drop in delinquencies that accelerated in February extended into March with a large block of distressed asset resolutions. Over $2.1 billion in previously delinquent loans were resolved with losses over the course of the month. This level was down from $2.6 billion in February, but was still well above the normal monthly average over the last two years. By removing these delinquent loans from the numerator, the rate saw 40 basis points of improvement.  Loans that cured totaled over $900 million in March,

which resulted in 17 basis points of additional downward pressure on the delinquent loan percentage. New delinquencies totaled about $1.7 billion in March, which pushed the rate up by 32 basis points.

The Numbers:

• The overall US CMBS delinquency rate

decreased 24 basis points to 6.54%.

 

• The percentage of loans 30+ days delinquent or

in foreclosure was 6.78% in February and 7.25%

in January.

 

• The percentage of loans seriously delinquent

(60+ days delinquent, in foreclosure, REO, or nonperforming

balloons) is now 6.28%, down 26 basis

points for the month.

 

• If defeased loans were taken out of the

equation, the overall 30-day delinquency rate

would be 6.80%–down 23 basis points from

February.

 

• There are currently $34.6 billion in delinquent

loans, which is down from $36 billion last month.

This number excludes loans that are past their

balloon date but are current on their interest

payments.

 

• There are $42.7 billion in loans with the special

servicer. This represents almost 2,500 loans.

 

 

READ MORE….

TREPP CMBS Research – March 2014

 

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NOW IS THE TIME FOR YOU TO EXPAND, UPGRADE OR INVEST.

 

we are at on the a rise of the cycle in Commercial Real Estate.  so there is only one way and it’s called we are going up and now is the time for you to expand, upgrade or invest in Commercial Properties in Phoenix.  The prices on deals I may get you will not be around forever.

 

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If you have any questions about Commercial Investment Properties in Phoenix or Commercial Investment Properties in Arizona,  I will gladly sit down with you and share my expertise and my professional opinion in Commercial Properties in Phoenix or Commercial Properties in Arizona with you.Obviously I am also in this to make money, but it could be a win-win situation for all of us. 

 

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Walter Unger CCIM

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