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CMBS Delinquencies Extend Streak of Monthly Declines
The Trepp CMBS delinquency rate dropped again in November, although the rate of decline slowed from the 64-basis point drop seen in October. After two massive increases in May and June 2020 amid the pandemic, the rate has now fallen for 17 consecutive months, according to Trepp.
The CMBS delinquency rate in November was 4.38%, a drop of 23 bps from October. Lodging and retail loans saw the biggest improvements.
The percentage of loans in the 30-days-delinquent bucket is 0.25%, up two bps for the month.
In terms of loans in grace period, 2.05% of loans by balance missed their November payments but were less than 30 days delinquent. That was up 25 bps for the month.
The percentage of loans with the special servicer fell to 6.94% in November from 7.17% in October. Similarly, the percentage of loans on servicer watchlist dropped to 27.53% in November from 28.23% the previous month.
- ◦Financing
