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CMBS Delinquencies Slip in August as Hotel Performance Improves
CMBS saw a modest reprieve from the recent surging delinquencies in August as an improvement in the hotel market helped pull the headline number lower. However, writes Trepp’s Manus Clancy, “it may be too early to start popping corks.”
Delinquencies finished August at 4.25%, down 16 basis points from July, according to Trepp. That represents the second decline in the past six months.
However, four of the five major commercial real estate property types saw the delinquency rate inch up in August, with office rising 11 bps to crack 5%. In addition, Clancy writes, “the improvement in the hotel delinquency rate was driven by one large hotel loan seeing its status change modestly. This month’s data has a lot of nuances, so we encourage readers to parse and analyze it carefully.”
- ◦Financing
