
CMBS Delinquencies Rise Sharply in February Following January Decline
CMBS delinquencies have shown only modest increase since this past June, Trepp reported. That changed in February, when the delinquency rate moved up 18 basis points to 3.12%, for the second largest increase since June 2020, when the pandemic caused delinquencies to spike. Only December 2021, with a 19-bp gain, saw a larger increase over the past 30 months, according to Trepp.
Year over year, the overall US CMBS delinquency rate is down 75 bps, Trepp said. Year to date, it’s up eight bps after January’s decline of 10 bps, which led to the second-lowest reading since the pandemic began.
The percentage of loans that are seriously delinquent (60+ days delinquent, in foreclosure, REO or nonperforming balloons) is now 2.88%, up six basis points for the month. The all-time high for overall delinquencies was 10.34% in July 2012, with the June 2020 reading only two bps lower.
- ◦Financing