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CMBS Late-Pays Retreat in July

“We may see the delinquency rate dance around a bit over the next few months as we enter the final innings of the wall of maturities,” says Manus Clancy at Trepp.

Manus Clancy of Trepp Clancy says the status of several large loans may change over the next few months.

NEW YORK CITY—Well, that didn’t take long. July’s plunge in the CMBS delinquency rate erased nearly all of the steep 28-basis point climb that late-pays experienced in June, Trepp LLC reported Tuesday. That being said, delinquencies have been trending upward on both a year-over-year and year-to-date basis.

June’s increase to 5.75% marked the biggest monthly rise in the Trepp CMBS delinquency rate in five years. The delinquency rate at July 31 was 5.49%, just two bps above May’s level. Manus Clancy, senior managing director at Trepp, cites just $1.4 billion in CMBS turning newly delinquent last month, or about $1 billion less than the total that went into arrears during June.

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Paul Bubny

Paul Bubny

Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.

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