NEW YORK CITY—The delinquency rate forCMBS has been caught in a tug of war between oldand new deals. However, Trepp LLC says thelate-pay rate saw a decline of one basis point in April afterholding steady in March.

“The delinquency rate has been bumping along for the last fewmonths, as two competing forces keep it fairly level,” saysJoe McBride, research associate at New YorkCity-based Trepp. “Special servicers have slowed the pace ofresolutions slightly, keeping the rate from dropping as quickly asit had a year ago. New issuance will have to be the main driver offurther rate decreases going forward.”

Even if the monthly declines have been more modest than steep,the delinquency rate has still managed to fall 21 times over thepast two years. The delinquency rate for US commercial real estateloans in CMBS is now 5.57%, down 87 bps from a year ago.

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Paul Bubny

Paul Bubny is managing editor of Real Estate Forum and 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.