NEW YORK CITY—Having moved slightly upward and downward throughout the summer, CMBS delinquencies continued the pattern in August. Trepp LLC says the delinquency rate for securitized US commercial real estate loans moved up three basis points in August to 5.45%.

The August increase reversed July's three-bp improvement. The rate is now 65 bps lower than the year-ago level, and has decreased 30 bps for the year to date.

Just as July's overall improvement did not mean that delinquencies fell in each property sector, so August had some winners as well as losers. The late-pay rate for industrial CMBS increased 21 bps to 7.62%, continuing an upward trend seen in July. Multifamily's delinquency rate, which ticked up by three bps during July, rose even more during August, adding 23 bps to end the month at 8.99%. Retail, which improved by three bps in July, lost two bps of that improvement during August for a delinquency rate of 5.53%.

Conversely, the lodging sector's delinquency rate improved by 26 bps to 3.44%, continuing an improvement also seen in July. Lodging remains the best performing major property type, as multifamily remains the worst. Office reversed July's slight uptick and saw its late-pay rate fall one bp lower than it was in June, for a seven-bp drop to 5.86%.

August saw $1.3 billion in loans became newly delinquent, which put 25 bps of upward pressure on the delinquency rate overall. Trepp says about $425 million in loans were cured last month, which helped push delinquencies lower by eight bps.

CMBS loans that were previously delinquent but paid off with a loss or at par totaled almost $1 billion in August. Removing these previously distressed assets from the numerator of the delinquency calculation helped move the rate down by 19 bps.

Trepp says there are currently $28.4 billion in delinquent CMBS loans. This figure excludes loans that are past their balloon date but are current on their interest payments.