KBRA pulled together its CMBS loan performance trends in December, closing out 2022. Let's do the bad new first and then find a bit of a silver lining.
Things have been getting worse for a few months. The delinquency for US CMBS loans rated by KBRA were 2.97%. That's 8 basis points up from 2.89% in November, which in turn was up 11 basis points from October's 2.78%. September was even mower at 2.76%.
September was the end of a short trend of decreasing delinquency rates, down from 2.93% in August and 3.09% in July. But the change from May to June was an increase of 15 basis points.
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