NEW YORK CITY-Although the two ratings agencies differed on exactly how long it’s been since CMBS delinquencies have gone down instead of up, Fitch Ratings and Trepp both said last week that delinquencies had indeed declined during October. Both cited the resolution of the $4.1-billion Extended Stay America loan as a major factor in the drop, with Fitch noting that the Extended Stay action cut hotel delinquencies by about one-third.

Trepp cited a 47-basis point decline to 8.58% in October, which it said was the first month-to-month decline of CMBS delinquencies since the summer of 2009. That leaves $58.3 billion worth of CMBS loans that are at least 30 days past due, according to Trepp.

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