Although the long-term pace of CMBS defaults is moderating, delinquencies in securitized mortgages are far from a thing of the recent past. Fitch Ratings said Friday that the cumulative default rate among CMBS crept up 25 basis points to 12.96% during the first quarter of this year, while a few days prior, the latest Monthly CMBS Delinquency Report from Morningstar found that the delinquent unpaid balance for CMBS increased by $1.71 billion during March, the first reported increase since October 2011.

Over the past year, the delinquent unpaid balance has vacillated—by $1 billion or more—between increases and decreases on a month-to-month basis, with the balance decreasing in seven of the preceding 12 months. Morningstar attributed this to “an overall trend of volatility” seen in legacy CMBS.

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