NEW YORK CITY—Due largely to a 2006 loan backed by 2.4 millionsquare feet of retail space, CMBS delinquenciesticked upward again for the first time in more than a year.Trepp said Thursday that late-pays on CMBS rosefive basis points in August to 6.1%, ending a 14-month streak ofmonthly improvements.

The upward tilt of CMBS delinquencies occurred after July barelyregistered an improvement over June, with the late-pay ratedeclining just one bp from June's 6.05%. Even so, Trepp noted thatAugust's rate is 228 bps lower than a year ago. Year-to-date,delinquencies have fallen 133 bps from 7.43% as of Dec. 31,2013.

Given a tapering-off from the “breakneck pace” of loanresolutions seen in 2012 and 2013, Trepp says big improvements inthe delinquency rate seen over the past two years are likely athing of the past. The CMBS analytics firm expects any additionalgains in 2014 and 2015 to be “much more modest.”