The delinquency rate for Standard & Poor’s-rated commercial mortgage-backed securities fell 39 basis points in December.
The move leaves it eight basis points below 8%.
New delinquencies totaled $1.1 billion during the month compared with $1.8 billion in resolutions.
Delinquencies fell across all of the five major property types month-over-month, according to S&P. Office property delinquencies fell by over $1 billion, in retail the drop was by $7 million, multifamily properties declined by $256 million, industrial properties fell by $109 million, and delinquencies in lodging dropped by $13 million.
The average loss severity in December stayed fairly close to the levels seen in November, according to Trepp.
December loss severity came in at over 50%, up from November’s 48% and considerably higher than October's 39%.