Fitch: CMBS Delinquencies Fall 0.28%

Delinquencies on U.S. commercial mortgage-backed securities held steady in October, declining by a mere basis point to 0.28%, according to Fitch Ratings.The rating agency said the most notable decline was in the hotel property sector. "As a percentage of the delinquent loan population, hotels fell to 5.4% of the total in October from 13.6% in September," said Michelle Bayard, a Fitch director. By vintage, 1998 and 1999 securitizations accounted for 33.2% of all delinquencies as of October, though the vintages accounted for only 10.8% of Fitch-rated transactions. "Delinquencies typically peak in the eighth year after issuance," Ms. Bayard said. "However, Fitch is concerned that most of these 1998 and 1999 loans are scheduled to mature within the next two years." For the fourth month in a row, the multifamily sector experienced a rise in delinquencies. Delinquencies have also increase in the health care sector. Fitch can be found on the Web at http://www.fitchratings.com.