The 30-day plus delinquency rate on commercial mortgage-backed securities edged up in September to a new record of 9.05%, according to Trepp LLC.
Trepp analysts noted the 13 basis point increase in the delinquency rate from August to September is the second smallest increase this year, which is good news to the commercial real estate bulls.
"For the CRE bears, the fact that the rate once again set a record is a sign that the CRE crisis is not yet over," the TreppWire report says.
Of the five property sectors tracked by Trepp, only the performance of multifamily and industrial CMBS showed improvement. The 30-day plus delinquency rate on securitized multifamily loans fell 10 bps to 14.43% month over month. The delinquency rate on industrial property mortgages fell 8 bps to 6.48% in September.
A year ago, the delinquency rate on MF mortgages was 7.05%.
The multifamily delinquency rate spiked 330 basis points in the month of March due to the default of the Stuyvesant Town and Peter Cooper Village project in Manhattan.
