Commercial mortgage-backed securities delinquencies rebounded slightly in May as resolutions that had been contributing to lower late-pays previously dropped sharply during the month.
The percentage of 30-plus-day delinquencies rose to 9.07% in May from a
According to Trepp, May’s results are more in line with February and March this year and April is “more of an outlier.”
The dollar amount of loans resolved in May was $858 million, a figure roughly 46% less than the previous month’s resolution amount.
There also were $2.5 billion in newly delinquent loans in May, compared to $1.6 billion in April.
Trepp found outside the industrial sector, where a decline can largely be traced to a $190 million portfolio, all major property types’ performance improved in May. The percentage of industrial 30-plus-day delinquencies is 12.45%, compared to 11.54% the previous month.
The multifamily percentage in May of this year was 11.61%, down from 11.67%; the office percentage was 10.24%, compared to 10.26%; lodging late-pays dropped to 9.65% from 10.3%; and retail’s 30-plus-day delinquencies were 7.46%, compared to 7.68%.
All major property types’ 30-plus-day delinquency rates were better than they were a year ago, although some have shown more improvement than others.
