Data provider Trepp’s numbers show June delinquencies in commercial mortgage-backed securities were down 17 basis points month-to-month and 59 basis points year-to-year to 8.48%.
This marks the third notable drop in month-to-month late-pays in the last four months, according to the company, noting that delinquencies fell
“Only a four-basis-point increase in May interrupted the recent gains in the delinquency picture,” Trepp said, noting that “the July rate is also the lowest reading since the September 2010 rate of 8.45%.”
The company attributed the improvement to “high levels of CMBS loan resolutions.”
While this led to a decline in net delinquencies, new late-pays are on the rise with their number almost double that of the previous month at $2.39 billion in July. These put 20 basis points of downward pressure on the delinquency rate, according to Trepp.
