Commercial mortgage-backed securities (CMBS) delinquencies in the United States fell in April to their lowest level in five years, according to the latest data from ratings agency Fitch Ratings.
Late payments for CMBS declined 19 basis points in April, going down to 7.44 percent from 7.63 percent in March, according to Fitch Ratings. Furthermore, the total amount of new delinquencies reported in April, $747 million, dropped below the $1 billion mark for the first time since February 2009.
The Fitch Ratings report noted that the last time new delinquencies were lower was in October 2008, when they came in at $458 million. At that time, the overall late payment rate for CMBS was 0.51 percent. The firm said it expects that the current delinquency numbers for CMBS will continue to move downward as real estate conditions improve.
Read more...Fitch Ratings Says CMBS Delinquencies Lowest in Five Years
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