Fitch Ratings reports that the rate of new U.S. commercial mortgage-backed securities (CMBS) delinquencies declined 19 bps in April to 7.44%, from 7.63% in March. The dollar volume of new delinquencies, $747 million, represents the first time the figure has dropped below the $1 billion mark since February 2009.
The last time new delinquencies were lower was in October 2008, when they came in at just $458 million and the overall late-pay rate stood at 0.51%, Fitch says.
In April, resolutions of $1.5 billion outpaced new additions to the index by nearly two-to-one. However, Fitch-rated new issuance volume of $1.8 billion fell short of runoff of $2.1 billion.
Read more...MortgageOrb: Fitch: New U.S. CMBS Delinquencies Haven't Been This Low Since 2008
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