CMBS Late-Pays Take Steep Drop via GlobeSt.com

Dispositions from a single CMBS transaction lay behind the largest post-recession monthly drop in the delinquency rate for securitized commercial mortgages, according to data from Fitch Ratings. The 40-basis point decline from 7.18% in June to 6.78% in July brought the late-pay rate down 223 bps from its July 2011 peak as measured by Fitch, and Mary MacNeill, managing director with the firm, tells GlobeSt.com we can expect the downward trend to continue.

Similarly, Trepp reported earlier this month that July’s rate of 8.48% is down 186 bps from the July 2012 peak of 10.34% in the Trepp CMBS delinquency rate. The rate has improved by 123 bps since the start of this year, Trepp said.

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