CMBS loans in delinquency valued at $52B

The delinquency rate among commercial mortgage-backed securities climbed gradually in September, according to Moody’s monthly CMBS report. Delinquencies climbed 14 basis points on the Moody’s index, hitting 8.24 percent, marking the smallest monthly increase since October 2008. The 311 loans that became newly delinquent last month had a combined value of $3.8 billion and brought the total number of delinquent loans to 3,971, representing $52 billion in debt. Nick Levidy, a managing director with Moody’s, said that while the rate of increase among CMBS delinquencies was modest last month, it’s far too soon to celebrate. “This easing of the rate of growth in the delinquency rate does not necessarily portend a near-term improvement in the market,” Levidy said. “The number and balance of loans becoming newly delinquent remain high.” TRD