US CMBS Delinquency Rate Posts Rare Increase As Pre-Crisis Loans Experience Trouble

Trepp, LLC, a leading provider of information, analytics, and technology to the structured finance, commercial real estate, and banking markets, has released its March 2019 US CMBS Delinquency Report. The full report can be accessed here: https://www.trepp.com/thank-you-march-2019-delinquency-report. Read all the latest news.

The Trepp CMBS Delinquency Rate did something it's only done three times in the last 21 months: it increased. Delinquencies for US commercial real estate loans in CMBS rose one basis point to 2.88% last month, marking the first rate increase in five months. The delinquency reading has dropped 167 basis points year over year.

"The first quarter of 2019 was a mixed bag for the CMBS and CRE markets," said Trepp Senior Managing Director, Manus Clancy." On the positive side, spreads tightened nicely following December's turbulence and CMBS issuance has been steady. However, retail bankruptcies continue to plague that part of the market and hints of a US economic slowdown continue to materialize. We believe the market's current conditions will spur continued delinquency rate drops over the next six months, but those improvements won't be as steep as those from the last 18 months."

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Delinquencies for loans in CMBS 2.0+ inched two basis points higher to 0.65% last month. That reading has risen by 10 basis points year over year. The CMBS 1.0 delinquency reading surged 164 basis points higher in March and now registers at 46.47%. Despite the huge jump, the 1.0 rate is still 137 basis points lower than its reading from one year ago.

After posting February's greatest rate drop by property type, the retail sector featured March's greatest increase as its reading jumped 13 basis points to 4.90%. The largest rate drop among major property sectors belonged to the apartment segment, as multifamily delinquencies slid 30 basis points to 2.01% last month. The multifamily rate for loans in CMBS 2.0+ dropped 25 basis points, and the same reading for loans in CMBS 1.0 sunk 120 basis points.

For additional details, such as historical comparisons and analysis on all major property types, download the March 2019 US CMBS Delinquency Report: https://www.trepp.com/thank-you-march-2019-delinquency-report. For daily CMBS commentary, follow @TreppWire on Twitter.

About Trepp
Trepp, LLC, founded in 1979, is the leading provider of information, analytics, and technology to the CMBS, commercial real estate and banking markets. Trepp provides primary and secondary market participants with the web-based tools and insight they need to increase their operational efficiencies, information transparency, and investment performance. From its offices in New York, San Francisco, and London, Trepp serves its clients with products and services to support trading, research, risk management, surveillance, and portfolio management. Trepp is wholly-owned by Daily Mail and General Trust (DMGT). For more information, visit http://www.Trepp.com.

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