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CMBS delinquencies stay down in March

The delinquency rate for commercial mortgage-backed securities ticked up slightly in March but the maturing wave of bubble-era CMBS loans has yet to cause trouble, Morningstar Credit Ratings reported.

The March CMBS delinquency rate rose seven basis points to 2.83 percent, remaining under the 3 percent threshold for the second consecutive month.

The delinquent unpaid balance amounted to $21.96 billion, up 1.8 percent from the previous month, but down nearly 26 percent from a year earlier.

Loans originated before 2007 have refinanced and the overall payoff rate for CMBS is sticking in the mid-80 percent range, the company said. The year-to-date payoff rate stood at 86.2 percent through February.

Morningstar is projecting that payoff rates will decline and delinquencies will rise over the next two years, however, as an increasing number of loans are over leveraged and were loosely underwritten. 


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