The CMBS delinquencies rate dropped in May by the biggest amount in two years.
The percentage of loans that are 30+ days delinquent, in foreclosure or REO fell by 5 basis points to 9.60 percent, according to Trepp LLC. The value of delinquent loans is now $61.5 billion, says Trepp.
“While there may be additional bumps along the way, we think the May numbers accurately reflect a leveling off in the market,” says Manus Clancy, managing director of Trepp.
The delinquency rates for industrial and office property loans worsened, although office property loans had the lowest delinquency rate at 7.23 percent. Delinquencies in all other major property types declined for the month, says Trepp.