Trepp: CMBS Late-Pays Continue Falling

NEW YORK CITY-If the US unemployment rate had declined as rapidly as the CMBS delinquency rate over the past year, the domestic economy would be in fine shape. As it is, Trepp reported Tuesday that the late-pay rate for CMBS has declined 268 basis points since reaching an all-time high in the summer of 2012, with November marking the sixth consecutive month of improvement.

That’s roughly the same rate of decline as the national unemployment rate has seen since its peak in 2009, but in about one-third the time. The overall CMBS delinquency rate is now 7.66%, down 32 bps from October, with loans delinquent for 60 days or more down 39 bps from the previous month to 7.3%.