Fitch: CMBC volume of July delinquencies fall while late pays increase

NEW YORK - (Business Wire) The volume of new CMBS (Commercial Backed Mortgage Securities) delinquencies fell for the fourth straight month, according to Fitch Ratings in its latest U.S. CMBS newsletter.

CMBS late-pays increased 11 basis points (bps) to 8.25%, with new delinquencies totaling less than $2 billion for the first time since August 2009.

'Despite the slowdown in volume, loan defaults have not yet peaked,' said Managing Director Mary MacNeill. 'Further weakness in loan performance is likely, particularly among later vintages.'

The 2007 vintage is still contributing disproportionately to the index. Loans from the 2007 vintage comprise some 35% of the Fitch-rated universe but account for approximately 47% of all current delinquencies.

Current delinquency rates by property type are as follows:
--Hotel: 18.64%;
--Multifamily: 13.87%;
--Retail: 6.35%;
--Industrial: 5.20%;
--Office: 5.08%.  

Additional information is available in Fitch's U.S. CMBS newsletter.
Additional information is available at http://www.fitchratings.com/