NEW YORK, NY – Trepp LLC, the leading provider of
information, analytics, and technology to the CMBS, commercial real estate, and
banking markets, released its January 2014 US CMBS Delinquency Report (available at www.trepp.com/knowledge/research).
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| Manus Clancy |
January marks the eighth straight month of improvement in
the Trepp delinquency rate for US commercial real estate loans in CMBS. The
rate fell by 18 basis points over the course of January to 7.25%.
This level
compares to 9.57% from one year ago. The last time the rate rose was May of
2013, when the rate increased by only four basis points.
There are currently $38.9 billion in delinquent loans, and
$47.7 billion in loans with the special servicer.
During January, $1.3 billion
in previously delinquent loans were resolved with losses, while $163 million
were resolved without losses. In addition, almost $1 billion in loans cured
during the month.
However, new delinquencies totaled about $1.8 billion. These
new delinquencies are slightly greater than December’s newly delinquent loans.
“The CMBS market managed to stay warm compared to the
brutally cold month experienced by the Midwest and Northeast,” said Manus
Clancy, Senior Managing Director of Trepp. “The CMBS delinquency rate
continued its improvement and CMBS spreads, particularly new issue BBB bonds,
narrowed nicely. Not a bad way to kick off 2014.”
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Trepp believes there
is more room for improvement for the delinquency rate in the near-term. A rate
below 7% could be attainable by early spring as loan resolutions remain very
high.
For additional details, such as an analysis by major
property type, delinquency status, and historical comparisons, request the
January 2014 US CMBS Delinquency Report at www.trepp.com/knowledge/research.
For daily CMBS commentary, follow @TreppWire on Twitter.
For a complete copy of the company’s news release, please
contact:
Joe McBride, Research Analyst
Trepp LLC - 212-754-1010
Eric Gerard, Lindsay Church
Great Ink Communications - 212-741-2977
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