March 3, 2010
RealPoint’s February report is out and things continue to get worse on the CMBS front. Not only is the oustanding CMBS loan amount huge, but the rate of growth is staggering. The amount of distressed 90+ day loans rose 28% in one month.
In January 2010, the delinquent unpaid balance for CMBS increased by another $4.3 billion, up to $45.94 billion from $41.64 billion a month prior. The overall delinquent unpaid balance is up 326% from one-year ago (when only $10.79 billion of delinquent unpaid balance was reported for January 2009), and is now over 20 times the low point of $2.21 billion in March 2007. The distressed 90+-day, Foreclosure and REO categories grew in aggregate for the 25th straight month – up by $7.42 billion (28%) from the previous month and over $27.95 billion (508%) in the past year (up from only $5.51 billion in January 2009). This included a substantial jump in 90+-day delinquency in January 2010.
So prices have started to firm up, but delinquencies continue to mount. Graph below, and link to full report at the bottom. Any yet the numbers are sure to rise as the Stuy Town deal gets digested as it was not yet accounted for in these numbers.
Full report can be downloaded here.
- Realpoint CMBS June Update – 2.275% Delinquency In May
- CMBS Delinquency Rate Continues To Rise; Inland Western Issues $500M CMBS Deal
- Commercial/Multi-Family Delinquency Rates Continue Hike Up
- Prudential CRE US Quarterly Update
- CMBS Delinquency Forecast At 5%+ By End of Year