Trepp has released its monthly CMBS Delinquency Rate report, showing a 12 basis point increase in May to 4.35 percent, and marking the third consecutive monthly rate rise.
The rate crept up just 1 bps in April and 7 bps in March. The modest three-month, 20 bps rise follows a more than 100 bps plunge that occurred in January and February combined, with a 20 bps drop in February followed by an 82 bps in January that was largely due to the payoff of the $3 billion Stuyvesant Town-Peter Cooper Village loan.
The rate is now 105 bps lower than the year-ago level and 82 bps lower since the beginning of the year. The all-time high was 10.34 percent in July 2012.
The percentage of loans 60-plus days delinquent, in foreclosure, REO, or nonperforming balloons, is now 4.24 percent, up 11 bps on the month. Excluding defeased loans, the rate jumps to 4.58 percent, up 13 basis points for the month.
The multifamily rate inched up 4 bps to 2.36 percent but remained the strongest performer. The lodging rate moved up 9 bps to 2.96 percent. The retail rate jumped 16 basis points to 5.36 percent, and the office rate 21 bps to 5.51 percent.
Industrial remained the worst performer despite its rate falling 23 bps to 5.72 percent.