CMBS delinquencies decreased 6.8% in February, a decline of 78 basis points over January levels, according to Trepp data released this week. The decrease represents the largest improvement in the rate since the COVID-19 pandemic began, and the rate has now decreased for eight straight months.
The CMBS delinquency rate in the US was 2.04% a year ago, before the pandemic began. Six months ago, the delinquency rate was 9.02%.
The percentage of loans that are more than 30 days delinquent is down 16 basis points for the month as well, at 0.58%. Around 2.3% of loans missed February payments but were within their grace periods at less than 30 days delinquent, a 77 basis point decrease. The percentage of loans with the special servicer decreased to 9.6%, a drop from 9.72% in January.
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