The delinquency rate for commercial mortgage-backed securities (CMBS) has seen "significant credit changes" in newly delinquent, cured, and modified loans, according to Trepp.
Between June and July, CMBS office delinquency went from 7.55% to 8.09%. That means office crossed the 8% delinquency rate line for the first time since November 2013, when the rate was 8.58%. Multifamily delinquency went from 2.36% in June to 2.63% in July.
However, retail CMBS delinquencies went from 6.42% in June to 6.14% in July, a drop of 28 basis points. Similarly, lodging delinquencies dropped 15 basis points, from 6.32% in June to 6.17% in July.
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