NEW YORK--(BUSINESS WIRE)--Continued strong new issuance and active specially serviced loan resolutions brought about another month of decline in the U.S. CMBS delinquency rate last month, according to the latest index results from Fitch Ratings.
Loan delinquencies fell 21 basis points (bps) in November to 4.16% from 4.37% a month earlier. The dollar balance of late-pays fell $696 million to $15.7 billion from $16.4 billion in October.
November resolutions of $1 billion were nearly triple the amount of new delinquencies of $325 million. In addition, Fitch-rated new issuance volume of $7.3 billion in October (eight transactions) surpassed $4.7 billion in portfolio runoff, causing an increase in the index denominator.
Current and previous delinquency rates by property type are as follows:
--Retail: 5.27% (from 5.51% in October);
--Office: 4.71% (from 4.80%);
--Hotel: 4.23% (from 4.57%);
--Multifamily: 4.27%* (from 4.42%);
--Industrial: 4.38% (from 4.22%);
--Mixed Use: 2.99% (from 4.08%);
--Other: 0.90% (from 0.93%).
Additional information is available in Fitch's weekly e-newsletter, 'U.S. CMBS Market Trends', which also contains recent rating actions and an overview of newly released CMBS research, including Fitch presales and Focus reports. The link below enables market participants to sign up to receive future issues of the E-newsletter:
Additional information is available at 'www.fitchratings.com'.