NEW YORK--(BUSINESS WIRE)--The U.S. CMBS delinquency rate declined for a fourth straight month as it edges closer to the 4.5% mark, according to the latest index results from Fitch Ratings.
CMBS delinquencies fell six basis points (bps) in November to 4.64% from 4.70% a month earlier. November resolutions of $539 million outpaced new delinquencies of $384 million. Meanwhile, Fitch-rated new issuance volume of $4.5 billion edged out $4.4 billion in portfolio runoff.
The largest new delinquency in November was the $42.7 million Cobb Place loan (GSMS 2005-GG4), which was reported as 60-days delinquent for the first time last month. Conversely, the largest resolution in November was the originally $120 million Oasis Net Leased Portfolio (BSCMS 2005-PWR10), which was REO and just saw the sale of the last property in the portfolio.
Current delinquency rates by property type are as follows:
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