NEW YORK, Dec. 3, 2013 /PRNewswire/ — Trepp, LLC, the leading provider of information, analytics and technology to the CMBS, commercial real estate, and banking markets, released its November 2013 US CMBS Delinquency Report today (available at http://www.trepp.com/knowledge/research).
(Photo: http://photos.prnewswire.com/prnh/20131203/PH26829-a )
(Photo: http://photos.prnewswire.com/prnh/20131203/PH26829-b )
The Trepp CMBS delinquency rate continued to fall in November, with a decrease of 32 basis points. The delinquency rate is now 7.66%, making November the sixth consecutive month of improvement. The Trepp delinquency rate has fallen 268 basis points since reaching an all-time high of 10.34% in the summer of 2012.
"Despite the gains November posted with respect to delinquencies, the market was quiet, too quiet," said Manus Clancy, Senior Managing Director at Trepp. "Light trading volume and minimal spread moves defined the market. For anyone who profits off of volatility, it was a disappointing month."
Contributing to the improvement in delinquencies in November were about $2.2 billion in loans that cured and $1.2 billion in previously delinquent loans that were resolved with losses. New delinquencies totaled just over $2 billion in November, which compares to $1.6 billion in October.
As Trepp noted last month, there could be more meaningful gains for the delinquency rate in 2013. Still to come is the sale of more than $3 billion of distressed assets and additional note sales by special servicer CWCapital. Preliminary bids for the assets were due in mid-November, so Trepp expects that some of these will close in time to hit the December remittance cycle. Removing these non-performing assets from the delinquent loan category would result in a 50-basis-point decrease in the delinquency rate, so it's possible the rate could dip below the 7% mark before long.
For additional details, such as historical delinquency rates, delinquency status, and delinquency rates by major property type, request the November 2013 US CMBS Delinquency Report at http://www.trepp.com/knowledge/research. For daily CMBS commentary and credit events, register for TreppWire or follow @TreppWire on Twitter.
About Trepp, LLC
Trepp, LLC, founded in 1979, is the leading provider of information, analytics and technology to the CMBS, commercial real estate and banking markets. Trepp provides primary and secondary market participants with the web-based tools and insight they need to increase their operational efficiencies, information transparency and investment performance. Trepp serves its clients with products and services to support trading, research, risk management, surveillance and portfolio management. Trepp is wholly-owned by DMG Information, a division of the Daily Mail and General Trust (DMGT).
Press Contact:
Joe McBride, Research Analyst
Trepp LLC
Email
212-754-1010
Eric Gerard, Lindsay Church
Great Ink Communications
Email / Email
212-741-2977