Some 7.15% of U.S. commercial mortgage-backed securities were delinquent in May, up 486 basis points from April, according to a report released Tuesday by CMBS research provider Trepp.
The May delinquency rate also exceeds six months ago when the U.S. CMBS delinquency rate was 2.34% and 2.66% a year earlier.
The percentage of loans that are seriously delinquent, meaning loans that are delinquent by more than 60 days, in foreclosure, taken over by the lender or non-performing with mature balloon payments was 2.17% in May, up six basis points from a month earlier.
The property type that accounted for the largest percentage of loans that were delinquent by 30 days was hotels at 19.13%, followed by retail at 10.14%, multifamily at 3.25%, office at 2.4% and industrial at 1.82%.
The June delinquency rate could be higher because about 7.6% of loans by balance missed the May payment but remained less than 30 days delinquent, the Trepp report noted.
