Driven by improvements in the performance of hotel mortgages and loans packaged into commercial mortgage-backed securities, the delinquency rate on securitized commercial real estate mortgages fell in December 2012, according to data from ratings agency Fitch Ratings, Mortgage Daily reported Jan. 14.
The past-due rate on hotel mortgages dropped to 8.87 percent in December from 9.83 percent in November.
CMBS loans saw a 60-day delinquency rate of 7.99 percent as of Dec. 31 — down from 8.17 percent at the end of November and the seventh consecutive month that CMBS delinquencies declined, Mortgage Daily reported. In December 2011, the overall 60-day CMBS delinquency rate was 8.37 percent.
The multifamily sector weakened slightly in December, with 60-day delinquency rising to 10.12 percent from 9.92 percent at the end of November.
From November to December, late payments for CMBS loans secured by industrial mortgages were 8.61 percent, down from 8.88 percent. Office delinquency fell to 8.41 percent from 8.63 percent and the retail rate fell to 7.14 percent from 7.28 percent, according to Fitch data, Mortgage Daily reported.
December's activity reflected $1.7 billion in resolutions and $1 billion in new delinquencies.