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TEXT-Fitch:U.S. CMBS delinquencies fall to lowest level in two years
December 7, 2012 / 2:05 PM / 5 years ago

TEXT-Fitch:U.S. CMBS delinquencies fall to lowest level in two years

Dec 07 - A surge of new issuance last month helped drive U.S. CMBS delinquencies down for a sixth straight month to its lowest level in two years, according to the latest index results from Fitch Ratings.

CMBS late-pays fell 12 basis points (bps) last month to 8.17% from 8.29% in October. This marks the rate’s lowest level since November 2010, when it stood at 7.96% of the then outstanding Fitch-rated universe of $430 billion.

In November, resolutions of $1.5 billion outpaced additions to the index of $1.3 billion. In addition, $6.6 billion in Fitch-rated deals closed in November, more than offsetting $4.6 billion in portfolio runoff. Last month also marked the highest month for Fitch-rated issuance in five years

Current and prior month delinquency rates for each of the major property types are as follows:

--Multifamily: 9.92% (from 10.45% in October)

--Hotel: 9.83% (from 9.58%)

--Industrial: 8.88% (from 8.76%)

--Office: 8.63% (from 8.72%)

--Retail: 7.28% (from 7.35%)

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