Fitch Ratings’ overall U.S. CMBS delinquency rate increased three basis points (bps) to 3.31% in May from 3.28% in April, with new delinquency volume led by large-balance office and regional mall loans outpacing resolutions. On a property-type basis, results were mixed, with office, hotel and mixed-use all posting monthly declines.
New 60+ day delinquency volume totaled $1.73 billion in May, up from $1.34 billion in April. It consisted of office (33%, $562 million), retail (28%, $474 million), and multifamily (20%, $339 million). Maturity defaults accounted for 64% ($1.11 billion) of new delinquencies, and term defaults 36% ($618 million).
Loan resolution volume decreased to $1.54 billion in May from $2.04 billion in April. Total May resolutions included $1.05 billion of loans brought current, $422 million of loan liquidations, and $69 million of loans previously 60+ days delinquent removed from Fitch’s index that are now 30 days delinquent.
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