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Delinquencies on loans that back commercial mortgage securities fell for the second consecutive month in February, to their lowest level in a year, according to a report published Monday.
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Borrowers whose loans back commercial mortgage securities are continuing to repay more of their loans on time.
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Delinquencies on commercial mortgages that back securities inched up in May as resolutions fell.
Real estate loans that underlie commercial mortgage-backed securities, and were delinquent by at least 30 days or in foreclosure, rose to 9.07% last month. That was four basis points higher than in April, according to a report published Monday by Trepp, a New York data firm.
Loan resolutions in May fell 46% from a month earlier, to $858 million, while new delinquencies rose about 56%, to $2.5 billion, according to Trepp.
In April, delinquencies had dropped 47 basis points -- the largest one-month drop since the fall of 2009. Overall the delinquency rate has fallen 97 basis points from a year earlier, according to Trepp.
The sore point in May was loans tied to industrial properties; their delinquency rate rose 91 basis points from a month earlier, to 12.45%.
Several other categories showed improvement.
The percentage of loans that were delinquent by at least 60 days or in foreclosure fell 5 basis points from April, to 8.67%.
Delinquencies on loans involving hotel properties fell 65 basis points, while the delinquency rate for retail properties fell 22 basis points.
The delinquency rate on loans for apartments fell six basis points in May from a month earlier, to 11.61%, while the delinquency rate for office properties fell 2 basis points.
