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The delinquency rate among commercial mortgage-backed securities (CMBS) in the U.S. have been above 9 percent for nine consecutive months, according to ""Moody's"":http://www.moodys.com/ Investors Service's Delinquency Tracker. According to Moody's latest data, the rate is now 9.36 percent, up from 9.01 percent reported last month.
[IMAGE]In addition to rising at a national level, CMBS delinquencies rose in all regions except the Midwest in the month of September. CMBS delinquencies in the Midwest declined 14 basis points to 9.35 percent.
The East experienced the greatest rise in CMBS delinquencies in September with a 70-basis point increase to 8.20 percent.
The West posted the second-greatest increase, arriving at 8.69 percent after a rise of 41 basis points.
[COLUMN_BREAK]Delinquencies in the South rose 17 basis points to 8.69 percent for the month.
New delinquencies during the month of September outpaced loan resolutions with $4.2 billion loans falling into delinquency status, while $2.5 billion in loans left delinquency status after a resolution.
In keeping with August, multifamily fared the worst among CMBS property types in September. Multifamily delinquencies rose from 15.21 percent to 15.33 percent.
Hotels followed close behind with a delinquency rate of 14.81 percent, up from 14.56 percent in August.
Moody's notes that both multifamily and hotel property rates were bolstered by a single major property delinquency. The Four Seasons Resort Maui in Hawaii with a $394 million loan and the office at 666 5th Avenue in New York with a $930 million loan had a major impact on delinquency rates.
The delinquency rate among industrial properties stood at 11.39 percent for September, up from 11.20 percent a month earlier.
Office properties and retail posted the lowest delinquency rates, in keeping with August, though they also rose for the month. Office properties reached 8.16 percent, while 7.11 percent of retail properties were delinquent.
Moody's reported one new CMBS deal in September, though the $1 billion deal was not enough to counter the $5.9 billion in loans that left the sector.
