Bricks Flying, CMBS Delinquencies Soaring

The delinquency rate for commercial mortgage-backed securities (CMBS) spiked from 2.29% in April to 7.15% in May by loan balance, according to Trepp today, which tracks securitized mortgages for institutional clients. This spike of 481 basis points in the Trepp CMBS Delinquency Rate was the largest in Trepp’s data going back to 2009: