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CMBS loan prices experience boost during February The American commercial real estate market underwent a number of improvements since the economic downturn ended, and one of the main signs of recovery was the growth in loan conditions.
Overall commercial mortgage-backed securities whole loan price values improved to 94.7 percent during February, according to a report from DebtX. One month earlier, the figure was 94.1 percent. Both levels were notably higher than in February 2013, when it was 89.8 percent.
The level of impaired loan prices also rose during February, as the figure jumped to 81.4 percent, the report explained. One month earlier, the figure was 79.8 percent, while it was also improved from a year earlier, when it was 78.9 percent.
"CMBS loan prices rose slightly in February and demonstrated solid improvement year-over-year," said Will Mercer, managing director for DebtX. "The February increase was the result of improving loan-to-value ratios and debt service coverage, as well as fairly stable interest rates."
For non-performing loans, the average fell to 49.6 percent in February from January's figure of 50.5 percent, the report noted. One year ago, the level was 52.9 percent.
Delinquencies slide again in March
While loan price averages improved during the early part of the year, the level of CMBS delinquencies declined notably. According to a report from Trepp, LLC, the level fell to 6.54 percent in March, down from the previous month's level of 6.78 percent. One year ago, the figure was 9.5 percent. The latest decline brought it to the lowest measurement since January 2010.
All five sectors experienced delinquency declines in March. The report noted that retail fell to 5.71 percent, the lowest delinquency rate during the month.
"The CMBS market had the pleasure of singing the same happy refrain in March, as delinquencies continued to fall," said Manus Clancy, senior managing director at Trepp. "We had anticipated a large drop in the rate due to the CWCapital assets, but that descent has been extended, as the notes didn't really begin to make it through remittance cycles until the New Year. We suspect the rate will stabilize somewhat in coming months."
The level of new delinquencies during the month totaled $1.7 billion, the report explained. In February, it was $1.3 billion. There also was a drop in the number of delinquent loans in March, as it fell to $34.6 billion.