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In the the latest episode of The REIT Report: NAREIT’s Weekly Podcast, Orest Mandzy, managing editor at Commercial Real Estate Direct, discussed the first quarter performance of the commercial mortgage-backed securities (CMBS) market.
The first quarter witnessed 24 private label CMBS deals totaling roughly $ 18 billion, according to Mandzy. That represented a decline of nearly a third from the year-earlier period, he said.
With mountains of real estate debt coming due in the next three years, borrowers appear to be taking advantage of favorable market conditions to prepay loans tied to commercial mortgage-backed securities (CMBS).
The CMBS delinquency rate, which includes loans that are 30 days or more past due, fell to 5.66 percent in January, compared with 7.25 percent a year earlier, according to commercial real estate consulting firm Trepp LLC. It marked the 18th monthly decline in the past 20 months.
A panel at REITWorld 2014: NAREIT’s Annual Convention for All Things REIT pointed to the decline in U.S. homeownership rates as a major factor supporting growth in the single-family rental business and the multifamily housing sector.