Delinquent unpaid CMBS balance grows
The delinquent unpaid balance for commercial mortgage backed securities, or CMBS, loans increased by $1.94 billion to $61.11 billion in November from October, according to research by Realpoint LLC. The 3.3 percent jump followed a decrease of $3.02 billion in October from September, which was attributed primarily to the resolution of a $4.1 billion Extended Stay Hotel loan that had been more than 90 days past due. By the end of the year, the delinquent unpaid balance of CMBS loans will likely reach $60 billion to $65 billion, equating to a delinquency rate of 8 percent to 8.5 percent. Given that more large-loan defaults are expected in early 2011, Realpoint said that number could grow to more than 9 perc