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The news coming from Fitch Ratings and research firm Realpoint on the commerical mortgage-backed securities (CMBS) market continues to trend negative.
In its weekly CMBS newsletter, Fitch puts the June default rate for CMBS at 9.48%, a jump of 133 basis points from the end of the first quarter. The ratings firm continues to forecast that the default rate will go double-digit to 11% by the end of the year.
Feeding the downward trend is 2007 vintage CMBS, which carries a cumulative default rate of 10.48. Fitch forecasts that rate will climb to 14% by the end of 2010.
Realpoint reports the delinquent unpaid balance on CMBS increased by $3.11 billion in June up to $60.45 billion. The unpaid balance for CMBS is up 111% from one year ago.
Source: Press Release
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