CMBS Implosion: Unprecedented Surge In New Delinquencies Heralds Commercial Real Estate Disaster | WHAT REALLY HAPPENED X-Frame-Options: SAMEORIGIN

CMBS Implosion: Unprecedented Surge In New Delinquencies Heralds Commercial Real Estate Disaster

Yesterday's news that Saks Fifth Avenue parent Hudson's Bay had missed its April payment on at least two commercial-mortgage backed securities prompted us to take a look at the current state of the CMBS market and, boy, was it ugly.

According to the latest remittance data compiled by Morgan Stanley, a record 66 loans totaling $1.0bn became newly delinquent in April, which is the greatest month-over-month change. In total, 324 loans with a total balance of $4.8bn are currently delinquent, which is also an all time high.

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