- 3Q'13: 93 newly defaulted loans totaling $1.1 billion
- 2Q'13: 97 newly defaulted loans totaling $1.4 billion
- 3Q'12: 119 newly defaulted loans totaling $2.2 billion
New York --(Reuters/Fitch)--
Cumulative defaults for fixed-rate U.S. CMBS fell slightly last quarter, according to Fitch Ratings in its latest weekly CMBS newsletter.
Fitch reports that 93 loans totaling $1.1 billion newly defaulted in third quarter-2013 (3Q'13), down slightly from 97 loans and $1.4 billion 2Q'13. More encouraging signs for the sector are the year-over-year comparison (119 loans totaling $2.2 billion defaulted in 3Q'12) and the decreasing incidence of defaulted large loans (82 of the 93 newly defaulted loans under $20 million).
An additional 56 loans (original securitized loan balance of $390 million) did not refinance at their 3Q'13 maturity date. Of that amount, 15 of the loans (totaling $102 million) had paid in full by the end of the quarter.
http://www.reuters.com/article/2013/10/28/fitch-3q-defaults-stabilize-for-us-cmbs-idUSFit67438620131028
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