FT Alphaville looked at the latest data from Realpoint that showed a large jump from May to June in CMBS delinquencies. The post includes some interesting commentary. The data from RealPoint is charted below.
(click for larger image)
Meanwhile, Research Recap summarizes a recent Fitch report showing that roll rates from from June to July on delinquent loans moving from 30-days to 60 days in Fitch-rated transactions were 54 percent, marking the tenth straight month that over 50% of the 30 day delinquencies moved to 60 days delinquent.
Here are some other news and notes on retail and retail real estate from around the Web today.
- The ICSC and Goldman Sachs Retail Chain Store Sales Index rose 1.0 percent. As usual, RetailSails did a good job putting the results into context.
- According to CommercialRealEstateDirect.com, 52 percent of the $1.8 billion of CMBS loans that matured in July were refinanced. That's in line for the average month this year. It gives you a sense of how difficult a time borrowers are having in dealing with expiring debt.
- The Conference Board released the July results for its Consumer Confidence Survey. The index fell to 46.6, down from 49.3 in June.
- The alarm continues to get sounded on commercial real estate. The latest to join the chorus is Janet Yellen, the president of the San Francisco Federal Reserve Bank. Yellen told a banker's conference "The next area of significant vulnerability for the banking system, particularly for community and regional banks with real estate concentrations, is income-producing office, warehouse and retail commercial property." There's not a lot new here in Yellen's observations.
- Square Feet blog wrote about Bank of America's intentions to cut its branch network. It may close up to 10 percent of its branches. We looked at bank branch consolidation earlier this year.