CMBS delinquency rates in August 2022 were 2.98%, finally falling below 3% for the first time since the pandemic, according to a new report from Trepp. A year before they had only just dropped under 6%. It's been six months since they went below 4%.

The all-time high for CMBS delinquency was in July 2012, when it hit 10.34%. The high for the pandemic was 10.32% in June 2020.

The percentage of loans that were at least 60 days delinquent, in foreclosure, REO, or non-performing balloons was 2.89%, which does suggest that for a large percentage of delinquent loans, most face some serious problems. In a further breakout, 100 basis points of the total were properties in foreclosure. "If defeased loans were taken out of the equation, the overall 30-day delinquency rate would be 3.14%," Trepp wrote.