What type of properties are included in Moody's Delinquency Tracker for the multifamily sector?
The Moody's Delinquency Tracker (DQT) is a suite of loan performance metrics for commercial mortgage-backed securities (CMBS), including loans in deals not rated by Moody's, analyzing by vintage, region and property sector, with extrapolated forward-looking analysis. Selected indicators are available through Data Buffet.
Covered property sectors include hotel, industrial, office, retail and multifamily. The authors of DQT explain:
The data in Moody's Delinquency Tracker for the multifamily sector includes all multifamily loans in conduit and fusion CMBS transactions. This does not include any manufactured housing or mobile home parks.
CMBS generally has loan balances over $1 million and includes both garden and high rise apartments. Generally speaking, multifamily CMBS loans are usually class A/B, but there are some class C properties.
For the most part, multifamily loans within CMBS are greater than 10 units, but there might be a handful of outliers that are included in the data set. However, since it is weighted by balance, those loans that are less than 10 units would have a very small impact on the overall delinquency rate.
Moody's CMBS Delinquency Tracker (DQT)