OREANDA-NEWS. February's slight uptick in U.S. CMBS loan delinquencies appears to be short-lived as the rate of late-pays fell last month, according to the latest index results from Fitch Ratings.

Loan delinquencies fell four basis points (bps) in March to 4.73% from 4.77% a month earlier. The dollar balance of late-pays fell slightly to \$17.8 billion from \$17.9 billion in February. New CMBS delinquencies finished March at \$357 million, up slightly from \$327 million in February. The largest new delinquency was the \$58 million Collin Creek Mall (JPMCC 2001-CIBC2), for which a deed in lieu of foreclosure seems likely.

Resolutions in March outpaced new delinquencies, finishing the month at \$491 million. The largest resolution was the \$54.4 million Radisson Ambassador Plaza Hotel & Casino loan (CGCMT 2006-FL2). Fitch-rated new issuance volume of \$6.2 billion (five transactions) outpaced \$5.1 billion in portfolio runoff.

Current and previous delinquency rates by property type are as follows:
--Hotel: 6.13% (from 6.36% in February);
--Industrial: 5.57% (from 5.20%);
--Retail: 5.41% (from 5.39%);
--Multifamily: 5.21%* (from 5.23%);
--Office: 5.00% (from 5.08%);
--Mixed Use: 2.69% (3.05%);
--Other: 1.17% (from 1.09%).