According to a new report from New York-based researcher Trepp, the CMBS delinquency rate, defined as loans that are 30 days or more past due, climbed just 17 basis points in June to 8.59%.

Still, that’s no cause to break out the bubbly just yet.

The June delinquency level is, once again, the highest in the history of the CMBS industry. In fact, if defeased loans were taken out of the equation, the overall delinquency rate would be 9.15% - breaking the 9% threshold for the fi­rst time. It is also more than double the rate of 4.07% in June 2009.

The June delinquency level is, once again, the highest in the history of the CMBS industry. In fact, if defeased loans were taken out of the equation, the overall delinquency rate would be 9.15% - breaking the 9% threshold for the fi­rst time. It is also more than double the rate of 4.07% in June 2009.

The percentage of loans seriously delinquent (60+ days, in foreclosure, REO, or non-performing balloons) stood at 7.83% in June, up 28 basis points from May. That jump also showed signs of decline, as it was a marked improvement over May's 41 basis point increase.

Moderation appears to be the real message here. For the nine months prior to June, the rate of increase in delinquencies averaged 39 basis points per month (after backing out the Stuyvesant Town impact in March). The lowest increase prior to June was February's 23 basis point jump.

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