OREANDA-NEWS. Office resolutions fueled another decline in the U.S. CMBS delinquency rate last month, with the pending resolution of a high profile property set to fuel another drop, according to the latest index results from Fitch Ratings.

Loan delinquencies fell nine basis points (bps) in October to 4.37% from 4.46% a month earlier. The dollar balance of late-pays fell $348 million to $16.4 billion from $16.8 billion in September. The overall delinquency rate will drop below 4% with the imminent resolution of the Peter Cooper Village and Stuyvesant Town loan, bringing the multifamily rate to the lowest of the major property types.

Resolutions of $833 million in October exceeded new delinquencies of $504 million. Fitch-rated new issuance volume of $5.2 billion in September (five transactions) was outpaced by $5.8 billion in portfolio runoff, causing a decrease in the index denominator.

Delinquency rates are down for all property types; current and previous delinquency rates by property type are as follows:

--Retail: 5.51% (from 5.58% in September);
--Office: 4.80% (from 4.95%);
--Hotel: 4.57% (from 4.64%);
--Multifamily: 4.42%* (from 4.47%);
--Industrial: 4.22% (from 4.35%);
--Mixed Use: 4.08% (from 4.17%);
--Other: 0.93% (from 0.96%).