NEW YORK, NY – Trepp reports CMBS liquidation volume
remained steady in January, but several large losses pushed the average loss
severity up significantly.
Liquidation volume registered $1.28 billion in January,
equal to December's volume and slightly above the 12-month moving average of
$1.19 billion. Of the loans that were liquidated, 94% fell into the greater
than 2% loss severity category.
January loss severity came in at 58.51%, up from December's
50.36% and more than 10 percentage points higher than the 12-month moving
average of 46.82%. The number of loans liquidated in January was 79, resulting
in $746.85 million in losses. The average disposed balance in January was
$16.16 million--well above the 12-month average of $12.56 million.
Since January 2010, servicers have been liquidating at an
average rate of $1.18 billion per month.
Below are the overall statistics for loans liquidated from
January 2010 to January 2014. The first table includes only US fixed-rate
conduit loans. (If a loan somehow managed to be liquidated with a profit or at
par, we excluded the loan. If the loan suffered a loss of $1 or more, it is
included in the chart numbers above.
For a complete copy of the company’s news release, please
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