NEW YORK, NY -- Loan resolutions and loss severities continued to rebound from relatively low levels in the first quarter of the year. In particular, February and March saw losses well below the 12 month moving average of 43.8%. The April and May loss severities have proven more indicative of recent trends, at 42.68% and 43.87%, respectively.
At $1.64 billion, liquidations were about 23% higher than the 12 month moving average of $1.33 billion per month. Liquidations were up 15% month-over-month in May and 85% from the 12 month low seen in February.
Since the beginning of 2010, special servicers have been liquidating at an average rate of about $1.11 billion per month.
The number of CMBS conduit loans liquidated in May was 164, up 11% from April. That 164 is about 10% above the 12 month moving average of 149.
The average loan size for liquidated loans was $10.05 million in May. Over the last 12 months, the average size of liquidated loans has been $8.94 million.
As noted, there were 164 loans liquidated in May. The losses from these liquidations were about $723 million--representing an average loss severity of 43.87%. This was up 1.19% from April's 42.68% reading. May loss severity is up over 18 points from February's 12 month low of 25.55%.
The May loss severity reading is slightly above the average loss severity of 42.62% over the last 29 months, and slightly higher than the 12 month rolling average of 43.87%.
For a complete copy of the company’s news release and statistics, please contact:
Eric R. Gerard
Senior Vice President
Great Ink Communications
27 Union Square West, Suite 205
New York, NY 10001
(212) 741-2977
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