NEW YORK, NY -- Resolution volume dropped 16% in February on
the basis of liquidated balance, according to Trepp’s February CMBS Loss
Analysis released today.
On the basis of loan count, February’s total was less
than half of January’s level. February average loss severity ended up at
44.26%, 13 basis points lower than January’s 44.39%.
February liquidations came in at $965.4 million, relative to
the 12-month moving average of $1.36 billion.
The 73 loan liquidations resulted
in $427.3 million in losses, translating to an average loss severity of 44.26%.
This is above the 12-month moving average of 41.56%. Since January 2010,
servicers have been liquidating at an average rate of $1.17 billion per month.
The workout pipeline handled larger loans on average in
February, as the number of CMBS conduit loans liquidated was 73--significantly
less than the 12-month average of 138. The average size of liquidated loans in
February was $13.22 million, nearly twice January’s $7.31 million and above the
12-month average of $9.9 million.
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