NEW YORK--()--Link to Fitch Ratings' Report: Commercial Mortgage Market Index -- U.S.A.
The volume of underperforming U.S. CMBS loans in special servicing registered its sharpest quarterly decline after flirting with $100 billion just two years ago, according to the latest index results from Fitch Ratings.
After peaking at $91.7 billion in 2010, CMBS loans in special servicing dropped nearly $6 billion to $74.8 billion at the end of third-quarter 2012 (3Q'12). Other encouraging signs for the sector include declines in both the number of assets per asset manager and the balance of loans transferred into special servicing, which the new report details further.
'The backlog of underperforming CMBS loans is still formidable, but servicers are gradually seeing fewer loans to work out and increased refinancing opportunities, which bodes well for the next year,' said Managing Director Stephanie Petosa.
The US CMBS Special Servicing Index is the latest in a series of structured finance index reports that Fitch is rolling out. The index reports will be updated quarterly. The Index is available at 'www.fitchratings.com' or by clicking on the above link.
Additional information is available at www.fitchratings.com.