NEW YORK--(BUSINESS WIRE)--Link to Fitch Ratings' Report: CMBS Special Servicing Index -- U.S.A.
The U.S. CMBS special servicing universe continues to shrink, dropping to levels not seen since 2010, according to Fitch Ratings in its latest CMBS special servicing index.
CMBS loans in special servicing fell to $38 billion through the end of 2014, less than half the size of the $91.7 billion high-water mark observed in 2010. 'Transfers out of special servicing are still more than doubling the rate of CMBS loans going in,' said Managing Director Stephanie Petosa. 'The percentage of CMBS loans in special servicing was 5.5%, less than one-half of the 12% peak we saw in 2010.'
Amid the overall decline, special servicers liquidated loans with larger balances instead of modifying them with more frequency last year, reversing a trend that had been in place for some time. Fitch reports $23.6 billion in loan resolutions during 2014, of which $18.2 billion (1252 loans) were liquidated rather than returned to performing.
The U.S. CMBS Special Servicing Index is part of Fitch's series of structured finance index reports. This latest report is available at 'www.fitchratings.com' or by clicking on the above link.
Additional information is available at 'www.fitchratings.com'.