CMBS Market Active, But Volume Still Dashes Hopes

Aug 1, 2012 12:47 PM, By Elaine Misonzhnik, Senior Associate Editor
Article by: National Real Estate Investor

 

Year-to-date, the U.S. commercial real estate market saw $22.5 billion in new CMBS issuance, according to Commercial Mortgage Alert, an industry newsletter. Somewhere close to $10 billion in additional deals might come to market in the coming months, according to Commercial Real Estate Direct, another industry publication. That would put 2012’s non-agency CMBS volume on par with 2011’s $32.9 billion, but fall $15 to $20 billion short of earlier expectations, according to Ken Cheng, managing director for CMBS new issuance ratings with Horsham, Pa.-based Morningstar Credit Ratings LLC.

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Foreclosures are rising in 21 states, but don’t panic yet

foreclosures in states

Source: Washingtonpost.com | March 15, 2012

Nationally, foreclosures are creeping downward: The total number of new foreclosure filings dropped 2 percent from January to February, according to RealtyTrac and that’s an 8 percent decrease from February 2011. Completed foreclosures fell 13 percent in January over the previous year. That said, new foreclosures are still rising in more than 20 states mostly in the Midwest and on the East Coast and that’s a trend that’s expected to continue in the coming months.

Why? It’s in large part due to the recent $25 billion settlement over faulty foreclosure practices. Foreclosure proceedings had been stalled while the deal was being worked out, and states are moving to clear the backlog now that the settlement has provided a clear roadmap for moving forward, according to Brandon Moore, CEO of RealtyTrac, the foreclosure sales company that conducted the survey.

In the short term, the new foreclosures could risk depressing housing prices, which just increased in February for the first time in 18 months. But the national trend suggests that the foreclosure crisis is finally showing signs of abating.

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