Fitch: CMBS defaults dropped 38% in 2011 via HousingWire

Defaults within commercial mortgage-backed securities dropped 38% in 2011 from the year before, according to Fitch Ratings.

Roughly 950 loans totaling $13.7 billion defaulted, down from nearly 1,500 loans worth $22.1 billion the year before. The annual default rate was 2.4% in 2011, nearly half the 4.1% rate the year before, Fitch said.

The rating agency expects the default rate in 2012 to hit 14%, though the pace should slow despite a spike in March as reported by Trepp this week.

Read more...Fitch: CMBS defaults dropped 38% in 2011 | HousingWire