he number of CMBS loan modifications and liquidations has declined compared to 2011, but the fall-off in modifications is far outpacing the decline in liquidations. As a result, the liquidation-to-modification ratio for 2012 is currently around 4:1 versus 3:1 for 2011.
Through July 2012, Wells Fargo Securities LLC Structured Products Research identified 190 modifications and 853 liquidations, compared to 355 modifications and 1,075 liquidations for the same period in 2011.
There also continues to be a substantial gap in terms of average loan size for liquidations and modifications. Smaller loans are getting liquidated, while the larger ones are being modified.
Read more...Will Fall-Off In CMBS Loan Modifications Shake Up Special Servicers? - CoStar Group
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