The aggregate value of commercial real estate loans priced by DebtX that back CMBS rose to 77.4% as of June 30 from 76.6% as of May 28, according to figures released by the auction company. Loan values were 76% as of June 30, 2009.
In June, DebtX priced 58,232 CRE loans with a $683.9 billion aggregate principal balance. These loans, which back 628 US CMBS trusts, each received a 'mark' by the company.
Even though loan values appear to be rising slightly, DebtX said commercial real estate "fundamentals continue to deteriorate and are constraining CMBS loan price increases gained through lower treasury rates."
DebtX CEO Kingsley Greenland said, "Several key performance metrics continue to weigh on the CMBS market, including record high delinquency rates, the increased volume of loans being transferred to special servicers and the low rate of balloon repayments at maturity."
