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Top 15 CMBS Loans with Greatest Decline in Appraisal Value Since Securitization

Published Thursday, February 18, 2010

Since peaking in early 2007, commercial real estate values have seen a steady decline. On average, the 15 properties listed below are extremely underwater, meaning the appraisal value within the last 6 months is 46% less than the current loan balance. From securitization, the average drop in appraisal value for this same set of loans is 58%. “Not surprisingly, the main thing these loans have in common is that 14 out of the 15 were originated between 2005 and 2007, the boom time for CMBS issuance when underwriting standards were the most lax,” says Paul Mancuso, a ...

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