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Full (Special) Service

Dallas-Ft. Worth
Full (Special) Service
Dallas' special-servicing trends peaked  in April, with more than 200 loans and $2.5B (yes, with a B) in loan volume. Sperry Van Ness/Konopka and Co. investment guru Heather Konopka tells us it's probably too early to know where that will lead us.
 
Sperry Van Ness/Konopka and Co. senior investment advisor Heather Konopka
Heather says while the numbers have declined, it's an insignificant drop and probably too soon to determine the direction as more CMBS loans come due in 2011 and 2012. This may be a long process before any real correction, she says. “Will it influence the way business is done? Absolutely. This is indicative of the trends that we are seeing with less deals getting done, and we will almost certainly continue to see less deals at the title company with an increase of note sales.”
TREPP: Dalla Special Servicing Trends
Laurex Realty Advisors' Alex Johnson talked with us about commercial defaults, which have increased over the last 10 months. While individual loan sizes have increased in that period, loan volume plateaued in March/April and a greater number of larger loans defaulted during the end of 2009 and early 2010, he tells us. The decreased number of loan defaults after April is indicative of banks refinancing existing loans at a better pace than earlier 2010 and 2009. The four-month trend of a decreased default loan count starting in April is a slight, but positive trend, he notes.
Alex Johnson
We snapped Alex earlier this year when he was sworn in as the North Texas CCIM  2010 chapter prez. He tells us, based on the Trepp info, the two months of similar loan volume in March and April indicate that more loans are being refinanced than are being foreclosed on, with the foreclosed loans being smaller than the average loan, he adds. Alex will soon hop a plane for a Chicago jaunt, so we're glad to give him food for thought (considering the airlines stop short of even just regular food.)