The workout pipeline should will slow as we kick off Q3, caused mostly by the loss of confidence in the economy and CMBS success—both of which have taken some serious hits of late. However, if the economy eventually improves, increasingly a big if, all distress could be worked out by the end of the decade.
The first half of this year went well, with the commercial real estate markets seeing sales volume of more than $91 billion, double the first half 2010. This success had been transitioning into distress workouts. Lenders were more open, borrowers were able to bid on their own notes and valuations increased, especially in the core markets. Life was grand.
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