The deals are starting to pile up in the CMBS realm after a brief hiatus coming off the record issuance in the second quarter. Three conduit deals seen in July for a total of $4.8 billion were far below the 2004 monthly average of $6 billion and significantly under June's $8.3 billion.

This, however, is about to change. Last week brought at least three conduits totaling $3.7 billion, which along with the Aug. 3 GMAC 2004-C2 pricing put August supply at an expected $4.6 billion by mid-month. And another $3 billion or so is still in the pipeline before September.

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