In yesterday’s JPMorgan Securities CMBS conference call, analysts said that the CMBS market has progressively become more about loan and property specific stories as well as decision making in special servicing.

Josh Younger, a CMBS analyst at the firm, said that the balance of loans in special servicing has been declining for most of the past 18 months. The inflows remain elevated, but have usually been offset by the increased number of outflows. Younger noted that there has been a relatively drastic decline in modifications as an outflow strategy.

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