The balance of specially serviced CMBS loans posted its eighth consecutive monthly decrease in November, but analysts at Deutsche Bank said in their 2013 CMBS outlook report that loans are not being modified or liquidated like they used to be.

CMBS loans are transferred to special servicing upon default or perceived imminent default, as the master servicer or special servicer determines. The total specially serviced balance (including performing and nonperforming transferred assets) has declined by $2.4 billion to $62.4 billion in Nov., and is now $18.4 billion lower than its peak, reached in May 2011, according to Citigroup’s Dec.5, securitization report.

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