Recovery rates for liquidated commercial mortgage-backed security loans rose during the first half of this year after reaching historic lows the two previous quarters, according to Fitch Ratings.

The actual rates climbed to 69.5% for the second quarter, compared to an average of 57.7% over the two prior quarters, said Stephanie Petosa, a managing director at Fitch.

Additionally, Petosa said a sizable portion of CMBS loans were liquidated with less than a 5% loss during the first half of 2014.

Recovery rates were up even though special servicing for CMBS loans continues to shrink. CMBS loans in special servicing topped $43.7 billion through the second quarter, the New York-based ratings agency said on Monday. The latest figure is less than half the $91.7 billion high-mark seen in 2010.

"The rate of CMBS loans transferring out of special servicing more than doubled those loans coming in during the first six months of the year," Petosa said.

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