The outstanding commercial and multifamily mortgage debt fell to $3.04 trillion at the end of the second quarter, Standard & Poor's highlighted in a short note this morning.

According to analysts, the continued CRE deleveraging is a credit positive for the sector even though decreasing CMBS outstandings can hurt liquidity.

The numbers dropped $25 billion quarter-over-quarter, $80 billion year-over-year, and $365 billion (negative 11%) from the the peak in the first quarter of 2009, S&P analysts stated.

The current ratio of CRE debt/GDP is 19.5%, which is  the third quarter of 2005 level.

The biggest drops year-over-year were in securitizations and holdings at commercial banks, S&P analysts said. Meanwhile, they stated that the GSEs and life companies have gained market share.

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