Commercial Mortgage Market Grew last year?!

The Mortgage Banker's Association noted today that Commercial Mortgages INCREASED last year by 5%, or $166 Billion.

Also noted that CMBS made up just 13% of the outstanding mortgages, but more surprising to me is that Insurance Co. share dropped by 11% - I had assumed they were taking market share from the void created by CMBS. The commercial banks (up 11%) and specialty finance companies (up 23%) are both taking significant market share, and of course the GSEs (up 23%) are responsible for virtually all of the MF lending.