August 2010 Delinquencies up 1/2 billion to $61.4 billion

Realpoint came out with their August numbers. This is substantially faster than the June to July change of $387.9billion.

Balance of 90+ day delinquent loans declined (first decline since we started down this rabbit hole), every other bucket increased.

Total Realpoint Delinquency Level - 8.14%
sans Agency -- 8.48%
Conduit/Fusion - 8.61%


They reference the pipeline of problem loans too. All brand name loans typical of '06 and '07: EOP, ESH, PCV/ST, Beacon & Seattle, Farallon MHC, and CNL Hotels & Resorts. (That's 3 pari passu loans now)

Average Loss Severity in August - 62%. They have a nice breakout at the end regarding losses if you want some references.

Their report is free - realpoint.com.

CNL&Macquarrie launch $1.5 billion distressed debt REIT

as reported here,

CNL Macquarie Global Growth Trust is planning to raise $1.5 billion through its first public offering, Business Journal reports. The real estate investment trust (REIT), which is a joint venture between CNL Financial and Macquarie, is offering common shares at $10 per share.

CNL Financial’s subsidiary, CNL Securities, will serve as the managing dealer on the transaction. The REIT will focus on long-term appreciation of assets, such as distressed properties, requiring repositioning or redevelopment. CNL and Macquarie plan to raise another $1.5 billion via an initial public offering to launch CNL Macquarie Global Income Trust.