Another >100% Loss Severity

East Ridge Mall ($44.5mm - WBCMT 2005-C22) was liquidated last month after GGP tossed the keys back to the servicer. The sales price came in at $7mm (was appraised at $13.7mm in August!), which Barclays expects to result in 100% loss in principal, partial payback of outstanding ASERs, TI&LCs and transaction costs.

This follows several other recent 100% (or close to it) loss severities in recent months:

• Oviedo Marketplace ($55mm MSC 2005-HQ6) - 108% severity
• Lakeview Square Mall ($43mm - COMM 2006-C7) - 100% severity
• Prestige Place I & II ($15.2mm  - GSMS 2006-GG8) - 92% severity
• Parmatown Shopping Center ($61.6mm - GMACC 2004-C2) - 91% severity
• AnchorBay ($41.2mm - MLMT 2003-KEY1) - 100%
• Carefree Eastern ($11.3mm - WBCMT 2006-C28) - 96% 
• Metro I Building ($40mm - COMM 2004-LB4A) - 100%
• Pentagon Park ($18.5mm - MLCFC 2006-4) - 94%
• Hilton Tapatio ($55.25mm - BSCMS 2006-T24) - 90%
• Livonia Industrial Properties ($16.3mm - LBUBS 2005-C1) - 96%
• Empire Towers ($14.6mm - MSC 2007-T27) - 108%
• Lightstone Portfolio ($62.5mm JPMCC 2006-CB15) - 90.7% severity
• City View Portfolio ($69mm JPMCC 2006-CB16) -  101% severity

I'm sure I'm missing some too, but there has definitely been an uptick in 100% loss severities. Before the Great Recession 100+ loss severities in CMBS were rare birds, with stories such as Doctor's Hospital (pre 9/11) resulting in the arrest of the sponsor (but the head of origination that made the loan runs his own company today - its all in your perspective). I wonder if anyone has done a piece on 100%+ Loss Severities throughout history...