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All major property types saw decreases in volume during the quarter. The dollar volume of loans for industrial properties was down 72% year over year, health care properties were down by 69%, a 67% decrease for office properties, multifamily properties down by 55%, and an 8% decrease for both hotel and retail properties.
Among investor types, the dollar volume of loans originated for life insurance company loans plummeted by 73% annually. Investor-driven lenders followed at 67%, commercial mortgage-backed securities (CMBS) loans at 59%, depositories at 54%, and Fannie Mae and Freddie Mac loans at 14%.
“As loans mature and adjustable-rate loans reset, we should start to get greater insights into where things stand,” Woodwell said.
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