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Appraisals for distressed CRE assets are continuing their COVID-induced decline, with valuations for specially serviced assets slumping 33% in the period spanning October 2020 through March 2021, according to a new report from KBRA.

Over the last 12 months, the 1,078 updated appraisal values reported by KBRA were 30.2% lower than the values appraised at securitization conducted 4.7 years ago on average. Properties securitized in 2011 showed the largest decline at 49.5%, which may reflect the amount of malls securitized then. And of the updated appraisals, 2% showed declines of more than 80% while 10.4% showed valuation increases.

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