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The rate at which retail and lodging loans are moving into foreclosure is far short of the levels predicted when the pandemic gripped the country last March, with just 12 loans representing $270 million of outstanding balance officially beginning the process.

A new analysis from Moody’s Analytics REIS also shows that the rate at which loans for those sectors are being modified has also decreased markedly after reaching a peak early last summer. A temporary spike in the rate in December yielded to a sharp decrease early in 2021.

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