Commercial mortgage-backed security losses fell back in line with recent norms in September after reaching a two-year high in August, according to analytics firm Trepp.

The September average loss severity tumbled to 37.87% from August's 53.29% and below the 12-month moving average of 42.63%.

Servicers continued to pick up the pace as liquidations hit $1.53 billion in the month, relative to the 12-month moving average of $1.36 billion.

The 160 loan liquidations in September — up from the 12-month average of 144  — resulted in $578.9 million in losses, translating to the 37.87% loss severity. Since January 2010 servicers have been liquidating at an average rate of $1.15 billion a month.

The average size of liquidated loans in September fell to $9.55 million from August's $10.21 million, in in line with the 12-month average of $9.4 million.

CMBS have performed relatively well over the past few months, but some recent major loan losses highlighted some of the potential risks in the sector.