The aggregate value of commercial real estate loans priced by loan sale adviser DebtX dropped in July after growing for seven consecutive months.

The firm says the loan-to-value of the CRE loans collateralizing commercial mortgage-backed securities ticked down to 88.3% in July from 88.4% in June. Loan values remain above the year-ago level of 85.3%.

DebtX Managing Director Will Mercer attributed the price decline to an increase in the Treasury yield curve and a slight increase in credit spreads.

The firm priced 54,946 CRE loans in July, which had an aggregate principal balance of $769.2 billion. The loans in the survey collateralized 753 U.S. CMBS trusts.

The loss severity rate on CMBS loans reached a two-year high in August. Trepp Analytics said loan liquidations edged higher and the loss severity rate moved aggressively from 37.96% to 53.29% in the month.