Trepp says the balance of commercial mortgage-backed securities conduit loan liquidations rose 25% in September from the prior month, hitting a balance of $1.26 billion. During the month, about 141 loans were liquidated with the average loan size in the $9 million range. Meanwhile, the average loss severity rate fell about four-percentage points, although it remains higher than the 12-month rolling average. Losses from September liquidations hit $573 million with an average loss severity rate of 45.4%. That's an improvement from August when the loss severity rate hit 49.9%. The commercial real estate data analytics firm said special servicers are liquidating CMBS loans at an average rate of $1.03 billion per month over the past two years. Earlier this week, Trepp said delinquencies on CMBS edged slightly higher in September, finishing up a volatile five-month period in which the rate rose and fell sharply month-to-month. The CMBS delinquency rate rose four basis points last month to 9.56% from 9.52% in August. Write to Kerri Panchuk.