Rather little CMBS

Whither the CMBX? Specifically, where are the 08-01s going to come from, given that CMBS issuance has plunged along with prices. According to the FT:

The amount [of CMBS] issued in the first five months of this year fell 89 per cent to $10.8bn, the lowest level since the late 1990s, according to Commercial Mortgage Alert. Overall issuance last year was $253bn.

That does not just mean hard times for securitisation desks and commercial property investors looking for leverage. It means that it is hard to build a representative index of recent deals. Spreads have come in a little from the wide levels earlier in the year, but it will take months for the market to recover. Could it be a good time to buy what little there is out there?