CMBS Delinquency Rate Accelerates - Now Above 7%

Trepp makes it seem as if this was unexpected...

Overall, the percentage of loans 30 or more days delinquent, in foreclosure or REO, jumped 89 basis points - the highest monthly increase since the summer of 2009. The positive spin on that number is that it was inflated by about 40 basis points by the fact that the $3 billion Stuyvesant Town loan in Manhattan is now considered "in foreclosure."

It's embarrassingly reminiscent of a MSM report at first, but there are some redeeming nuggets of information...

More recently, weakness has extended to the Paci c Northwest states of Washington and Oregon. Other areas for concern are the Carolinas and Colorado and, to a lesser extent, New York and Pennsylvania....
The assets of the 200 banks we predict will fail total $170 billion - similar to the total for 2009...
The Deposit Insurance Fund (DIF) is getting a boost from $46 billion of accelerated insurance premiums from banks, which was collected in the fourth quarter. The cost of failures during 2010 will likely eat up most of that sum.