BREAKING: The delinquency rate on commercial mortgage-backed securities (CMBS) for offices jumped to a RECORD 11.0% in December.

Delinquency rates on these loans is now up 9.4 percentage points over the last 2 years

This puts delinquency rates above the 10.7% peak seen in December 2012.

Furthermore, delinquency rates on these loans are rising twice as fast as during the 2008 Financial Crisis.

Overall, there were more than $2 billion in office loans that became newly delinquent in December 2024.

The commercial real estate crisis is worsening.