CMBS Delinquencies Hit Two-Year High

From the Wall Street Journal: "The market for debt used to finance hotels, offices and shopping malls tumbled Tuesday on worries that the long-feared rise in defaults for commercial mortgage-backed securities had begun, possibly ushering in the next phase of the financial crisis. … According to a Citigroup Inc. report, the overall number of commercial mortgages packaged into securities that are 30 days or more past due rose to 0.64% in October from 0.39% at the end of last year, with most of the increase coming in October. The latest figure, though low by historic standards, marked the highest delinquency rate in two years."

This week’s print Observer has a rundown of how local firms are getting in on the action stemming from distressed assets, including ones mired in commercial debt.