According to Bizjournals "Delinquencies in the commercial mortgage-backed securities market skyrocketed more than 500 percent in October from a year ago, with California reportedly topping the U.S.
Numbers released Monday by RealPoint Research show more than to $32.6 billion worth of loans are in default compared to $5.4 billion in October 2008. The total unpaid balance for the CMBS market for October 2009 was $810.9 billion, up from $805 billion in September, according to the Horsham, Penn.-based research firm.
California reported $4.7 billion in bad loans, or 14 percent of all delinquencies. The bulk of the state’s delinquent loans were concentrated in the Los Angeles and Orange County metropolitan areas. Sacramento reported two troubled spots in October when Natomas Crossing and Del Paso Retail were liquidated."
This right on the heels of the Dubai Commercial Real Estate crisis...Office Space , Office Vacancy Rate