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

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… pic.twitter.com/GoN9DEhlt6

— The Kobeissi Letter (@KobeissiLetter) January 1, 2025

Subprime credit card delinquencies have risen 7 percentage points in just ~15 months. These borrowers reflect a WHOPPING ~23% of the consumer credit market, according to Fed data.