Realpoint’s data is out and it’s not pretty:

(Hat tip Casey Report)

That tick up in March of another 6.8% means there is over $51 Billion in unpaid balances for commercial mortgage backed securities (CMBS).

If a chart like this were presented by some of the global warming crowd, they would say it’s a “crisis.”  Especially if you backed the time scale back a couple of years, it would really look like a hockey stick.  We need to get the economy going so that jobs can be created so that office space can be rented so that stores can keep the lights on so that the CMBS can be repaid.  What we don’t need is more “reform” coming out of Washington!