Although more than one-third of delinquent CMBS loans occur in multifamily, "weakness was pervasive across all sectors" in Q1, according to the Reis report. Retail loans, with a delinquency/default rate of 1.62%, add $2.87 billion to the total, followed by office CMBS loans at $1.88 billion and a delinquency/default rate of 1.12%. In multifamily, the delinquency/default rate is 3%.

Among metro areas, Detroit has the highest CMBS delinquency/default rate at 5.72%, an increase of more than 300% from the rate of 1.61% a year ago and nearly double the previous quarter's rate of 3.13%, according to Reis. More than 14% of CMBS-backed multifamily property loans in Detroit are in delinquency.

Second to Detroit is San Bernardino, CA with a 4.61% delinquency/default rate, compared to 0.01% a year earlier. San Bernardino's CMBS foreclosure rate shot up from 0.06% to 1.04% over the last quarter, a spike due in part to the $125.2-million default on the loan for the Promenade Shops at Dos Lagos in Corona, CA.