"It's hard to see anything turning it around, absent the capital markets rebounding," Manus Clancy, managing director at Trepp, tells GlobeSt.com. He cites eroding fundamentals across the asset classes; for example, in the past few days both CB Richard Ellis and Jones Lang LaSalle have issued reports of increasing Manhattan office vacancies, although CMBS delinquencies in the office sector are still less than 2%. The hospitality sector--which in the past month saw the bankruptcies of Extended Stay Hotels and Red Roof Inn--is being hit especially hard. "The flyaway-destination hotels are getting hammered, in both reality and perception," Clancy says.

Retail, too, is taking its lumps, accounting for the majority of the top 15 delinquent loans in Trepp's monthly TreppWire report issued on Wednesday. However, Clancy says the statistical bulge is because GGP makes the delinquency picture appear more dire than it is.

"We don't think that the data is being handled correctly," he says. With the bankruptcy court's ruling last month, the special servicers on the various GGP loans are entitled to take out the loan interest before remitting whatever excess cash remains back to GGP. "So technically, none of these loans should be delinquent unless they have debt service coverage ratios of less than one, yet they're showing up as delinquent," Clancy says. "If the servicers figure this out and correct it, next month you could actually see the rate go down." Without the GGP loans to inflate the numbers, Trepp estimates the delinquencies would be in the mid-3% range--still a significant jump from the low- to mid-2% range reported in May.