Commentary
In November 2024, U.S. commercial mortgage delinquencies spiked to 10.4 percent, a level just below the 10.7 percent peak during the 2008 financial crisis. Commercial real estate (CRE) delinquencies surged again in August 2025, with office and multifamily loans at the center of the slide despite widespread use of “extend-and-pretend” and forbearance tactics designed to stave off losses.
