Trepp’s June 27 research note on CMBS delinquencies, states that about $2.4 Billion in loans had become delinquent last June pushing the delinquency rate to a peak 5.75% [ +28 bps over May] and contributing to the major increase in Commercial Real Estate loan delinquency rates seen in in five [5] years; the last time the market had seen such a sharp increase was back March of 2012. It further states, that after hitting post crisis lows in February of 2016, this key indicator