Just saw an interesting article written by Jerry Ascierti on the HousingFinance.com website

The highest default ratio ever in the market, double the high last year, will triple this year on commercial mortgage-backed securities (CMBS). Roughly, 40% of these defaults are multi-family loans even though multifamily loans are only 30% of the CMBS industry. A lot of these are actually smaller properties with the borrowers not as experienced and generally single-property owners. The worst hit states are Florida, Michigan, Arizona, Nevada, and California. These are the same states that are having the moist trouble with single-family loans as well. To read more on this, see http://www.housingfinance.com/news/030609-cmbs.htm

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