Commercial Real Estate (CMBS) Delinquencies Surge: Will This Affect All Real Estate And REIT Stocks? The delinquencies in Commercial Mortgage Backed Securities (CMBS) surged to 7.15% in May. This is the highest delinquency rate since 2009. CMBS are bonds that hold mortgages of commercial real estate usually in different sectors. This worst performing commercial real estate sector is retail and hospitality. Will the problems in commercial real estate eventually spread to residential real estate and make the housing market crash? The housing market today and in the future is affected greatly by unemployment and business bankruptcies. Right now it seems the stock market is ignoring the huge problems in the economy.Hear the opinion of Sam Zell on what he thinks will happen in commercial real estate prices. Sam Zell is the chairman of Equity Residential (EQR) which is the 2nd largest residential REIT in the US with about 80,000 apartments. Are we closer to the top in real estate and when will it fall?