Delinquencies of loans in U.S. commercial mortgage-backed securities inched up just 1 basis point in April to 8.75%, as loan resolutions basically canceled out increases in late payments, according to Fitch Ratings. While the nascent real estate recovery and elevated loan resolutions are grounds for cautious optimism, it is still too early to say that CMBS delinquencies have reached a peak," said Mary MacNeill, a Fitch managing director. "There are still several overleveraged performing loans that may potentially slip into payment default, meaning that CMBS delinquency volatility may persist."

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