The delinquency rate of office mortgages that have been securitized into commercial mortgage-backed securities (CMBS) re-spiked in recent months and in September hit 12.2%, the second highest ever, behind only January 2026 (12.3%), and 1.5 percentage point above the worst moments of the Financial Crisis, according to data by Trepp, which tracks and analyzes CMBS.

Source: Office CMBS Delinquency Rate Re-Spikes to 12.2%, Far Worse than Financial Crisis Peak. End of Extend-and-Pretend Looms https://wolfstreet.com/2026/10/05/office-cmbs-delinquency-rate-re-spikes-to-12-2-far-worse-than-financial-crisis-peak-as-end-of-extend-and-pretend-looms/

I was thinking about how bad the US economy really is behind the curtain.

I can’t believe the number of hockey stick charts I continue to find.