“The 5 and 7 Year cliff refi issue is particularly notable in a delinquency exposure chart by vintage, where it is all too visible that 10 Year paper in need of rolling is going delinquent at an alarming rate: well over a quarter of all outstanding 1999 CMBS is in delinquency as there is nobody willing to fund a roll of the underlying debt…”

Record Commercial Real Estate Deterioration In June As CMBS Investors Pray For 50% Recoveries | zero hedge.

“The GSEs have stopped fooling around with borrowers. While the commercial banks are shifting their emphasis to short sales to liquidate their backlog of delinquent loans, the GSEs are ramping up their foreclosures…”

Irvine Housing Blog – Irvine Real Estate and Irvine Homes.

“…sales are probably worse than the Commerce Department’s initial report and predicted further declines in home prices, based on continued weak demand.

“The low level of activity [even with the reported increase] is well below desired absorption levels of builders and will lead to additional pressure on home prices…”

Supply of Homes Set to Grow – WSJ.com.