"Though delinquencies have increased approximately five timesfrom a year ago, they may not peak until '12," Fitch managingdirector Mary MacNeill says in the report. "An increased number ofloans are coming due over the next two years that will result indelinquencies possibly peaking at 12%."

All five property types have seen a year-over-year increase indelinquencies of over 195%, Fitch says. They range frommultifamily, with a 196% increase, to hotel, which soared 1,175%over the past 12 months.

Not surprisingly, hospitality has the highest delinquency rateat 9.13%, representing $4.6 billion of CMBS loans compared to$363.7 million 12 months earlier. It's followed by multifamily at7.54%, or $5 billion versus $1.6 billion in December 2008; retailat 4.25%, up from $1.2 billion in December '08 to $5.7 billion;industrial at 3.57%, up to $851.3 million from $186.2 million; andoffice at 2.66%, up from $603.5 million to $3.9 billion.