NEW YORK CITY-Having yo-yoed up and down over the past severalmonths, delinquency rates for commercial real estate CDOs went backup over 12% for June, Fitch Ratings reported Friday. The ratingsagency pinned the increase on $136.9 million in asset managerrepurchases of troubled assets.

Nine months ago, Fitch’s CREL CDO delinquency index stood at8.7%. “CREL CDO delinquencies have more than tripled sinceSeptember of last year,” senior director Karen Trebach said at thetime. While the increases since September 2009 have been far moregradual, and have just as frequently been offset by factors thatlowered the delinquency rate for a given month, the rate hasexceeded 10% each month since October, peaking at 13% this pastDecember.

June’s increase to 12.2% follows a decline to 11.6% in May, amonthly drop that Fiotch attributed to asset managers continuing toextend loans and trade out credit risk assets, and slightly exceedsthe 12.1% delinquency rate recorded in April. In reporting the Juneindex, Fitch notes that asset managers are continuing to activelyrepurchase defaulted and credit-impaired assets from CDOs.